Someone once said that the best life insurance is the kind that is still in force when you die. In essence that is really true, but there is much more that goes into the equation. The Freedom Life Insurance Company is ready and able to equip you with the best life insurance planning and the policies to match.
There are two basic kinds of life insurance from which to choose. Term life insurance is a temporary kind of life coverage that expires at a certain date. However, most term policies will last for 30 years or less, depending upon how long the policy owner chooses.
Permanent life insurance lasts for as long as the insured lives, or usually until age 100, the actuarial term of human life. If a person were to reach age 100, as in this example, the permanent life policy would mature and the policy owner would receive the face value of the policy.
Permanent life insurance has a cash value, or surrender value. This is really the reserve inside the policy to account for a person getting older every year. Each year a person ages makes it mathematically more of a risk for the insurance company to insure an individual. The reserve offsets that risk each year that it accumulates.
The cash value can be borrowed against throughout the life of the permanent life policy. If death occurs, the death benefit will be for the face amount less any outstanding loan.
The Freedom Life Insurance Company offers both kinds of life insurance. Typically, term life insurance is very suitable for young families where a lot of coverage can be purchased for a smaller amount of premium. Term is the least expensive of the two types of coverage.
Permanent coverage is more suitable for final expense coverage for families, college funding and retirement. It is also used quite a bit for business life insurance in situations like deferred compensation, buy-sell arrangements and key person life insurance.
The Freedom Life Insurance company has well-trained agents who will help you with your life insurance planning. In most cases both term and permanent life coverage will be used to plan your life insurance estate. Learn more:https://www.ehealthinsurance.com/ehealthinsurance/benefits/ifp/IHC-MultiState/IHC-MultiState-FreedomChoice-BR-0811.pdf