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Golden Way Insurance Services, Inc.

10092 Chapman Ave # 2
Garden Grove, CA 92840

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Whole or Term Life Insurance: What Is Right For You?

Life insurance is one of those things that people often think about but don’t act on. It’s human nature to believe that you’re invincible, especially young. But anyone can unexpectedly die. So, having life insurance in Garden Grove, CA is so crucial. It gives peace of mind to know that your loved ones will be taken care of financially if something happens to you.

What Types of Life Insurance Are There?

There are two main types of life insurance- whole life and term life.

Whole Life

Whole life insurance is a type of permanent life insurance. That means that the policy will stay in force as long as you continue to pay your premiums. So, even if you live to be 100 years old, your family will still receive the death benefit payout.

Another advantage of whole life insurance is that it builds cash value. So, if you ever need to borrow money, you can do so by taking out a loan against your policy. The good thing is that you don’t have to pay interest on the loan- only the amount you borrowed.

Your Golden Way Insurance Services representative can give you more information about whole life insurance.

Term Life

Term life insurance is temporary life insurance. It only covers you for a set period- usually 10, 20, or 30 years. If you die during that time frame, your family will receive the death benefit payout. But if you’re still alive when the policy expires, there is no payout.

Term life insurance is often less expensive than whole life insurance. That’s because it’s only meant to cover you for a specific period. So, if you’re on a budget, term life insurance might be the better option for you.

So, which type of life insurance is right for you?

That depends on your needs and budget. Golden Way Insurance Services in Garden Grove, CA can help you determine which policy is best for you. Call us today!

Time to upgrade your home insurance policy?

If you have owned your Garden Grove, CA area home for a significant length of time, it may be time for an upgrade to your homeowner’s policy. Golden Way Insurance Services is here to help you find the insurance policy that best suits your needs. Give us a call today!

Is it time to upgrade your home insurance?

When it comes to our homes, it’s important to have the right insurance in place at all times. This can be something that often falls through the cracks, as we often just renew the same policy year after year. If you have owned your home for a long period of time, and it’s been a while since you’ve taken a close look at your insurance, there’s no time like the present!

It is very typical for home values to increase over time. This phenomenon means that your need for increased insurance protection will also be true. Another aspect to consider is any work that you have completed on your home. Ideally, if you update a kitchen or bathroom, or add an extension to your home, you will increase your insurance coverage as you complete the work. If this did not occur, it’s more important than ever to give your current policy a close look.

Protecting your home with the right insurance, at the right level, is an integral part of responsible homeownership, and we can help!

Give us a call today, we can help!

Golden Way Insurance Services is here to provide residents in the greater Garden Grove, CA area with the insurance they need. If you’ve neglected your home policy for too long, and it’s time to upgrade, give us a call today. We look forward to helping you with all of your insurance needs.

Mistakes To Avoid When Buying Auto Insurance

When it comes to auto insurance, there are a lot of mistakes that people make. And unfortunately, those mistakes can lead to higher premiums and even cancellation of coverage. To avoid making those mistakes, it’s essential to know what they are. We’ve put together this list of the four most common ones. Read on to learn more!

1. Getting the Lowest Price and Thinking That’s All You Need

These days it’s prevalent to see ads for auto insurance with low prices, but those low prices may not be so great. It would help if you looked at what those rates include. Often, the best rate isn’t as low as it appears because it doesn’t have all the features you need. It may not cover the kind of vehicle you have; it may not cover all the people on your policy, or it may not offer complete coverage.

2. Assuming Your Insurance Company Will Pay Any Damages After an Accident

Many auto insurance policies have exclusions for certain types of damage depending on the cause of that damage. For example, if another driver hits your car, your insurance company will pay for the damage. But if it is damaged in a flood or by hitting a pothole, they won’t cover it.

3. Not Knowing What Coverage You Have

If you haven’t read through your policy recently, you may not fully know what it does and does not cover. Every state has different laws about where the coverage starts and stops. You could be underinsured if you don’t know how much is included in your basic coverage or aren’t familiar with the exclusions.

4. Letting Your Insurance Lapse Before Renewing

It’s important to renew your insurance policy before it expires. If you let it lapse, you could be without coverage when you need it.

There are a lot of mistakes that people make when buying auto insurance, but it doesn’t have to be that way. Golden Way Insurance Services knows what’s essential, and we go the extra mile to ensure our customers are taken care of.

If you come here looking for insurance services in Garden Grove, CA, Golden Way Insurance Services is the company to call. We provide a wide range of services, including car insurance, home insurance, business insurance, etc.

 

5 Key moments to buy or update your life insurance needs

As your life changes, so should your policy.

In fact, many people don’t understand just how important life insurance is until it’s too late. Even existing policyholders typically fail to update their plans frequently. Life insurance requires more than a "set it and forget it" mentality. Just like financial strategy or estate planning, you should regularly review and revise a life insurance policy.

Fortunately, Golden Way Insurance Services can help. Serving Garden Grove, CA, the agency shares five life events that should prompt a re-evaluation of your life insurance needs.

Getting married

Marriage is a financial commitment. If someone passes, the bills and debt left behind may be overwhelming. Life insurance provides for the surviving partner, helping alleviate this burden.

Having a child

Having a baby changes everything. A life insurance policy that protects your child’s future may help you have a few less sleepless nights. Add more coverage with a child to cover expenses in case of an emergency.

Owning a home

You’ve likely worked hard to buy a house. If something happens to you, a spouse, or partner, life insurance can supplement the mortgage payments so that the house can remain with your family.

Starting a business

Small business owners and entrepreneurs perhaps value the most from having life insurance. Most importantly, these policies protect inventors, who could have concerns about the companies’ direction if you were to pass.

Approaching retirement

The sole purpose of life insurance is to replace wages earned by a deceased partner. In retirement, these needs are likely less because of pension and Social Security.

Call Golden Way Insurance Services today

Make sure your life insurance coverage matches your needs. Serving Garden Grove, CA, their experienced agents can ensure you and your family have proper life insurance coverage. Schedule an appointment today.

What does homeowners’ insurance cover?

The standard homeowner’s insurance policy usually covers six general areas. As with most insurance companies, there may be some variation in terms of the details of what’s covered. However, the standard areas of coverage usually fall into six categories. Generally, homeowners insurance is designed to repair or replace your home if damaged. This type of insurance is generally a requirement if you have a mortgage. This insurance also protects the insurance company’s investment as the financier of your home, before it’s paid for. 

What’s Covered

Homeowners insurance provides protection for your home in the event that it’s damaged by some natural disasters as well as vandalism, theft, and other situations. Typically, a homeowners policy provides coverage for damage that may result from fires, smoke, theft, vandalism, lightning, wind, and hail. However, not every natural disaster is covered under a standard homeowner’s policy. For example, flood insurance may need to be purchased separately if you live in an area prone to flooding. The typical homeowners’ insurance policy covers several different areas.

 Areas of Coverage

  • Dwelling-The exterior and interior structure of your home and your property
  • Personal Property-The belongings inside of your home
  • Other Structures-Sheds, detached garages, and other structures on your property
  • Liability-This coverage provides legal protection if a guest is hurt or injured while on your property 
  • Medical Payments- Coverage that provides payments for guests that are hurt or injured on your property.
  • If the personal possessions of a guest are damaged while on your property, homeowners insurance provides coverage for situations like this as well. 
  • Loss of Use-If you have to leave your home and live elsewhere while it’s being repaired/renovated, loss of use coverage will provide money for this additional expense.

Basic Levels of Coverage

Coverage levels usually fall under three categories. These categories include actual cash value, replacement cost, and extended replacement cost or value. Potential homeowners should also note that lenders will more than likely require a homeowner to carry homeowner’s insurance. This is their way of protecting their investment in your home before it’s paid for. Our team at Golden Way Insurance Services is committed to educating Garden Grove, CA customers about the ABCs of homeowners insurance. If you have questions about homeowners insurance, give us a call. 

Do You Have Teens? Here’s What You Need To Know About Auto Insurance

When it’s time for teens to start driving, it is very important for parents and guardians to understand their legal responsibilities concerning auto insurance. At Golden Way Insurance Services, serving Garden Grove, CA and surrounding areas, we want to help families transition their teens into driving safely. Keep reading to learn more. 

When Should I Add My Teen To My Insurance?

You will want to check with your local laws, but the safe rule of thumb is that teens should be added to an insurance policy when they first get their learner’s permit. You will want to talk with your particular insurance company to find out more details. 

Will My Rates Go Up When I Add A Teen?

Adding a new driver, whether they are a teenager or not, can in some cases raise your rates. This is because it is simply more expensive to insure multiple drivers. There are more risks involved. If you are concerned about how your rates may change when you add a teen driver, you can always call your insurance representative and discuss the specifics of your policy and get an estimate of how changes will affect your rate. 

Are There Discounts Available?

There can be discounts available for students who get good grades or for students who are willing to take defensive driving courses. You will want to talk with your insurance company to get more details. 

If you would like to learn more about our services, or if you are interested in adding a teen to your insurance policy, please contact us at Golden Way Insurance Services, serving Garden Grove, CA and surrounding areas. 

I am Single. Do I Need Life Insurance?

The mention of the word life insurance is likely to remind you of your children and spouse. But is life insurance all about married people? If you think that life insurance isn’t for single people, you need to change your tune.  Life insurance from Golden Way Insurance Services in Garden Grove, CA, benefits single persons more than one way.

Why do you need life insurance even if you are single?

Most people without a partner or children think that they don’t need a life insurance policy. No one relies on your income, so why waste your money by investing in a life insurance plan? Hold on. You shouldn’t write off life insurance just yet. It would help if you had life insurance even when single because of the following reasons:

Things are going to change

You may be unmarried now, but your situation could change in the future. Similarly, you might be having no children now, but you could adopt or bear children in the future. Given that you won’t be single forever, it makes sense to invest in life insurance today when you are young and healthy.

You have other family members

Being single doesn’t mean you don’t have a family. Do you have aging parents? Or perhaps a dependent sibling? You may not have children or a spouse, but you can put your other family members as beneficiaries in your life insurance plan.

To pay your funeral costs

Who is going to finance your final costs when you die? You might think that a small funeral ceremony will do, but that’s costly too. Instead of burdening your friends and family with funeral expenses, invest in life insurance.

To pay off your debts

Life insurance comes in handy by paying off your mortgage, car loan, and credit card when you pass away. This way, you don’t have to bother your cosigners with unpaid debts.

Invest in life insurance today!

Ready to get started with life insurance in Garden Grove, CA? Please get in touch with Golden Way Insurance Services Garden for an affordable quote.

When to review your home insurance policy

Like so many things in life, home insurance is not static. You can’t just buy it when you purchase your home and then never think about it again. Things change, your life changes, your risks change. Taking these into account when you are renewing your home insurance makes good sense. At Golden Way Insurance Services in Garden Grove, CA we understand that change is not a bad thing. We work with our customers to make sure their home insurance is as up-to-date as possible and meets their changing needs.

When your home insurance renewal time arrives, you will be sent a new copy of your policy. The front page of that policy is your declaration page. This gives you all the pertinent information about your policy. It tells you what types and amounts of coverage you have. This is where to begin your review. 

Do you have enough coverage on your home? Keep in mind this does not cover your land. Could you rebuild your home in your neighborhood for the amount of coverage you have?  Have you made improvements that are not included? It is important that you know the answer to that question.

Check the amount and type of content coverage you have. Do you understand the difference between real cash value and replacement cost? It is an important difference.

Does your liability coverage make sense with the amount of risk you have and your net worth?  Should you have an umbrella policy to supplement your liability coverage?

Do you have any endorsement? Do you need endorsements?  Are your jewelry and electronics adequately covered?  Is your dog covered? These are all things you should review when you get your policy. Are there discounts you’re entitled to? Have you installed safety equipment? 

Contact Golden Way Insurance Services in Garden Grove, CA for all your home insurance needs. 

What You Don’t Know About Your Auto Insurance Policy

Many people don’t understand their home insurance rate and struggle to grasp various information that they just have no way of knowing without help. As a result, we at Golden Way Insurance Services do what we can to help our Garden Grove, CA, residents feel comfortable in their homes.

What Reports Affect Your Insurance Rate 

Your agent uses a variety of credit reports to create your insurance rate for your vehicle. They also look at motor vehicle records and even past credit claims to get an idea of what kind of policy that they can set for your needs as a car owner. 

Which Tickets Affect Your Insurance Rates 

Have you ever been confused about what tickets cause you to get an insurance hike? Typically, this happens if the points added to your license reach a threshold set by the insurance company. At this point, they will increase your policy costs and keep it that way for some time. 

How Long Tickets Stay on Your Record 

Are you unsure of how long you’ll have to deal with tickets on your record? You aren’t alone. This problem is something that will stay on your record between 3-7 years. And these tickets can impact the quality of your insurance and cause other complications at the same time. 

When Your Car is a Total Loss 

While some crashes may seem minor, you might end up getting your vehicle totaled and struggling to understand why. This situation usually occurs if the value of the repairs exceeds what the insurance company is willing to pay. 

Learn More About Your Policy 

If you’re concerned about your car insurance policy and feel uncomfortable, please make sure to call us at Golden Way Insurance Services right away to learn more. Our team serves the Garden Grove, CA, area and can provide you with the help you need. 

Reasons Whole Life is Better Than Term Life Insurance

There are two types of life insurance policies available – whole life and term life. Each one differs in what it offers and how long coverage lasts, and understanding the differences helps Garden Grove, CA residents choose the best policy for them. If you struggle with determining between the two policies, keep reading to learn why whole life is the better option. Then, give Golden Way Insurance Services experts a call to discuss your life insurance options and determine which policy is best for your and your family’s needs. 

Is Whole Life Insurance Better Than Term Life Insurance? 

There are things to consider before purchasing a whole life insurance policy over a term life insurance policy. Term life insurance covers you for a certain period, and then coverage ends. Whole life insurance protects you your entire life and has cash value, where term life does not. 

Is Term Life Insurance Better Than Whole Life Insurance? 

Term life insurance provides a more affordable life insurance option. This policy is a good choice when wanting to protect your family should you pass early. Term life insurance policies are easy to get and can be set up quickly. These policies only last for a specific time, with the most popular policies being 15 and 20-year terms. 

So How Do I Choose Between Term Life Insurance and Whole Life Insurance? 

To choose between the two life insurance options, you must consider several things, including your age, overall health, and financial obligations left for your family to pay. Additionally, if you choose term life insurance first, you risk paying higher costs for whole life insurance when you are older. 

It is essential to speak with your insurance agent about life insurance coverage options available in Garden Grove, CA. The Golden Way Insurance Services experts can help provide the information you need to make the best life insurance purchase for your needs. 

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