Having life insurance in place is an essential part of life. Many people procrastinate, waiting until a dramatic life event takes place before deciding to purchase a policy. There are serious benefits to buying life insurance as early as possible. If you are planning on starting a family, are a business owner, have debt, or are getting married, you need to have a solid life insurance policy in place. There are different types of life insurance policies which can be confusing. Insurance companies such as Freedom Life Insurance, can help you choose the policy that is best for you.
Term Life Insurance
This type of life insurance should be considered if you need it for a specific period of time. For example, if you have children in the home and want to make sure that you will have enough money for college, you can purchase a 15-20 year term life insurance policy. Or, if you want to ensure a debt you owe is paid in case you die, you would want to purchase term life policy with Freedom Life Insurance. If you are living on a fixed budget but need life insurance for a large amount, term life insurance will pay out if you pass away during the term of the policy. If at the end of the policy you are still alive, your coverage stops unless you buy a new policy or renew it.
It is important to note that premiums are at their lowest the younger you are in age. They continue to increase each time you renew the policy as you age. Freedom Life Insurance does offer some policies for low rates with a medical examination.
Permanent Life Insurance
The most popular form of life insurance is permanent life insurance. This type of policy covers you for as long as you live. Premiums for permanent life insurance are generally higher than term life insurance. The good news is, the premium will never increase as you age. You can accumulate a savings element that allows you to borrow funds during the life of the policy. Freedom Life Insurance also provides other types of life insurance policies such as whole life, variable life, universal life, and variable/universal life. Read more on health depot:http://healthdepotassociation.com/carriers/flica-national-foundation-life-insurance-company/