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.