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 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 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!