Freedom Life Insurance Review: Is It Any Good?

Freedom Life Insurance Ratings at a Glance

As the Freedom Life Insurance review reveals, it is one of the oldest in the business, going back to 1956. It is currently a subsidiary of USHealth Group. While it has a good financial strength rating, it only offers a single option in life insurance: a 10-year term life policy.

• Its email id is info@ushealthgroup.com. 
• You can get in touch at 800-387-9027.  
• Its headquarters are in Fort Worth, Texas. Here’s the full address below: 
• 300 Burnett Street, Suite 200
• Fort Worth, TX 76102-2734. 

Versatile options and customized policies are the strength of any insurance company. But Freedom does not offer any of that. Rather, it sticks to one type of life insurance only — a 10-year term life policy. 

You can renew the policy after every 10 years. Here are the features of a term life policy:  

Term Life Insurance

• Fixed rate of payment for a pre-decided period of time 
• Choice of coverage amount decides the monthly payment 
• Cheaper than whole life policies 

Other companies have more options. Let’s take a look at them below. 

Other Types of Life Insurance on the Market 

Whole Life Insurance

This policy remains in place for the entirety of the policyholder’s life. It is also called burial or final expense life insurance. 

• The premiums are higher than term life. 
• With the benefit of cash accumulation features, you can withdraw or borrow. 
• You are insured for the entire period of your life till your death. 
• It has a fixed coverage amount. 

Whole Life Variable Universal Life (VUL) 

For someone who desires the commitment of whole life policies but is unsure of the future, this deal is perfect. 

• With a VUL, you can adjust your premiums to a certain extent. 
• You can have a cash value amount that is tied to market interest rates. It will enable you to grow your money on top of the coverage amount. 
• The growth of your cash value is not guaranteed and depends entirely on market interest rates. 
• The premiums are likely to increase over time from factors like market rates, inflation and rising costs.
• The rising premiums may be subtracted from your cash value or increase your monthly payments as a result. 

Endowment Plans 

For someone who wants to save as well as have a protection plan in place for their loved ones, an endowment plan could be the right choice. 

• You get a coverage amount as well as the benefit of receiving a lump sum amount at the time of maturity of the policy. 
• In case of death, the nominee will receive the payment. 

Credit 

Credit life insurance offers the chance to pay off the policyholder’s debts when they die. There are many companies that offer credit life insurance.

Joint 

These typically cover a couple or a pair of policyholders. 

• The first-to-die feature enables the surviving partner to receive the coverage amount. 
• The second-to-die means that dependents will receive the coverage amount. It may also be used to cover other taxes and expenses of the policyholders. 
• You can find many specific companies that are great at providing married couple policies.

Insurance rates vary little since there is only one policy that the company offers. Although you would need to head to the website to get all the exact quotes, the company has released that its premium payments range from $10 to $50. It also reports that the incremental increase in premiums is around $5. 

Factors to Consider

There are some things to consider before you dive into the insurance market. It’s important to weigh all the factors to make sure that your loved ones are truly protected once you have passed on. Phrases like index value and cash value accumulation can scare anyone. Let’s try to break the process down into simpler parts. 

Financial status 

If you don’t have a good financial situation, chances are slim that you’ll be able to pay for the premiums for a policy. Take a look at these pointers to assess where you stand: 

• Your salary 
• Your kids’ college tuition funds 
• Debts 
• Your partner’s salary 

Once you have done this and are sure you can afford life insurance, you can move on to the next step. 

Coverage 

Experts suggest that most people tend to underestimate how much death benefit is actually required by the time they die. Here’s what to consider when looking at coverage: 

• Mortgages 
• Debt 
• College tuition for children 
• Funeral expenses 
• Estate taxes, if any 
• New car or vehicle buying expenses 
• Business expenses  

A general rule of thumb is to apply for a coverage amount that is worth 10 times your annual salary. If you’re still unsure, it’s best to talk to a financial planner. 

Type of Policy 

Here are questions to ask yourself when you choose a policy. 

• Do you work at a risky job without risk or death compensation? 
• Are you in a bad state of health? 
• Are you a smoker? 
• Do you currently want to try a short-term policy? 
• Do you want to only have insurance until a life milestone, like until the mortgage is paid off? 

If the answer to the above questions is yes, a term life policy is the best fit for you. 

• Do you want to have your whole life insured at once? 
• Do you want to have cash value accumulation and saving options along with insurance? 

 If the answer is affirmative, pick whole life insurance. You can go with universal or variable universal companies that might grow your cash value amount further. 

How Much Does Life Insurance Usually Cost?

Life Insurance doesn’t come cheap. However, there are multiple types and companies out there to give you the best deal possible. Forbes has reported the following average costs based on factors like age and gender. You may also be able to claim life insurance as a business expense.

10-year Term Annual Cost 

Why You Should Trust Benzinga

Benzinga has been around for more than a decade providing valuable financial news and advice to its 25 million readers across the globe. You can trust Benzinga for its thorough fact-checking, research and business acumen. Customer reviews and ratings are also thoroughly scoured to give you the very best picture of Freedom Life. 

Conclusion

If you are looking for a short-term policy, Freedom Life may work for you. However, do pay heed to the customer reviews suggesting poor customer service and rising premiums. 

Frequently Asked Questions