![]() Living Benefits - The cash value growth of a permanent (whole) life insurance policy is tax-deferred, meaning you do not pay taxes on the growth of cash value, unless money is withdrawn. Your policy can help provide security for your business as well, by enabling partners to buy out the interests of a deceased partner and prevent a forced liquidation. Life Insurance Death Benefit - When you pass away, your life insurance provides income (tax-free) to your named beneficiary or beneficiaries that can be used to pay funeral expenses, debt, tuition, estate taxes, or virtually any financial need. Not only can life insurance provide assurance for your family after you are gone, many life insurance options offer other benefits and investment opportunities you can take advantage of while you are living. Having the right life insurance is essential to planning for your present and your future. We can assist in identifying the best protection for you. ![]() What type of life insurance is best for you? Talk with the team at Freedom Insurance. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage. Universal life is a form of permanent life insurance characterized by its flexible premiums, face amounts and unbundled pricing structure. Whole life insurance can be an investment opportunity, as many whole life insurance policies also build cash value over time. ![]() Whole life insurance is a form of permanent life insurance that remains in force for your entire lifetime, provided premiums are paid as specified in the policy. It’s generally less expensive than permanent (whole) life insurance, and is available in varying time periods with fixed premiums from a one year (annual renewable term) to 20-year (level term) period.įurthermore, term life insurance is sometimes convertible to permanent coverage, providing you with flexibility as your needs change. If you do not currently have life insurance, term can be a good place to start. Term life insurance provides protection for a specified period of time. There are several different types of life insurance products available – the most common include: You or your spouse recently received an inheritanceįreedom Insurance can help you select the best life insurance coverage for your needs.You have refinanced your home mortgage in the past six months.You are concerned about retirement income.You are planning for a child or grandchild’s education.Your child or grandchild requires assistance or long-term care.You are providing care or financial assistance to a parent.Your health or your spouse’s health has deteriorated.Some life transformations that may require a policy “tune-up” include: As your life changes, your life insurance coverage may need to change in order to adapt to your current needs. So Should Your Policyįor each of our neighbors in Minnesota, the right life insurance will be unique and dependent on personal and financial needs. Freedom Insurance can help you find the right Minnesota life insurance coverage for you, and help ensure that your policy continually meets your needs. Life insurance can help you fulfill promises you’ve made your family when you are gone.ĭon’t leave the future of you and your loved ones to chance. ![]() Having the right life insurance is pivotal in planning for the future of you and your loved ones.
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