Life insurance is a form of security that is almost too good to be true. A huge amount of money can be created to be paid at the death of an individual to a named beneficiary for a very small price. If an individual can qualify from a health standpoint this can be done very easily without a lot of fuss. The Freedom Life Insurance Company provides both types of life insurance.
Life insurance is available in two distinctive categories. One is called term life insurance and the other is deemed to be permanent life insurance. Term life insurance provides straight coverage for a set period of time and then it expires. This is the least costly type of life insurance as the risk is less than permanent life insurance for the insurance.
For example, if a person purchased a 20-year term policy, after 20 years the coverage expires if the person does not die during the term period. Permanent life insurance covers an individual for the “whole” of a person’s life, and that is why it is sometimes called whole life insurance. It will provide coverage until age 100 if a person lives that long and then the face amount of the policy is paid to the insured at that age.
Permanent life insurance also has a cash value that accrues inside of the policy. Loans can be taken against the cash value, but the amount of the loan decreases the death benefit by that amount. The cash value acts as a reserve against the ever-increasing age of the insured and offsets that risk to the insurance company. When a person reaches age 65 the cash value can be used to help a person’s retirement needs.
Read more about Freedom Life Insurance at Bloomberg.
The Freedom Life insurance Company enables customers to design their life insurance portfolio with any combination of term and permanent coverage that suits their needs. many times a permanent plan is established with term riders in order to meet budgetary needs of customers. The experienced agents at the Freedom Life Insurance Company can help customers plan their life insurance so that the optimum needs are met along with the flexibility to meet future needs.
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