Freedom Life Insurance offers two types of insurance products, namely term life and permanent life insurance. To help you out, here are a few tips that will be helpful in narrowing down your choice to the best product.
Term Life Insurance
You only require this life insurance for some time in your life. A term insurance package allows you to choose how long the term policy should exist according to a particular need. Here are examples of those instances:
- If you are looking to ensure that you have funds available for your young kids’ college education, you can buy a 20-year Freedom Life Insurance package.
- If you need insurance to repay a debt that urgently needs paying off within a short period.
- If you need large life insurance amount but your budget is not adequate. This insurance type will only pay out in case you die during the policy’s term. If you are alive at its end, the coverage stops. When this happens, you may need to renew it or purchase another one.
In case your financial status changes, you can always choose a convertible term policy, which allows you to convert it to a permanent insurance package without medical examination; however, the policy is a higher premium one.
Learn more about Freedom Life Insurance at Crunchbase.
Permanent Life Insurance
This life insurance lasts for as long as you are alive. Also, it pays a death benefit even if you were to live to over 100 years or die tomorrow. Freedom Life Insurance’s permanent policy can also be used as a tax-deferred cash savings vehicle that you may use for borrowing funds for other purposes. You need this policy if:
- You need to keep your life insurance in force even when you can’t pay.
- You need money for other purposes.
- You need to borrow money even with a shaky credit rating.
In case of death, the insurance company will collect what is due before determining what goes to a beneficiary. However, permanent policy premiums are higher than those of term insurance, but the premium remains the same no matter your age.