Choosing the Right Type of Life Insurance

It is important to choose the right type of life insurance from Freedom Life Insurance. It is an important decision that can be very confusing. Here is a little bit of information about term life insurance and permanent life insurance that might help you decide.

Term Life Insurance

Freedom Insurance offers term life insurance that is set up to cover a specific period of time. This type allows you to buy a policy that matches the length of time that you need. You can purchase a large amount of insurance on a limited budget.

Term life insurance policies only pay out if you die during the policy’s term. Coverage will stop at the end of the term unless you renew or buy a new policy. One downside is that you will not be building equity like you will with permanent insurance.

Your premiums will be the lowest when you are young and will likely increase as you get older. These types of policies can be renewed but expect an increase in your premium. Some policies will require you to have a medical examination to receive the lowest rates.

Permanent Life Insurance

This type of life insurance offered by Freedom Life Insurance will be available for the rest of your life. It will pay a death benefit when you die. This could be used as a source of equity to borrow against for many different purposes. This savings element can help pay premiums if you are not otherwise able to pay.

You can borrow against this amount even with bad credit. The death benefit is held as a collateral for the loan and if you were to die before it is repaid, the life insurance company will collect before they determine what ends up going to your beneficiary. Premiums are generally higher than term plans but the premium will not change over time.

Freedom Life Insurance offers a variety of life insurance types. Contact someone today to see which life insurance policy might work best for your situation.

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