Settling on an appropriate type of life insurance coverage may be challenging. However, this decision is crucial. The guidelines below can be instrumental in helping you understand the life insurance options offered by Freedom Life Insurance.
Term life insurance
If you are looking for a life insurance that covers a particular period, then term life insurance should be your preferred choice. The insurance allows you to match the length of the need to the duration of the term policy. For instance, term life insurance may be ideal if you require a large amount of life insurance yet your budget is limited. This form of insurance compensates when one dies during the policy period. However, if you are still alive after the expiry of the term, you will have to renew the policy or purchase a new one.
If you foresee a change in your financial needs, you may consider ‘convertible’ term plans from Freedom Life Insurance. Under these policies, you are allowed to switch to permanent insurance in exchange for higher premiums. This is possible even without a medical examination. Notably, premiums increase upon renewal as you age. To qualify for low rates, some policies will require you to undergo a medical examination.
Follow freedom life insurance on facebook.
Permanent life insurance
Life insurance is necessary for as long as you are alive. Whether you die the next day or after 100 years, permanent life policy will still pay a death benefit. This form of insurance is also ideal for policyholders who seek to accumulate an element of savings that grows on a tax-deferred basis. It can also be a source of borrowed funds to serve different purposes. The savings element in permanent insurance can be used in paying premiums if you are unable to do so. This form of borrowing can be an ideal choice for those with bad credit scores.
Note that premiums for term insurance are relatively lower than for permanent policies. Permanent policy premiums, however, remain constant regardless of your age and the term can increase substantially upon periodic renewals. Freedom Life Insurance offers different permanent insurance policies including universal life, variable life, whole (ordinary) life and variable life.