Permanent Life Insurance Policies

Gallen Insurance is an independent insurance agency operating in the greater Reading, PA, area. We have been in business for more than 62 years, helping the residents of Berks, Chester, Bucks and Montgomery counties with their unique insurance needs. We create custom insurance plans that take into account your current and future goals. Our team can develop packages for individuals and small businesses alike.

We work with multiple carriers to find the policy that delivers the most significant benefit. We compare costs and coverage to determine what approach will work for you. Our team can talk to you about different types of policies and the advantages of each as we search for the right match.

Permanent Life Insurance combines a death benefit with a cash value, which grows tax deferred.

It may be of greater benefit to purchase a Permanent Life Insurance policy versus a Term Life Insurance policy if you understand the long-term commitment of Permanent Insurance, have a higher net worth or need insurance for estate planning purposes, and don’t want to risk outliving your term insurance.

How Does Permanent Life Insurance Work?

Permanent Life Insurance is an investment you make over time. As the policy matures, its cash value grows, and you can use that value to cover your policy payments or take out a loan if you find yourself in a challenging financial situation. The policy’s greater flexibility often means that Permanent Life Insurance carries higher premiums than Term Life Insurance.

We examine your unique situation and recommend insurance policies based on your needs. If you have the resources to pay for Permanent Life Insurance, want lifetime coverage, and are searching for the best way to protect your loved ones financially, Permanent Life Insurance may be the best choice.

Types of Permanent Life Insurance

There are two different types of Permanent Life Insurance:

Whole Life Insurance: 

Whole Life Insurance offers level premiums and pays out a death benefit. Both are guaranteed for life, and so this type of policy costs a bit more than Term Life Insurance. Each Whole Life policy has a cash value, which is stated at the start of the policy and becomes available after a few years. The worth grows tax-deferred. You can take out a loan against your cash value if you have an emergency.

Universal Life Insurance: 

Universal Life Insurance provides greater flexibility. When you make a premium payment, part of that is credited to the cash value, with your payments accruing interest at the current interest rate. You can adjust the timing of your premium payments as your cash value grows, offering you more versatility. The policy stays in force provided you have enough cash value to deduct your premiums from. You can take tax-free loans and withdrawals from the policy’s cash value, too.

Get a Quote on Permanent Life Insurance today!

Gallen Insurance provides Permanent Life Insurance solutions, both Whole and Universal Life, to residents of Berks County, the Greater Reading Area, and throughout Pennsylvania. Our team possesses the knowledge and the expertise to create Life Insurance policies that meet your unique needs, and we can also assist you with other custom insurance packages, such as: