Freedom Life Insurance offers clients a variety of different options. It can be hard choosing which type is perfect for you if you don’t understand them fully. Here are a few guidelines that can help to narrow your search when it comes to the best life insurance options available to you.
Term Life Insurance
You should consider term life insurance if you are looking for a plan that covers a specific period of time. You can match your policies length with the length of time that you are needing it for. You can purchase a relatively large amount on a limited budget. Payment will be made only if you die during the policies term. You will need to renew your policy or purchase a new one if still alive when the term ends. You will not be able to build any equity with this type of life insurance. Convertible term policies are available allowing you to convert to a permanent plan without needing a medical examination if you are willing to pay a higher premium. Your premiums will be lowest when you are at a younger age and renewing at an older age will increase your premium.
Permanent Life Insurance
Permanent life insurance from Freedom Life Insurance is available for as long as you live. It pays a death benefit when you die. You are able to accumulate savings that can be borrowed against for many different purposes. This savings can even be used to pay premiums if otherwise unable to. You don’t even need to have good credit to borrow. Collateral for the loan is your death benefit. If you end up dying before you are able to pay back the loan, the insurance company will collect before paying out to your beneficiaries. Premiums for this type of insurance are higher but will remain the same over time.
Freedom Life Insurance is a great choice when it comes to life insurance. Make sure that you are aware of which type of plan will work best for you.