Choosing life insurance is hard. It’s hard to think about and hard to understand, but important. But before calling Freedom Life Insurance you should have an idea about what kind of life insurance you will need. There are two main types of life insurance, Term life insurance and permanent life insurance. When talking about getting a life insurance policy it is important to have an idea about which one you might want to have.
Term life insurance is insurance for a specific amount of time at the end of that time the coverage stops unless you renew it or buy a new policy. This insurance is great if you have a debt that you want be sure gets paid if you die or you want to be sure your kids have money for college. If that is the case than something like a 20 year or 30 year term life insurance policy may be what you are looking for.
Term life insurance is also a good decision if you are on a limited budget, but need a large amount of life insurance. This is another policy that only pays out if you die within the timeframe specified in the agreement and unlike with permanent life insurance you can not borrow from a term life insurance policy.
There is the option of getting a convertible term policy that can change to a permanent life insurance policy without a medical examination. Ask Freedom Life Insurance about it.
Permanent life insurance policies are there for as long as you live. Permanent life insurance can also be borrowed from later if an emergency comes up. But keep in mind that if death happens before that is paid back the insurance company such will take it back from the policy before paying the beneficiary.
There are many different types of permanent and term life insurance policies to choose from, but deciding between term and permanent is the first step. A company like Freedom Life Insurance can help you decide from there.