The two categories of life insurance are term life insurance and permanent life insurance policies. Which one you should choose depends on personal circumstances. The following is some ideas to keep in mind when making your decision.
If you just need life insurance for a specific time period than a term life insurance policy might be the better choice. For example, if you have a toddler and you want to make sure there’s money for them to be raised and go to college than a term policy fits the bill. As term policies are less expensive than permanent ones if you need a large amount of insurance but want to keep the costs down than that would be another reason to choose term life insurance.
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Permanent life insurance would be the choice if you want the policy to last as long as you do. As long as the premiums are paid the policy will last no matter how old you get. Another reason to choose this type of policy is if you want the policy to accumulate savings. When you pay the premiums some of it pays for the policy while the remainder is the cash value of the policy. The cash grows on a tax-deferred basis so you don’t have to account for it each year when doing your taxes. The cash value can be used to pay the premiums as well for a while if a situation occurs where you a person can’t make the payment.
Freedom Life Insurance Company of America is a company that offers both of these types of policies. They are a good choice as they have been around since 1956 which shows that they are a solid company. Freedom Life Insurance is based in Fort Worth, Texas, and their policies are sold in the agent’s offices of USHEALTH Group, Inc.
When trying to choose between a permanent or term life insurance policy the agent can help guide your choices depending on your personal needs and situation. Anyone with dependents should consider getting the policy through a solid company such as Freedom Life Insurance
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