Life insurance is a wonderful product where for a fraction of its ultimate result it can be established for pennies on the dollar. It provides dollars for pennies at the times that money is needed the most – at the death of a provider or breadwinner.
The Freedom Life Insurance Company provides the type of planning services that are in great demand by families and businesses alike. If life insurance is planned correctly then the result will be efficiently correct for all concerned.
There are essentially two kinds of life insurance. Term life insurance is temporary coverage as it is designed to last only for a designation number of years, or term of coverage. That timeline can be 5, 10, 15, 20 or thirty years, depending upon the choice of the insured. Once the term is up, then the coverage disappears.
Permanent life insurance lasts for the lifetime of the insured individual. The actual maximum age of human beings is age 100 and if the insured lives to be that age the policy will mature, or endow, and the face amount of the policy will be paid to the owner of the policy. If a death should occur prior to that time, the face amount of the policy is paid to the named beneficiary.
Permanent life insurance has a cash value buildup inside of the policy. This is actually the reserve against the increasing mortality costs as the insured ages each year. This cash value is available for the owner of the policy to borrow while the policy is in effect. If the insured should die, then the death benefit is the net amount of the death benefit factoring in the loan amount.
Most planning today that concerns life insurance uses both types of coverage, term and permanent. It has been found that by combining the two, a plan can be designed to meet coverage needs that are appropriately funded based on the budget of the purchase of the insurance. The Freedom Life Insurance Company concurs with this philosophy.
Freedom Life Insurance has very competent agents who are experts in designing and illustrating this type of planning service for families and business entities.