Freedom Life Insurance, just like clothing comes in many variations. Term insurance provides a death benefit for a specific time period usually from 5 to 30 years. Whole life insurance provides coverage for your entire life from the date of purchase until 99 or over 100 years of age. Whole life has the added feature of a savings account, which the owner can borrow from even if his or her credit is very bad.
What Type of Freedom Life Insurance Coverage Should You Buy?
This depends on what you need it for and what you can afford. If you need life insurance to cover a limited number of years, such as the years your children would need funds to attend college or the terms of a debt, like a mortgage, then a 30 year or a 20 year term would be the best coverage for your family. It is the least expensive type of coverage, so it is very affordable. There is usually a medical exam required, but there may not be for its renewal. Ask your Freedom Life Insurance agent.
If you think you may need a longer coverage period, consider convertible life insurance. This gives you the option to convert term insurance into whole life coverage. Certainly, if you believe you need coverage for your whole life, buy whole life insurance. It can be bought in forms like variable, universal life, variable/universal life and basic whole life. Each type of whole life insurance is fairly expensive by comparison with term. The premium, however stays the same from year one until death, whenever that is. Learn more on Crunchbase about Freedom Life Insurance.
The difference between whole life and term is just like the titles imply, one is for your whole life the other is for a specific term, a period of years. Whole life is expensive because it covers you forever and has an added feature of a savings account. In the past the best use of whole life was for people who wanted to pass on an estate to less wealthy beneficiaries. The death benefits could pay estate taxes. Now that the laws have changed for estate taxes, whole life purchases will need to be encouraged for other reasons like providing funds to support disabled loved ones, to benefit extended family and prized charities and to support the surviving spouse. Read:https://www.corporationwiki.com/Texas/Fort-Worth/freedom-life-insurance-company-of-america-3543239.aspx