Whole Life Insurance Policies and Plans
Gallen Insurance is an independent insurance agency that has been serving the greater Reading, PA, area for more than six decades. We specialize in creating custom plans for individuals and businesses, no matter what their size. We work with you to determine your needs and find a package tailored to those unique requirements. Our unmatched knowledge and expertise in the field help our customers feel confident they receive the best possible coverage.
Our team works with you to examine coverage and costs from multiple providers. Offering unique insights on your situation, we steer you toward the plan that will put you in the optimal position moving forward. That includes examining all the options when it comes to life insurance.
Whole Life Insurance is one type of Permanent Life Insurance
Whole Life is the most basic type of permanent insurance, providing level premiums and a guaranteed death benefit, both of which are guaranteed for life.
Due to the lifelong guarantees, Whole Life policies tend to cost more than Term Life Insurance policies.
Cash values for a Whole Life policy are stated at the beginning of the policy and grow tax-deferred.
Understand that Cash Values may take several years before they will become available. Once the policy has built up its Cash Value, you have the ability to take out a policy loan during a financial emergency.
How Does Whole Life Insurance Work?
Whole Life Insurance provides permanent policy coverage that remains in effect as long as you pay the premiums. Your coverage will include an agreed-upon death benefit to go to your beneficiary when you pass. Premiums take into account your health, age and gender as well as your coverage amount.
For the life of the policy, your premiums will remain the same, no matter the changes in your health or as you age. Since your whole lifetime is considered when creating the policy, premiums are generally higher than for a Term Life Insurance policy.
Why Whole Life Insurance Is the Best Option
As we work to determine the best life insurance plan for your circumstances, we often discuss the advantages and disadvantages of different policies. Whole Life Insurance is one of several life insurance options, and while it may not be right for everyone, it does offer many unique benefits. The pros of Whole Life Insurance include:
- Offers practical assistance for managing your estate.
- Provides lifelong financial support for a dependent who will need care after you’re gone.
- Gives you another savings option if you have maxed out your other tax-deferred savings accounts.
Whole Life Insurance does have some cons as well. It has high premiums, significantly bigger than Term Life Insurance, and so you may not benefit from it if you won’t take advantage of all the possible uses. Plus, the growth rate can be lower than your other investments, depending on the interest rate and fees that are applied to the premium.
Request a Quote for Whole Life Insurance in Reading, PA, 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. We draw on our vast knowledge and expertise within the industry to create custom Whole Life Insurance and other plans for businesses and individuals. Our insurance packages include:
We treat every customer who walks through our door as an individual with unique needs and interests, as you deserve. We are proudly located in Shillington, where we serve the greater Reading, PA, area as well as Berks, Montgomery and Chester County. As a local business, we take pride in making connections with our neighbors and care deeply about your well-being.
Contact us today to request a no-obligation quote. You can get in touch online or call us at 610-777-4123.
