The Freedom Life Insurance Company offers some very innovative and consumer life insurance policies that consumers find very appealing. Life insurance is a topic that most people understand in concept, but who then lack much in the way of knowing how it could actually work for them.
Life insurance is basically available in two formats, term life insurance and permanent life insurance. The term type of life insurance is available in “terms of years” packaged as 10, 15, 20, and 30-year term policies.
When the years are up, then the policy expires. Term life insurance is used to cover shorter periods of needs such as for young families with children who need lots of life insurance when the children are young, but when they grow up and move out, the need is not there. It is also effective for covering mortgages and short-term debt, but eventually those will expire as well.
Term life insurance is the cheapest form of coverage due to its temporary nature. Permanent life insurance is the second form of life insurance coverage.
Permanent life insurance covers an insured for as long as he or she is alive, usually ceasing at age 100 where the policy will “endow” meaning that the policy owner receives the face value of the policy.
Permanent life insurance has a cash value that accumulates inside of the policy each year. The cash value is really an actuarial reserve that offsets the annually increasing mortality risk as a person ages. The cash value is available for policy loans of interest. If a loan is taken on the policy, the death benefit is decreased by a corresponding amount. When the loan is paid off, the death benefit is restored to the original amount. Learn more about Freedom Life Insurance: https://www.ehealthinsurance.com/ehealthinsurance/benefits/ifp/IHC-MultiState/IHC-MultiState-FreedomChoice-BR-0811.pdf
White Pages revealed that Freedom Life Insurance has well-trained, licensed agents who can construct a life insurance plan for families and businesses that can encompass both types of life insurance concepts, term and whole life. This is done many times to create the needed death benefit and to meet budget requirements of the client.
Freedom Insurance is very consumer oriented and takes their role very seriously in regard to meeting the needs of consumers and their individual life insurance needs.