Freedom Life Insurance is a USHealth Group subsidiary that offers a simple life insurance plan for people who want to protect their families. The USHealth Group has offered life insurance coverage to more than 15 million people to date.
Freedom Life might be the best option if you are looking for basic coverage with set benefit terms. The best part is that you can pair a policy with other benefits such as vision, dental, and health coverage provided by the USHealth Group.
Available plans
This freedom life insurance provider and USHealth Group have tried to keep it simple. They only provide a term life insurance policy with a single-term option. If you want another type of insurance, like universal, whole, or final expense cover, you must choose another provider with strong product offerings.
LifeProtector
This is a term life policy from the Freedom Life insurance provider. Since it’s a ten-year renewable insurance policy, you will have coverage for that period. If you die within ten years, your next of kin will get a death benefit. But after the ten-year term ends, your next of kin won’t get anything after you die.
Available riders
The majority of life insurance firms offer insurance endorsements or riders. Riders let you personalize or improve your coverage. Adding a rider to your life insurance policy has a lot of benefits. This includes getting additional coverage, accessing benefits early under specific conditions, and getting coverage for your spouse or kids.
Unfortunately, Freedom Life Insurance does not offer insurance for riders. You can’t personalize your policy beyond the basic coverage since a life insurance policy is a one-size-fits-all.
Customer service
USHealth Group and Freedom Life have limited online client resources. You can get automatic quotes via the website; the company does not have things like online chat and an insurance calculator.
To get in touch with support, call 1-866-722-8744 or email [email protected]. Note that its customer reps are limited as they are available Monday-Friday from 7 a.m. to 7 p.m. and on Saturdays from 8 a.m. to 1 p.m. ct.
Third-party ratings
For more than 100 years, AM Best has been the leading credit agency focused on the insurance sector. It provides a financial strength rating, its views on the firm’s finances, and its capability to meet contractual obligations.
USHealth Group and Freedom Life Insurance Provider have been rated excellent (A+) for financial strength.
Cancellation policy
Since Freedom Life provides term life insurance, it’s simple to cancel the plan. The term insurance plan is in effect, provided you pay the premiums during the term. If you don’t want the policy, you can stop paying the premiums.
Nevertheless, it’s important to contact the Freedom Life Insurance provider or the company if you want to end the policy.
Price
Since you can’t get online quotes, you need to call the Freedom Life Insurance provider to get a quote for the term coverage. According to the company, their premium payment alternatives range from 10 dollars to 59 dollars in 5-dollar increments.
Like every insurance company, Freedom Life will base your monthly premium on gender, location, and age. Even though Freedom Life’s application procedure isn’t online, you must choose female or male when getting the quote, like with other insurance companies. Even though being nonbinary does not disqualify you from getting life insurance, Note that many insurance firms have not updated their underwriting procedure to highlight gender issue awareness,
Competition
Freedom Life Insurance provides one life insurance policy. Even though the 10-year term policy might be adequate for some people, it might be insufficient for others. If you need a substantial policy with long-term universal or whole-life coverage, you are better off with another freedom life insurance provider.
Things that can affect your insurance premiums
- Age
- Gender( females are less expensive)
- Smoking increase premiums
- Poor health can raise premiums
- A lifestyle where risky activities will increase premiums
- Family medical records where chronic illness in relatives will increase premiums
- Driving records.
Benefits of life insurance
Tax-free payouts: life insurance death benefits will be paid as a lump sum and not subject to income tax since the rent is considered revenue for beneficiaries
Beneficiaries don’t need to worry about living costs. Many policy calculators recommend a multiplier of the gross income equal to 7-10 years that will cover major costs like college tuition and mortgages without the beneficiary having to secure loans.
Final costs can be covered. Funeral expenses can be significant and can be prevented with a burial policy or with standard term and permanent life policies.
The policy will supplement your retirement savings. Permanent life policies like universal, whole, and variable life insurance will offer cash value on top of the death benefits. This will increase your savings.
How to qualify for life insurance
To be eligible for life insurance coverage, you must apply. However, life insurance is accessible to everyone. The premium level or cost might vary depending on age, lifestyle, and health. Some types of life insurance do not require medical records but have a higher premium and entail an initial waiting period before the death benefits are available.
