The choices in life insurance vary
The time to choose a life insurance plan can be a very confusing one. Life insurance coverage is a very important investment, and should be done with the help of an experienced agent from a reliable company. Freedom Life Insurance company offers the types of life insurance that is needed to meet your particular needs. There are two basic types of life insurance policies. Knowing about both will make your choice easier.
Whole life insurance
Whole life insurance is a permanent life insurance. It pays a death benefit to your assigned beneficiary whether you die immediately, or when you are one hundred. It can also be used as a long term savings because it builds cash value the longer it exists. With this type of insurance, you will be able to borrow against the accumulated value. Because it is a permanent, long term life policy, the premiums are higher than the alternative type. Some policies that are taken out for small children can be increased when they reach adulthood. Get information from a Freedom Life Insurance agent.
Term life insurance policies
This type of life insurance has an expiration date. This type of insurance is good if you only need it for a short period of time. The coverage starts right away, but has a term date attached, which is sometimes a twenty year term. It is great if you want to ensure that money will be available for a child’s college education, or some other payment that will mature in a few years. Term life insurance is more cost effective than a whole life policy because you only use it for the specified term. Freedom Life Insurance can help you understand how to use this as a tax deferred savings.
Know you options and choose wisely
When choosing a whole life policy it is important to know that the premiums will remain the same throughout the years. With the term life policy the premiums will change as you get older. The coverage amount will also change, or decrease, as you get older. It is imperative to know what your insurance aoptions are.