One of the most prudent choices someone can make is getting life insurance. Choosing the correct type for can be confusing, however, with several different types on the market currently.
A couple of the most common types are term life insurance and permanent life insurance. Knowing the difference will help narrow down what would best fit one’s needs. Learn more about Freedom Life Insurance: https://www.ushealthgroup.com/sbc.aspx
Term life insurance is a type of life insurance that is set for a specific amount of time. This type is best if the time of the insurance policy needs to match a specific period of time. For example, if a 20-year policy is purchased to ensure that a child’s college education will be funded, term life insurance is the better choice.
Term life insurance is also good if one needs a large coverage policy but has a limited budget. The insurance only pays if the insured dies during the policy term, so the cost is far less than permeant insurance. Learn more about Freedom Life Insurance: http://healthdepotassociation.com/carriers/flica-national-foundation-life-insurance-company/
In comparison, permanent life insurance is just that, permanent. The term of the policy is lifelong, whether the insured dies in 60 years or tomorrow.
In addition, permanent policies can often be borrowed against in the future, using the final payout as collateral, offering a safety net in times of need. While the premiums are higher, the rates stay the same for the entirety of the plan.
Crunchbase reveals that when researching life insurance providers, it’s a good idea to see what types they offer as well. A good example of a provider that offers both is Freedom Life Insurance. Since 1956, Freedom Life Insurance has underwritten countless life insurance policies, providing security for families across the nation.
Life insurance should be a cornerstone of financial planning, both during a person’s prime and to ensure their families are secure after they pass away as well. Freedom Life Insurance can help plan for the inevitable, ensuring that families are not left in debt.