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How Long Should Someone Have Life Insurance?

life insurance companies | Freeman Insurance Solutions

New to the world of life insurance and not sure how to get started? You’re not the only one! Millions of American families struggle with figuring out how much life insurance they need. They also struggle to understand the difference between term life insurance and permanent life insurance. Today’s life insurance companies are making it easier for young families, professionals, and parents with young children to choose the best policy to meet their needs. Keep reading to learn more.

Term Life Insurance Benefits

Term life insurance is the most basic form of life insurance companies offer. These policies last for short periods of time, typically between 10 and 30 years. If a policyholder dies during the term of their policy, the beneficiaries get cash benefits. There are no long-term benefits for term policy insurance holders outside of the policy period.

In most cases, term life insurance is the least expensive option for people seeking to buy life insurance for the first time.

Life insurance companies will often have new policy applicants undergo an underwriting process before approving a life insurance policy application. In addition, some insurance companies require proof of pre-existing conditions and medical exams. However, by going with a company like Ethos, you can skip the medical exam and get insurance quickly. Contact us to learn more about Ethos life insurance.

Permanent Life Insurance Benefits

Whole Life Insurance, also called permanent life insurance, is more expensive and offers more benefits than basic term life policies. One of the major benefits of whole life insurance is that it can accumulate a cash value that policyholders can borrow against. Permanent life insurance policies can act like financial instruments that accumulate cash value and interest over your lifetime. In addition, benefits of whole life insurance policies include the option for pre-tax contributions and tax-deferred savings.

Best Life Insurance Companies in Your Area

Figuring out the best life insurance policy to buy for your financial goals doesn’t have to be complicated. Contact a life insurance expert at one of the best life insurance companies in your area. Freeman Insurance Solutions in Maryland can help you learn about the best life insurance options. In addition, we can help you make important decisions and choose the best insurance policy for you and your family.

Looking for a life insurance policy? Want one that doesn’t require medical exams or blood tests? Click here to get started online with just a few health questions.

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