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.
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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.
If you have not heard of Dick DeVos, then you have not heard of the 67th richest person in the United States in 2012. He has a political background and was born in Michigan. As a child, he was involved in his family’s business, Amway. He eventually became vice president for his fathers company. Amway was a business of various subjects including research and development, manufacturing, marketing, sales, and finance. He helped grow Amway over the course of many countries. Devos began working at Orlando Magic in 1991, a basketball franchise in which he became president and CEO of. He left Orlando Magic after just a short time with them to then work at Amway, after his father deceased, and became president of his family’s company in 1993. He eventually turned Amway into Alticor, a step bigger than Amway. Alticor became Amway’s parent and this company went global. Dick and his wife, Betsy, started a family foundation. They have been married for over 30 years, and have four children. Their family foundation website can be found here: The Dick and Betsy Devos Family Foundation.
In Michigan, the more that you donated, the more people knew you. The Devos family didn’t even have to compete with that, for they had a legacy in the town of Michigan. They were some of the most well known people, and still are. Nearly $1.2 billion dollars were given by the DeVos family. The Devos’ supports the conservative party, as its well known. The way that their donation works is it’s separated into categories. This includes organizations in Michigan, education, health and community, churches/faith based organizations, and last but not least, arts and culture. In all, the Devos’ have five family foundations. Through these foundations, they have made people feel like they matter. They have bettered so many people’s lives by being generous and blessing the world with their talents. As well as they are known for their success, they are known for how many people they have helped along the way.