So your looking to purchase some life insurance; for whatever reason, you just got married or had a baby and want to ensure your family’s financial well-being should something happen to you. Life insurance is the perfect way to do that. Just as the name says, it is meant to insure a life, a life for those you may leave behind should something tragic happen. But how do you choose the right type of insurance for you and your family’s needs? Freedom Life Insurance has an excellent track record for pleasing customers over the past three years, with a complaint ratio of .0067 at the end of 2016, which is very good percentages. As well, their financial well being is very stable, having a steady rise in assets that has almost doubled since 2014.
Term life insurance is for when you need to purchase for a set term, say twenty years. If you need to ensure your child(ren)’s college education will be paid for, or a certain debt will be paid off, then the purchase of a term life insurance policy would be perfect for you. Freedom Life Insurance has agents which can help you decide what term policy is best for your specific needs.
If your needs require a lot of insurance, but funds are limited then term insurance would be right for you. The reason being that term insurance pays only after you die, therefore, the “rate per thousand death benefit” is much less than the rate for permanent insurance. You have the option of renewing the policy if still alive at the end of the term. However, unlike permanent insurance, you will not build any equity in the policy, which allows you cash “savings”.
There are also policies called “convertible” term policies. If finances suddenly improve, you may want to seek out one of these policies, they permit you to change to a permanent policy in exchange for a higher premium, however, you won’t need a medical exam to do so.
Read more about Freedom Life Insurance at Bloomberg.
Permanent Life Insurance
You may prefer to have life insurance for your entire lifetime. Permanent life insurance will pay the benefit whether you die tomorrow or live to be 100 or more.
This type of policy accrues a cash savings value that can be borrowed against or used to pay future premiums if you are unable to do so. No matter what your credit rating is, you are allowed to borrow from these funds.
The premiums for a permanent policy is higher than term insurance. However, the policy will remain the same coverage no matter what your age.
Freedom Life Insurance can guide you through the types of permanent policies, such as whole (ordinary) life, universal, variable, or a combination of the two.
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