The Flexibility of Life Insurance Plans Offered by Freedom Life Insurance

Bloomberg revealed that Freedom Life Insurance is headquartered in Fort Worth, Texas, but is a nationwide life insurance company offering many different life insurance plans to the public.

Life insurance is a product that all people need to have, but many don’t fully understand how it can work for them.

It is essentially a way to insure the income of the income earners of a family or business against a premature death so that those who are left behind don’t have to suffer the economic consequences of the loss.

There are two fundamental types of life insurance, term life insurance and permanent life insurance. Term life insurance lasts for a temporary period of time. Learn more about Freedom Life Insurance:

It is typically issued for periods of 10, 15, 20, and 30 periods of years, and when that term period is over, it expires and there is no more life insurance coverage.

Permanent life insurance lasts as long as a person is alive, and whenever a death occurs, the face amount of the policy is paid directly to a beneficiary that is named by the policy owner.

Permanent policies have a cash value that builds up inside the policy to offset the increased mortality risk as a person ages. This keeps the premiums level all throughout the policy.

The cash value of a permanent policy can be borrowed which will decrease the amount of the death benefit by the amount of the loan.

When the loan is repaid, the original death benefit is restored to its original amount. The policy can also be surrendered and any cash value will be paid directly to the policy owner.

Freedom Insurance offers both kinds of life insurance in separate policies or combined in order to devise a plan that suits the customer, both in the amount of desired death benefit and cost.

The trained agents of Freedom Life Insurance are experts at planning and helping customers to get the best life insurance plan for their money.

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