Life Insurance is an important type of policy for anyone who has dependents that rely on them and their income. In order to meet these needs, there are two types of life insurance policies, term life insurance and permanent life insurance. Either can be a good fit depending on one’s personal circumstances.
Term life insurance can fit if you need this coverage for a specific number of years. You might, for example, only need through the time your children are through college at which point no one is relying on your income anymore. In another case, you might need a large face value on your policy but you need to keep the monthly premiums low. Term life insurance policies are less expensive than permanent life policies making this a good choice under these circumstances.
A permanent life policy, on the other hand, doesn’t expire. No matter how old you get coverage will remain in place as long as the premiums are paid. Another use for a permanent life policy is that they accumulate cash value. You can use this cash to pay the monthly premiums or you can borrow against it. If you cancel the policy you get this cash value back minus any fees.
There are other types of life insurance policies as well, such as universal life and variable life, but the two above policies are the ones that most people choose.
When it comes to choosing you put your life insurance policy with, Freedom Life Insurance Company of America, Inc. can be a good choice. They are based in Fort Worth, Texas and have been offering life insurance policies since 1956. This indicates that they are a very stable company that should be around for years to come.
As a subsidiary of USHEALTH Group, Inc., the clients of Freedom Life Insurance also have access to other types of insurance policies they may need such as specialized health insurance products. The Freedom Life Insurance policies are sold through USHEALTH Advisors which is a national network of insurance agents.