A life insurance policy can give you and your family peace of mind about the future. At Golden Way Insurance Services, we can help you meet your life insurance needs with the right policy for your Garden Grove, CA family.
The following are three types of life insurance that you’ll want to consider before you select your life insurance policy.
Term life insurance
Term life insurance is generally the most affordable and straightforward life insurance out there. When you buy a life insurance policy, you will enjoy coverage of a specified death benefit amount for a certain amount of years. A term life policy could last five, ten, or more years.
Once the policy term is over, coverage ends. If the policyholder outlives the policy term, he or she gets nothing back from the policy. This means that term life insurance doesn’t accumulate cash value.
Although term life insurance doesn’t include a cash value, it provides inexpensive insurance coverage in comparison to other types of life insurance.
Whole life insurance
Unlike term life insurance, whole life insurance doesn’t have any term. A whole life insurance policy is designed to last for the rest of the policyholder’s life. With whole life insurance, the policyholder gets a death benefit and also accumulates savings through the investment component of the policy.
Universal life insurance
There are three types of universal life insurance: guaranteed, indexed, and variable. These policies involve a significant investment component. They are less expensive than whole life insurance policies, and this makes them attractive to some consumers.
You can learn more about these different types of life insurance with our help at Golden Way Insurance Services. We are a life insurance provider in Garden Grove, CA. Contact us for more information.
