People that are young and in great health rarely think about health insurance. However, as people age and start a family, the idea of health insurance becomes a significant concern. Additionally, the vast majority of people who own a home regard life insurance as an important investment. Life Insurance is an important investment for anyone who wants to protect the people they love in the event that a catastrophic event occurs. The biggest question regarding life insurance as people delve into the fine details of life insurance is defining the right type of life insurance to purchase which varies based on personal needs.
Term Life Insurance
For people who need life insurance for a specific period of timeor people who need to life insurance for a larger amount of money but are on a limited budget, then Term Life Insurance from Freedom Life Insurance is probably the best choice. These policies have a specified period of time they insure a person for. Once that time frame is over, the policy ends unless it is a convertible term life insurance policy. Check more: http://www.whitepages.com/business/freedom-life-insurance-co-of-america-fort-worth-tx
What Is A Convertible Term Life Insurance Policy?
A Convertible Term Life Insurance Policy is a policy that can be converted into a permanent life insurance policy without the requirement of a medical examination. This is important because as people age they inevitably have more health concerns. They are less expensive than Permanent Life Insurance policies. However, permanent life insurance policies have other benefits for policy holders. Both of these insurance types can be obtained from Freedom Life Insurance and should be discussed with a licensed agent.
Permanent Life Insurance
By contrast, permanent life insurance is a policy that builds equity. A permanent life insurance policy can be similar to having a combination of a long-term life insurance policy and a savings account together. The policy does accumulate a savings amount of equity which can be borrowed against for any number of reasons over time.
Permanent life insurance policies from Freedom Life Insurance are designed based on need. Once they acquire an equity amount can be borrowed against even if the person is struggling with poor credit. This is true even if the use is for helping to keep the policy payments up. The policy remains in effect until a person dies if the payments are kept up.
The biggest differences in the two policies are that the permanent life insurance policy premiums stay the same no matter what the payments are at the start of the policy. With Term Life Insurance, the rate for the life insurance policy can increase every time there is a renewal of the insurance because it has no permanent guarantee or equity because it is in effect only for a specified time period.