It can be confusing for one to choose a life insurance policy that is best for them. Choosing a life insurance is a vital decision for individuals to make. Below is some information about the types of life insurance options offered by Freedom Life Insurance that can guide one in selecting the right policy for their needs.
An Individual Should Choose Term Insurance When:
- They need life insurance policy for a short period. Term life insurance option helps an individual to match the term policy length to that of the need. For instance, if an individual is looking for funds to pay for college education for their young children, they might consider buying a twenty-year term life insurance from Freedom Life Insurance. They can also buy term insurance if they want the insurance to pay a debt that will be due in a specific period.
- They want a significant amount of life insurance policy, but they have a restricted budget. Term life insurance will only pay if the individual dies during the term of the cover. The thousands of death benefit rate is usually lower than the one for permanent life insurance. If the person is still alive at the end of the policy term, Freedom Life Insurance will stop the coverage unless the individual renews the policy or buys a new one. In term life insurance the person cannot build equity in the form of his savings.
An individual may consider “convertible” term insurance policies if they think their financial requirements may change. These policies allow one to change to permanent life insurance in exchange for more significant premiums without the need to undergo a medical evaluation.
A Person Should Take A Look at Permanent Life Insurance When:
- They want life insurance for the rest of their lives. Permanent insurance compensates death benefits for people whether they die soon or live for more than a hundred years.
- They need to accrue a savings component that grows on delayed tax grounds and which can be a source of loans for other purposes. The savings components can also be utilized to pay premiums if the individual cannot pay them. There are several types of permanent life insurance policies offered by Freedom Life Insurance including universal life, ordinary (whole) life, variable/universal life, and variable life.