Investments in stocks, real estates and businesses are among the world’s most popular sources of income, now and in the future. However, partaking in the investments involve taking risks due to possible chances of incurring losses due to unexpected circumstances. But did you know that life insurance is one of most viable sources of income for you in the future? Although not very popular, life insurance is not only capital-intensive but also a secure investment option with zero risks of incurring losses.
Life insurance is tied to a specific time frame as specified by the policyholder. The time frame is determined by your need and amount of money. Freedom Life insurance, a leading provider of insurance products and services advice prospective life insurance clients on the following guidelines before settling down for an insurance policy;
Different Life insurance policy scenarios,;
Term insurance policy
Freedom life Insurance experienced team of personnel gives clients a step by step guide on determining the length of your insurance policy in relation to your need. One of the future obligations secured by a life insurance policy includes education for your children, loans and mortgages. Tie your life policy’s time frame to the actual time that your need will be actualized. For example, your mortgage’s total payoff period is approximated to be eighteen years, ensure that your life policy term lapses at the end of the eighteen years for it to service your mortgage.
Convertible term policies
A unique and distinct insurance product offered by Freedom life insurance. The product caters for dynamic needs of an individual that is likely to change. If any changes occur and the original need, other than that which was stated when initially purchasing the policy, the client can change to permanent life insurance policy without going through the hassles of medical check-ups.
Permanent insurance policy
Indemnification of your life is one of the most difficult theory to understand in life insurance. Your lifespan and time of death remain unknown to everyone, you included. As long as you are alive, constant premiums need to be paid for the policy and payment only happens if you die. However, if your specified time as stated in the policy document lapses before your death, no amount is paid lest you renew or extend your contract. Beneficiaries of this product are your family and next of kin. If taken as a security to bank loans, arrears are first sorted then the remaining amount is distributed to your beneficiaries.
Unlike the rates of term policies, the prices of a permanent insurance policy is slightly high due to the many benefits attached to the product.
Unlike in your tender age, where purchasing life insurance policy costs you lesser dollars, getting insurance in your old age will incur you higher rates of premiums payable. The same scenario of incremental premium amounts also applies with policies whose terms have lapsed upon renewal. In some cases, clients are subject to medical examination during each renewal to ascertain the new premium rate to apply. Unlike most cases, the premium rate is not subject to increase according to the medical result but can also drop relatively. Check for more:https://www.superpages.com/bp/fort-worth-tx/freedom-life-insurance-co-of-america-L0106853427.htm