Implications of Adopting Whole Life Insurance Coverage

Implications of Adopting Whole Life Insurance Coverage


Preparing for the unknown eventualities in life is not always an easy task. The road to financial stability is still riddled with various unforeseen complications. Life, at times, is filled with so many responsibilities and priorities that it sometimes becomes hard or overwhelming to find time actually to start or even decide where to begin. We are preparing you for the eventualities that can happen in this life. The Mateo Garcia Financial Group has over 200 business professionals and supports staff who are licensed in over 50 states. Over the years, we have insured over 100 000 households providing them with serene peace of mind as they go about their daily worldly activities.

Whether you are preparing for a milestone life event, such as retirement or the sale of a business, or only looking for financial protection for the future, our Financial Services Representatives promise to offer you a new level of attention, insight, and guidance, our finance group provides you a transparent approach towards dealing with financial strategies that are focused around your needs and wants. We take time to understand your needs so that we can give you various options to serve you. Our firm engages you thoroughly so that we earn your trust and eventually provide you with the best possible solution. Since your financial situation is bound to change, we work with you over time to monitor your progress and help ensure you are on track to achieving your goals.

Life Insurance

Getting an insurer that can provide you the best cover against all the possible and unforeseen eventualities in life can be the sole foundation for building financial security. Life insurance is meant to ensure your loved ones with financial protection after you die, in exchange for the premiums you pay to your insurer during your lifetime. Some life insurance policies can provide you with financial security for the short term. In contrast, others accumulate cash value, offering a living benefit that can be used for supplemental retirement income, funding for a child's education, or cash for emergencies.

Terms of Life Insurance

Life insurance is generally low cost compared to permanent protection. Many of these products allow the policyholder to convert to permanent policies such as WHOLE Life Insurance. It is essential to understand oneself before settling on a plan as the cost of these premiums. Increase over time.

Whole Life Insurance

Whole-of-life insurance will pay a tax-free lump sum to your loved ones in the event of your death. This type of life insurance guarantees a pay-out because it covers you for life, so quotes are often pricier than term insurance premiums. Whole-of-life assurance is more expensive than term insurance because a claim is inevitable. You should, therefore, compare prices and make sure you can meet the cost and remember that you could be paying the premiums into your 70s and 80s. 

Who Needs It?

The whole-of-life cover does not suit everybody. You might, for example, have no need for life insurance in your 80s as you will probably have no mortgage or dependent children. 

However, some people like to provide an inheritance for their loved ones, if only to cover their funeral costs. Many people also choose to take out the whole of life insurance to meet a future inheritance tax bill. 

Benefits of Whole Life Insurance

The insurance cover is relatively safe as the amount accumulated during the whole life policy is not subject to stock market volatility. Regardless of how stock markets perform, your cash value grows at a fixed rate. Over time, your system builds cash value that is not subject to stock market declines. It is a welcome source of additional income that can help you fund other expenses.