The Freedom Life Insurance Company offers life insurance programs that are tailored to meet the needs of their clients. Each situation is different and careful planning can mean the difference between disappointment and the proper allocation of assets in the event of the death of an insured. Visit:https://www.ehealthinsurance.com/ehealthinsurance/benefits/ifp/IHC-MultiState/IHC-MultiState-FreedomChoice-BR-0811.pdf
There are essentially two forms of life insurance from which to consider in planning the needs of a family or a business for life insurance. Term life insurance is temporary coverage, although it can last for periods of up to 30 years. This type of coverage is most applicable to young families who need lots of coverage for a small amount of premium cost. The Freedom Life Insurance Company offers both kinds of coverage.
Permanent life insurance never expires and has a level premium throughout the life of the policy. It also has a cash value that can be borrowed against or paid to the policy owner if the policy is surrendered any time that the insured is still living. It is also called whole life because it lasts for the “whole” of a person’s life.
In many cases the planning of a life insurance estate will involve both kinds of coverage because typically more life insurance coverage is needed when a family is younger and less is needed for older ages. A plan might include total coverage of a million dollars for a young family with 90 percent of the coverage being the term. When the term expires, that still leaves $100,000 for final expenses when the husband and wife get older.
Businesses buy life insurance too. They cover key employees, buy and sell agreements, and retirement needs that are appropriate in business settings. A key person policy would replace the value of a key employee who has special skills or knowledge valuable to the business. If such a person should die, then the business would receive remuneration for that value that would be lost.
In partnerships or corporate businesses, life insurance is the perfect solution if one of the partners dies. In a true partnership or a corporate buy-sell situation, life insurance can buy the deceased’s interest in the business with the life insurance money. In this way the family has the deceased’s share in cash and the business can continue.
The Freedom Life Insurance Company can help in any of these stages of planning for a family or for a business and their life insurance needs.