There are two basic types of life insurance that consumers can buy and which product is best depending upon a customer’s personal needs. Both types of policies can be purchased at Freedom Life Insurance and their expert life insurance agents can help determine which policy is best for their needs.
Temporary Life Insurance Policies
People who buy term life insurance typically do so because their needs are often not for a longer-term policy. In fact, most term policy buyers are looking for a life insurance policy for a specific period of time. One of the prime examples of this type of insurance use longer term occurs when a parent decides they want to be insured to cover funds in the event something were to happen to them before their children finished college. In this case, the parent might consider buying a 20-year term life insurance policy
Term insurance policies are also a good alternative for people who are looking for a larger cash value policy but they are living on a limited budget and cannot afford to buy whole life insurance in larger amounts. It should be noted that term life insurance policies are like health insurance policies which are only in effect while the policy is being paid for each month. Coverage of the policy stops once the payments stop unless it’s renewed. Freedom Life Insurance provides complete consultation and information for consumers looking to buy term life insurance policies
Permanent Life Insurance Policies
Permanent life insurance policies are great policies for someone who is looking to have equity in their life insurance policy. These policies serve two purposes. First, they are an insurance policy that has a cash value in the event of death no matter when the insured person passes away. Secondly, permanent life insurance policies also act savings accounts. With each premium paid, part of the portion of the payment builds an actual cash value that can be borrowed against. Accrued policy funds paid can be used for personal financial reasons and can be used to make payments on the life insurance policy when the insured is unable to pay for the policy because of financial duress. This guarantees the policy will remain in effect even during financial hardships.
Freedom Life Insurance company can help customers who are seeking this type of policy to examine different types of permanent life insurance policies to see what type of policy works best. Permanent life insurance policies offer many benefits and while the policy premiums are generally higher than term life insurance policies, the payments never increase for the life of the policy no matter what the insured health’s situation becomes.