Life insurance is a subject that not many people talk about much less understand. They seem to understand the concept, but they are not really familiar as to how it could specifically work for them. The Freedom Life Insurance Company has some help and answers for that dilemma.
Life insurance is available in two different types of policies, the term life insurance policy and the permanent life insurance policy. Term life insurance is a policy that lasts for only a certain period of time, or a term of years.
Typically policies are available for 10, 15, 20, and 30 year periods of time. Term insurance expires at the end of the term and there is no coverage. Because of this, term policies are very inexpensive. Learn more about Freedom Life Insurance: https://www.facebook.com/pg/Freedom-life-insurance-agency-Calinan-Branch-938281249582028/about/
Permanent life insurance is a policy that will be in force for as long as the insured person remains alive. When the insured dies, then a death benefit is paid to a beneficiary who is named by the policy owner. Permanent life insurance contains a cash value which is actually a reserve against the rising mortality risk that accrues as a person ages.
Because of the cash value of a permanent life insurance policy, the premium remains level as opposed to term insurance which can have increasing premiums.
The cash value can be borrowed from a permanent policy which reduces the death benefit by the amount of the loan. If and when the loan is repaid, then the death benefit reverts to its original amount.
According to Bloomberg, Freedom Life Insurance offers both of these types of policies and in many cases will combine the two in order to meet the needs of the client as well as their budget. Many term policies can be converted to permanent policies without regards to the health of the insured, so down the road a person can make the choice to solidify their life insurance portfolio in this way.
The highly experienced agents of Freedom Life Insurance are experts at helping family and business consumers plan their needs for life insurance so that if key people in a business or the income earners in families should die prematurely, the business or family will not have to suffer the economic consequences of that death.