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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!

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.

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.

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. 

5 Benefits of Life Insurance

Today, many people appreciate the need to have a life insurance policy. With life uncertainties increasing by the day, every family needs a sound financial plan. While no one wants to think about death, for the sake of your loved ones, you ought to. Think about the financial position you will leave your loved ones if death came knocking now.

At Golden Way Insurance Services of Garden Grove, CA, we understand that life insurance is essential. In light of this, we have broken down the benefits you accrue when you invest in life insurance.

Peace of mind

No one knows the time of death, but one thing for sure is that death will happen eventually. Yes, money cannot replace a person, but it gives protection when such uncertainties occur. With life insurance, the thought of who will take care of your family when you die becomes a thing of the past. 

Protection of your loved ones

Life insurance is an essential asset as an heir to your dependents. It will set them to a solid financial future and provide any monetary assistance as the need come. Life insurance replaces your income when you die, helping your loved ones meet their financial obligations.

Pay your debts, including final expenses

Life insurance pays for your mortgage, credit card, car loan, and other debts if you die. This way, you don’t have to burden your cosigners and loved ones with unpaid loan liabilities. Besides, life insurance pays for funeral costs, which could cost thousands of dollars. 

Protects your business

Most people have no idea that life insurance can protect their business in the event they die. Life insurance cushions your business partners and employees by providing finances to keep the business running in your absence.

Support your retirement plan

Everybody desires to have a good retirement. Thankfully, life insurance can help you build up a cash value that can become a source of income when you retire. 

Life insurance in California

If you had underestimated the importance of life insurance, think about your loved ones, business, and debts. If you are in Garden Grove, CA, please talk to Golden Way Insurance Service today. We will help you secure your financial interests. 

Tips that Garden Grove CA residents need to know before buying life insurance.

If you are a Garden Grove, CA resident, it’s pivotal to consider your needs and comprehend the different types of life insurance policies available. Regrettably, many residents spend a colossal amount of money on life insurance policies, knowing very little about what they entail and their benefits. Contact us at Golden Way Insurance Services located in Garden Grove, CA. Our charismatic agents will guide you to make informed decisions to understand both benefits and risks involved with a life insurance policy.

Purchasing a life insurance policy is a crucial decision for you and your family. Acquiring the right life insurance policy in Garden Grove, CA is determined by factors such as:

  • Marital status.
  • Future education needs.
  • Several dependents.
  • Current assets.
  • Debt obligations.
  • Anticipated family income.

The ultimate decision you can make as a Garden Grove, CA resident is to ensure that you have adequately insured and made sure that you have budgeted for unexpected uncertainties in life. Acquiring a salient life insurance policy at Golden Way Insurance Services will ensure that your family and loved ones are not left in financial turmoil upon your untimely demise.

Tips to consider before buying a life insurance policy in California

Assess and evaluate your insurance needs.

It’s vital to establish your contributions to the family income and dependents depending on you financially. Find out if there is anything that your family can rely on to meet expenses after your unexpected demise.

Compare insurance policies

Conduct a comparison between the two basic types of insurance policies, namely:

  • Whole life insurance policy.
  • Term life insurance policy.

Your ultimate choice of a life insurance policy depends on your prevailing needs, both immediate and future.

Choose affordable coverage.

Before purchasing a life insurance policy, it’s prudent to conduct an insurance policy check to ascertain if you can pay premiums promptly for the entire policy term. Establish how much it will cost you in terms of annual premiums.

Evaluate the future of insurance policy.

With the aid of your insurance agent, understand the finer details of your policy. Establish the inclusions and exclusions events as this is critical to you and your dependents when the moment of truth strikes.

Evaluate the claim settlement history of your insurer.

Assess the claims’ payment ratio of your insurance company. This establishment will assist you in knowing if your insurance company will pay the death benefits as promised.

Contact us or visit our offices at Golden Way Insurance Services offices in Garden Grove, CA for detailed information about a life insurance policy.

Should I Purchase Life Insurance for My Child?

Many consider life insurance an investment in the future, and it is. It’s there to take care of loved ones when you pass. While adults with dependents need to have life insurance, many people wonder if it’s worth buying life insurance for your child.

Purchasing life insurance is not necessary for your child. The purpose of life insurance is to fill in the gap left by the loss of your salary. Children are not earners, and therefore there is no financial risk at stake should a child pass. However, many people still opt to purchase life insurance for their children. Here’s why.

Reasons to Buy Life Insurance for Your Child

Life insurance can be used as a financial tool. For example, securing a life insurance policy for your child will help pay for college when the time comes. It will also cover burial expenses in the event of the child’s passing. Otherwise, this would have to come out of your own pocket. Your child will probably want to purchase life insurance as an adult in Garden Grove, CA. When you purchase a policy while they’re still children, however, you lock in affordable premiums. 

Life insurance for children can be bought using a reputable insurance agent and is as simple as buying a policy for an adult. Your first step is to decide how much you want to insure your child for. A friendly agent can help you with this. Think about what it would cost to cover a funeral or college tuition for four years, and that will give you an estimate to work with. 

Overall, life insurance, although not necessary, is a good investment for your child’s future. A life insurance policy grows with your child and can be used to cover future costs such as college, a wedding, grad school, and more.

To learn more about purchasing a life insurance policy for your child in Garden Grove, CA, contact the Golden Way Insurance Services team serving California. Our reputable agents will answer all your questions and concerns about life insurance and help you purchase a new policy or upgrade an existing one. Golden Way Insurance Services can be reached by phone or online today. 

Three types of life insurance to consider

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. 

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