When choosing between term life insurance and permanent life insurance there are a number of factors that play into which one is better for your particular needs. There’s some guidelines to consider when making this important choice.
Term life insurance is a great choice for those who need insurance for a specific amount of time. For example, some people just need life insurance until they no longer have others depending on their income, such as their children. They could just need life insurance until their child is out of college, for example. Follow freedom life insurance on facebook.
One of the best things about term policies is that they are the least expensive type of life insurance to get. Another reason to choose a term life policy is due to this very fact. If you need a large amount of life insurance but your budget for this type of policy is limited you get more bang for your buck by choosing this type of policy since they are the least expensive.
A permanent life insurance policy is more expensive but it lasts forever no matter how old you get. It also can help you save money as it builds cash value. This money grows on a tax-deferred basis and can also be borrowed against. Additionally, you can use these savings to pay the monthly premiums when you need to do so in a pinch.
A great company to talk to when you need a life insurance policy is Freedom Life Insurance, a company headquartered in Fort Worth, Texas. Their policies are sold in USHEALTH Advisors offices across the country. This is a privately held company that was established in 1956 and it is a subsidiary of USHEALTH Group, Inc.
The life insurance policies underwritten by Freedom Life Insurance give policyholders peace of mind that if something happens to them their family members are protected. They will have the money they need to live on and take care of financial needs such as their child’s college education. The beneficiaries of Freedom Life Insurance policies don’t have to pay federal taxes on what they receive and the policies are economical which monthly payments between $10 and $50.
Knowing what type of life insurance to purchase can be a difficult thing to do. The problem is that many people do not know the different types of life insurance options that are available on the market. However, once they do find out about the different types of policies, they should be able to purchase the policy that is best suited for their personal situation.
The first thing that everyone should know about life coverage policies is that there are two basic types. One type is called permanent life insurance and the other is term life insurance. An insurance company known as Freedom Life Insurance states that permanent policies are set up to last the entire span of a person’s life. Once they pass away, a death benefit will be given to designated survivors. Term life insurance is suited for people who want coverage for specified period.
Permanent policies are more expensive, and they offer a different variety of policy types. For example, universal whole life insurance is designed to pay out a death benefit, but people can also use it save up money. Once they accumulated a certain amount they can then withdraw funds and use it for whatever purpose they wish. Freedom Life Insurance also points out this fact.
Whole life insurance is designed to lock in a permanent rate that never changes over time. This type of life insurance is suited for people who are on a budget or for young people who want to get a fixed policy rate before they grow older. Policy holders can sometimes cash in from these policies as well.
Term insurance covers a person for a set amount of time. People can term insurance if they encounter a sudden illness or if they have to work on a dangerous job for specific amount of time. The term period for this type of insurance will vary. Some policies could be for 2 years while others could cover a client up to 20 years. All term life insurance policies have an expiration date.
Freedom Life Insurance can provide these types of policies and many more. This company understands the importance of life insurance and how it protects loved ones in the event of a person’s death. They can even help policy holders to get the best type of coverage that will benefit them in the here and now.