Life insurance is the perfect vehicle as it supplies an instant estate at the very moment a person passes away, and the price is discounted tremendously. The Freedom Life Insurance Company offers a very good program for customers to plan their life insurance estate and the policies to back the planning.
There are two types of life insurance, term life coverage and permanent life coverage. Term life is really temporary coverage as it will always expire at a certain date. Term coverage can be purchased by time periods of 10, 15, 20 and 30-year time-spans. This type of coverage is the least expensive due to its limited time of coverage.
Permanent life insurance is just that. It is permanent and does not expire like term does. In addition, term can go up in price but permanent live coverage does not. Permanent coverage will remain the same in price and coverage after it is issued until the insured dies or reaches age 100 when it will mature and pay the policy owner the face amount of the policy.
Permanent life insurance has a cash value which the policy owner can borrow. If the insured dies the death benefit will be the face amount of the policy, less the loan amount.
Most life insurance planning agrees that younger people with families will be better served to own lots of term insurance because of the need to protect the children from the financial woes of an early death of a breadwinner, and that permanent life insurance is necessary when we get older to cover final expenses and retirement.
Freedom Life Insurance agrees with this concept.
Most life insurance planning sequences will use a combination of term and permanent coverage depending on the needs and wishes of the clients. It is possible by using both types of policies in one plan allows for the maximum use of protection and cash accumulation to meet a budget that the insured feels is affordable. Freedom Life Insurance agrees with this concept.
Most term insurance plans are convertible which means that they can be converted to permanent policies regardless of the health of the insured. So once term insurance of a convertible nature is in effect, it can be changed to permanent coverage at any time before it expires. Follow myshininglight.com at Facebook.