According to Crunchbase, the Freedom Life Insurance Company is located in Fort Worth, Texas and offers some very competitive life insurance programs. Life insurance is a miracle product where an individual can create an estate with just pennies on the dollar up front, but if a death occurs money is paid to the people who need it the most.
Life insurance comes in two forms, term life insurance and permanent life insurance. It is important to understand how each type of life insurance works. The Freedom Insurance Company offers both kinds of life insurance for their clients in any combination.
Term life insurance is really a temporary policy. It is issued in terms of years, for example, 10, 15, 20 or 30 years, and then it expires. It is much less expensive than permanent life insurance.
It is used to purchase a large amount of life insurance coverage, for example when children in a family are young and lots of coverage is desired in case the breadwinner, or breadwinners die prematurely.
Permanent life insurance typically lasts until the insured reaches age 100, and then it will pay the face amount of the policy to the insured.
This form of life insurance also has a cash value which can be borrowed for any purpose. The cash value is really a reserve against the increasing age of the insured and it is designed to keep the premiums level throughout the lifetime of the insured.
The cash value can be used to help fund a college education, retirement, or any other purpose the insured may have. A policy loan reduces the amount of death benefit by the amount of the loan. The loan can be repaid at any time and the full death benefit will be restored.
A typical life insurance plan may consist of both types of life insurance coverage being employed at the same time in order to meet budgetary and coverage requirements.
Term life insurance can be converted to permanent life insurance in most cases without regards to the health situation of the insured. Freedom Life Insurance will assist customers in determining just how much coverage is needed and will help design a plan to meet that need.
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