When trying to choose the right life insurance, it can become very overwhelming. Many people are uneducated on what they should be looking for in life insurance. There are 2 types of life insurance, term life insurance and permanent life insurance.
Bloomberg reported that with Freedom Life Insurance everyone has the choice on which of these 2 types they would benefit the most from.
Term life insurance with the Freedom Life Insurance company can benefit a lot of people. This type of insurance is mostly used to make sure you have the funds to pay a debt or major life change, such as college expense for children or medical bills. People can get policies that range between 10-30 years.
Depending on if the insured is alive at the end of the term they will have to renew the policy and it’s premium goes up the older they are. Since the insured can have such a long term of insurance the benefits if the person were to die would be lower then having a permanent insurance.
Most of the time in order for someone to qualify for this type of insurance they are required to have a medical exam. This also affects the rate of the premium. Learn more about Freedom Life Insurance: https://www.ehealthinsurance.com/ehealthinsurance/benefits/ifp/IHC-MultiState/IHC-MultiState-FreedomChoice-BR-0811.pdf
Freedom Life Insurance also offers the permanent life insurance premiums. A typically more expensive premium just because it’s covered for life and the rate of the premium remains the same the whole time.
Just like with term life insurance the insured may borrow against the life insurance. The whole amount must be repaid before time of death or the beneficiary will not get the entire amount of original life insurance chosen. Since there is no need for renewal, these policies tend to be higher in cost, but will always remain the same.
Everyone has their own specific needs when it comes to life insurance. According to White Pages, Freedom Life Insurance is there to help anyone who are in need of understanding these different policies. In the end life insurance in general is a very important part of life that should not be ignored.