The Right Kind of Life Insurance is Important to You and Your Family

Life insurance plays an important role in your financial planning because if you should die prematurely your family will miss out on the funds you would have earned should you have lived. For a fraction of what the death benefit is, you can ink a binding and legal contract that will pay whether you live or die.

The Freedom Life Insurance Company is just such a life insurance company who offers policies like that. You can be assured that the Freedom Life Insurance Company has a track record that offers the finest financial backup that will allow families to accomplish their life insurance objectives.

Life insurance comes in two distinct types of policies which you need to be cognizant of how they work. Term life coverage gives you the most bang for your buck as it will provide the most coverage for what you will spend in premiums. This can be very attractive for a young family with children as you can buy lots of life insurance coverage for the price.

For a few the amount of money that most of us spend for coffee and donuts each day at the coffee shop, a family can cover a mortgage, college education for the kids, and a solid income until the children are grown should the breadwinner or breadwinner die. Term insurance lasts for 10, 15, 20, or 30 years and then expires, so it is temporary in that sense, but it provides coverage until the children grow up.

Permanent life insurance is also called whole life because it lasts until a person is age 100, or for the “whole” of life. It has a level premium as opposed to term life which can have an increasing premium as a person ages. Whole life has an inside buildup of cash, called the “cash value.” The cash value is really a reserve that offsets the annual increasing mortality risk as we age, thus it keeps the price of the policy level all throughout the years.

The cash value can be borrowed at any time by the policy owner, and of course paid back. The Freedom Life Insurance Company has expert agents who can assist you in your life insurance planning so it will do the best job for you and your family.

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