What to Consider in Choosing the Right FreedomLife Insurance
In the insurance industry choosing the right type of insurance to select is a confusing and a very important decision. Below are some of the factors to consider enabling you to choose the right insurance option.
You may need to consider a permanent life insurance if you fall into this category of need
- If you need life insurance for the rest of your life- Freedom Life insurance offers a permanent policy that pays a death benefit regardless of the age you die in.
- If you need to accumulate a saving element that will increase on a tax-deferred basis and could serve as a source of borrowed funds for some reasons. The savings can be used for any purpose you choose including, using it to pay premiums when one is unable to pay them. You can also borrow the funds when your credit is shaky. The death serves as the collateral for a loan when one dies before full repayment. Freedom Life Insurance collects all what is due to it later determining what goes to the beneficiary.
Permanent policies attract high premium rates in comparison to the term insurance. However, permanent policies premiums remain the same regardless of the insurer age while as term premiums are capable of rising during renewal. The different types of permanent insurance policies available at Freedom Life Insurance include universal life, variable life, universal and variable life, and whole life insurance.
Term life insurance is a viable choice in the following circumstances
- If you need life insurance for a specified period for either, you want the insurance to reimburse a debt that will be paid off in a specified time a term insurance policy can be bought for that specified period. Term insurance helps one to match the length of the need to the length of the term policy.
- Term life insurance is ideal when one has a large amount of life insurance under a limited budget. Thus, this type of life insurance does not build equity in term of cash savings.
One needs to consider the likelihood of the change in financial needs thus consider the convertible term policies. They allow one convert term to permanent insurance in the absence of a medical examination inclusive of higher premium rates.