Universal Life Insurance

Gallen Insurance has been assisting individuals and businesses in the Reading, PA, area for more than 62 years. We are an independent insurance agency that creates custom plans focused on your unique needs. We are a dependable, local company with deep roots in the community. Our team wants to see your business succeed and your family thrive. We care about you, and we will dedicate our resources to finding policies that offer you the greatest benefit.

We compare coverage options and costs to find the plans that deliver everything you desire. When you work with us, you receive our unmatched insights into the insurance industry. We partner with many top providers to get you the best plan for the optimal cost. We love seeing our customers’ families and companies grow, and we offer the flexibility to change your policies as your needs change. One of our most popular offerings is life insurance.

Universal Life Insurance is a type of Permanent Life Insurance, similar to a Whole Life Insurance policy.

A Universal Life policy offers flexibility in both the death benefit and premium amounts.

The key to UL or Universal Life Insurance policy’s flexibility is the cash value.

Each time you make a premium payment a portion of that premium goes into the Cash Value and earns interest according to the current interest rate, which has a guaranteed minimum interest rate.

As the cash value accumulates you have the flexibility to alter the timing of premium payments.

As long as the policy remains with sufficient cash value to deduct premiums from, the policy can remain inforce.

Partial withdraws and tax-free loans are available for your use from your Universal Life’s cash value as well.

How Does Universal Life Insurance Work?

Universal Life Insurance requires a monthly fee that goes toward two things, paying your premium and paying for savings and investment. You enjoy the flexibility of determining the premium you pay, though your insurance provider will set the cost, encompassing your death benefit and administrative fees.

What you pay in above this goes to your cash value, which will grow based on the interest rate the insurance company sets. Most younger people elect for the maximum premium that the IRS determines, allowing them to build greater cash value later, which they can also use to pay their premiums.

Why Universal Life Insurance Is the Best Option

Universal Life Insurance has many advantages. It is best suited to those who want additional investment opportunities and desire lower premiums with permanent coverage. You take a gamble on whether the insurer’s portfolio performs well, and you can’t influence the outcome there. But Universal Life Insurance has a high potential upside that is difficult to argue against, as long as you have the means to maintain the premium.

The minimum is guaranteed for Universal Life Insurance and can increase as time goes on, though the rest depends on the market. So if you don’t feel comfortable leaving your beneficiaries’ payout up to chance, you may want to consider another policy. Plus, if you require coverage only for a short time, Universal Life Insurance may not be the best choice.

Contact Us Today for a Quote on Universal Life Insurance

Gallen Insurance provides Permanent Life Insurance solutions, both Whole and Universal Life. 

We work closely with our customers to determine the right life insurance plan for their needs, whether they represent a business or require individual coverage. We have the expertise and knowledge to create other insurance plans, too, including:

• Health
• Auto
• Business
• Homeowners

We have Universal Life Insurance policies that will benefit you and we look forward to talking with you about your needs. 

Contact us today to request a no-obligation quote or give us a call at 610-777-4123 to connect.