According to Crunchbase, the Freedom Life Insurance Company offers excellent planning and product configurations for businesses and families. Life insurance is an integral part of anyone’s financial planning scheme which offers rock-solid security in case a premature death occurs.
The Freedom Life Insurance Company offers both term and permanent life insurance, the two primary forms of life insurance that are offered. An understanding of how each type of life insurance works is fundamental to the design and implementation of a workable life insurance plan.
Term life insurance is really temporary life insurance, even though the length of time a term policy lasts can be up to 30 years. Typically term policies are issued for periods of 10, 15, 20 and 30 years, then they expire and the coverage ceases to exist.
Term policies are issued for the purpose of covering a temporary need such as when children are young or to cover a mortgage or another debt.
Permanent life insurance covers an individual for the whole of a person’s lifetime, thus the name of “whole life” insurance. Coverage is usually geared to last until an individual reaches the age of 100, and then the amount of the coverage is repaid to the insured in the form of an endowment.
If the insured should die before reaching that age, the face amount is paid to a named beneficiary. Learn more about Freedom Life Insurance: https://www.facebook.com/pg/Freedom-life-insurance-agency-Calinan-Branch-938281249582028/about/
Permanent life insurance has a cash value which may be borrowed against and used for whatever the policyholder wishes. Typically this money can be used for emergencies, college funding and retirement.
The death benefit of the permanent policy is reduced by any outstanding loan against the policy. If the loan is repaid, then the death benefit is restored by that amount.
Crunchbase revealed that when planning for life insurance needs, it is wise to utilize a licensed, trained agent of the Freedom Life Insurance Company to utilize both term and permanent insurance when it comes to meeting desired goals and budget ramifications.
There are countless ways to integrate both types of life insurance policies into a cohesive plan. In the event of an untimely death, life insurance provides the funds needed for a family to continue on financially without having to sacrifice financially.