How Do You Know What Kind of FreedomLife Insurance to Buy?

Many people are mystified when it comes to the purchase of life insurance because they perceive the process as being complicated. In addition, no one likes to think about, let alone talk about their own demise, so they just don’t touch the subject.

However, when you stop to really think about it, it can be viewed in a very logical manner. Life insurance is the only way that you can instantly create an estate for pennies with a contract that is backed by a multi-billion dollar company that will perform as advertised as long as the insurance policy owner continues to pay the small premium. Freedom Life Insurance is such a company that has more than adequate reserves to meet these needs.

There are two types of life insurance and both perform admirably in their own right. Term life insurance covers an insured for a specific amount for a certain period of time, usually from 10, 15, 20 or 30 years. If the insured dies within the term of time specified by the policy the death benefit is paid to the named beneficiary. Once the term period of years is up, the policy ceases to exist.

Since the term policy is “temporary” its premium, or cost is less. Its use is to purchase large amounts of coverage for the time when a risk is greatest, such as when a family has young children. When the children grow up, the need for coverage is less, so the coverage goes away.

Permanent life insurance lasts until age 100, the mathematical, or actuarial maximum life expectancy. Also called “whole life” because the coverage lasts for the whole of a person’s life, the coverage never reduces or changes. The premiums stay the same and never increase. The policy has a cash value that grows within the policy which can be borrowed by the policy owner. If the insured dies while a loan is outstanding, the death benefit is paid to the beneficiary, less the amount of the loan.

Freedom Life Insurance offers both term and permanent life insurance. Many life insurance agents will develop a plan that uses both term and permanent coverage, as the two concepts can be easily combined. Freedom Life Insurance agents are well trained and can tailor a plan to meet the needs of the customer.

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