It can be difficult choosing what life insurance policy is best for you, but many agree life insurance is essential. Freedom Life Insurance provides many different policies to choose from. If you’re interested in learning more, here are some suggestions. Click here.
One policy offered by Freedom life insurance is called “term life insurance.” Term life insurance allows you to coincide the length of the term policy to how long you need the insurance. Let’s say you have children and you want to guarantee they will have money for college, you might consider getting a 20 year term policy.
Here’s another scenario, let’s say you need a large amount of life insurance, but your budget is restricted. If you outlive a policy, then you are no longer covered by that policy unless you renew it or buy another one. With permanent insurance, you continue to build equity in the form of cash savings. However, this is not the case with term life insurance.
And of course, your financial situation might change. Should this happen, consider what is called a “convertible” term policy. A convertible term policy allows you to change to permanent insurance without taking a medical exam, at the cost of higher premiums. It’s important to remember that premiums will be lowest when you are young, and as you age they increase when they are renewed.
If you want life insurance indefinitely, you’ll want a permanent policy. This policy pays regardless of how old you live. Or perhaps you want to collect savings that will continue to grow and can be a source of borrowed funds. The savings can be used to pay premiums to keep the insurance in force if you can’t pay, or be used for any other reason.
Remember, premiums for permanent policies are usually higher than term policies. Nevertheless, the premium for permanent insurance stays the same despite your age, while term policies can go up significantly at every renewal. There are many uncertainties in life, but Freedom Life Insurance is there to help your family should something unexpected happen.