Chris Holden

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A Guideline for Selecting the Most Appropriate FreedomLife Insurance Plan

by Chris Holden - December 2nd, 2017.
Filed under: COMPANY, Healthcare, Insurance.

Nobody can risk living without an insurance plan, but a lot of people still find it difficult to choose the right one. Truth be told, as much as having a coverage plan is important, choosing the right plan is even more critical and is a process that needs a lot of considerations. The guideline below helps you understand different types of covers offered by Freedom Life Insurance and potentially enables you to choose the right one.

Term Life Insurance

Term life coverage is for people who want coverage for a particular period. For instance, one might need to secure funds to cater for his or her children education fees for 25 years. Purchasing a Freedom Life Insurance term cover will allow the person match that term policy period. Another reason that would lead one to settle for a term cover would be to repay a loan.

There are also instances where one might be interested in a better cover but is restricted by a limited budget. You can take a term policy in such cases, but be aware that your premiums will only be paid if you pass away during the term. At the end of the term, your cover stops unless you renew it. Premiums are also standard, but they usually increase every time you renew the cover.

Permanent Life Insurance

A permanent life insurance plan is for anyone who needs protection for their entire lifetime. The major advantage of the permanent coverage plan is that benefits are paid regardless of how long you live. Also, with a Freedom Life Insurance permanent cover, you have the option of making savings, which you can use to request for loans.

However, your benefits are held as security, and if you die before fully refunding the loan, your insurer will deduct the amount from the benefits and only pay out the remainder.

There is also the option of buying a “convertible term” policy. This is for people who feel there might be changes in their future, and such a plan allows them to change from a term cover to a permanent one without much hassle. Learn more:https://www.crunchbase.com/organization/ushealth-group#/entity

 

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