There are at least 10 different ways for people to obtain life insurance policies. This simply means that there are a lot of different choices for consumers to get a policy. Each of these different policies can provide people with the coverage they need. The material below will highlight each policy type. Once clients discover this information they will be able to make a more informed choice about coverage.
Freedom Life Insurance is one company that offers a wide variety of policies. Most of the 10 different coverage types are available through this organization. Here are the 10 different types of coverage and what they mean. Term insurance is designed to pay out a death benefit within a specific period of time. Increasing and decreasing term simply means the death benefit will increase or decrease over a period of time. Permanent life insurance covers a person until they die, and they can receive cash value from the policy. Read more on Health Depot to know more.
Whole life insurance locks in premium rates that never change over time. Universal life insurance provides a death benefit and grows a person’s fund which are tax deferred. A variable policy provides a death benefit, cash value and the opportunity for people to invest. Variable universal life has the same thing as a variable policy and there is not a guaranteed minimum cash values.
Freedom Life Insurance also describes survivorship as policies designed for two people at the same time. This type of coverage is generally less expensive and less demanding in terms of the health requirements. Final expense plans are designed for seniors between the ages of 50 to 85. This is simply a plan that covers burial expenses. No medical exam policies do not require a medical exam and they are usually approved within a few days.
These are all the basic policy types. Each kind of life insurance plan is best suited for a person’s lifestyle and goals. Freedom Life Insurance is a company that will sit down with a client and help them to find the best life insurance policy for their circumstances.