Purchasing life insurance can be confusing, but the decision is incredibly important. Freedom Life Insurance offers different types of life insurance policies and will ensure you understand the differences, and the best policy for your needs.
The first type of policy is called term life insurance. This is designed to provide coverage for a specific length of time. This can be effectively used to pay for a child’s college education or to pay off a debt. The policy makes certain the necessary funds will be available within the given time frame. Term life insurance is also effective when the budget is limited, and a significant amount of life insurance is required. Freedom Life Insurance offers a lower rate for this policy type because payment is only made if the insured dies while the policy is in effect. If the insured is alive when the policy expires, the coverage will end unless the insured buys a new policy or renews the old one.
Convertible term policies are an option, and no medical examination is required due to the higher premiums. This policy is less expensive for younger individuals, and as the insured ages the premium will increase. To obtain the lowest rate, a medical examination may be required when the policy is renewed.
Freedom Life Insurance additionally provides permanent life insurance. This policy remains in effect for the life of the insured. The benefits are paid regardless of the age of policy holder upon their death. This will also act very much like a savings element because funds can be borrowed from the policy, and it increases on a tax-deferred basis. The money can be used for anything, even paying the premiums on the policy. Bad credit does not affect borrowing money because the collateral is the death benefit. If death occurs prior to the money being paid back, it will be deducted from the amount the beneficiary receives.
There are many different types of permanent insurance policies available. This includes variable life, whole life and universal life. Freedom Life Insurance reviews all available policies with their clients to eliminate any confusion and to ensure satisfaction. Visit: https://www.corporationwiki.com/Texas/Fort-Worth/freedom-life-insurance-company-of-america-3543239.aspx