Many people get insurance for their cars and homes because they want to protect their investments. Life insurance is a good type of insurance to have because it will help to cover substantial costs such as funeral costs. Life insurance can also help to alleviate the stress and burden of debt on the family of the insured.
Life insurance can get somewhat complicated, but it really helps to know what the different types that are available are before going insurance shopping. Freedom Life Insurance offers different kinds to choose from.
Term insurance is one kind of life insurance. Term insurance is a good choice if life insurance is only needed for a certain amount of time. Term insurance will allow the policyholder to repay a debt as well. Term insurance is also ideal if a large amount of life insurance is needed but the budget of the policyholder is somewhat limited. This type of life insurance will not build any equity from cash savings accumulated, but it can be more of a flexible plan than say permanent life insurance.
There is also life insurance known as convertible term insurance that makes it possible to convert to a permanent life insurance plan without the need for a medical exam in order to get higher premiums.
Permanent life insurance will cover the policyholder for as long as they live and will pay out a substantial benefit no matter when the policyholder dies. This type of life insurance will also make it possible to grow a savings element that will also be tax-deferred. This money can be used to fund various things as well.
With permanent life insurance such as that offered through Freedom Life Insurance, the premiums will be higher than say a term life insurance plan but the premiums will never go up. With term insurance, the premiums will go up as the policyholder gets older or when the policyholder renews the term insurance plan.
Freedom Life Insurance offers various life insurance plans, and these include but are not limited to universal life, variable life, and whole life insurance. Learn more: https://www.crunchbase.com/organization/ushealth-group#/entity