Buying life insurance is like buying peace of mind. But it may seem a little confusing. Is it term or permanent life insurance? Consider calling or visiting credible companies such as Freedom life Insurance for clarification.
When Term Life Insurance is Preferable
Do you want coverage for a specific period? Buy term insurance. Maybe your goal is to fund your child’s college education. You can buy a 20-year term insurance. You can also buy term insurance to pay off a debt in future. You may want to call a reputable insurance company such as Freedom Life Insurance for more advice.
You want a significant amount of coverage, but your budget is somewhat limited. What do you do? Consider term life insurance. If you happen to die in the course of the policy, the insurance company pays. Otherwise, protection stops when the covered period ends. You can renew your policy or buy a new cover.
“Convertible” Term Policies
Looking for a plan that allows some flexibility? Consider buying a convertible term policy. It allows you to switch to a permanent plan in future if you so wish. But you need to know that your premium will be higher if you change to a convertible policy.
When to Buy Permanent Life Insurance
If you want to enjoy peace of mind for the rest of your life, consider buying permanent life insurance. The beauty of permanent coverage is that your family or beneficiary receives death benefits whether you die tomorrow or after 100 years.
Permanent life insurance is also suitable if you wish to grow your savings on a tax-deferred basis. Here you make both savings and premium payments.And you can borrow a percentage of your savings without conventional collateral or a good credit score.
An insurer may let you use your savings to pay premiums in case of financial difficulties. Companies like Freedom Life Insurance offer different types of permanent life insurance. You will most likely pay higher premiums if you choose permanent instead of term life insurance.
Still feeling uncertain regarding what life policy to buy? Talk to a reliable company such as Freedom Life Insurance.