Universal Life Insurance in Hershey, PA

What is universal life insurance Hershey?

Universal life insurance is an affordable and flexible life insurance plan that is a great fit for the residents of Hershey, PA. With a universal life insurance plan, policyholders pay a fixed premium each month and their coverage accumulates cash value over time. The policyholder can also choose to increase or decrease their coverage amounts as needed, making it a great choice for families in Hershey who have a wide variety of life insurance needs today and over time.

What are the main differences between universal life insurance quotes in Hershey and whole life insurance?

Universal life insurance policies offer the flexibility of aligning their insurance coverage and payments with the current financial needs and goals of the Hershey, PA policy holder. They generally also have higher potential for cash value buildup, due to the market-based component within the policy, making them a good fit for wealth-building. In contrast, whole life insurance offers lifelong coverage and a set payment schedule for the policyholder in Hershey, PA with guaranteed cash values, providing a layer of financial security and lowering the risk of default on the policy.

Can I get a universal life insurance policy Hershey if I have health issues?

Yes, at our Hershey, PA location, you can get a policy even if you have certain health issues. We pride ourselves on our ability to provide you with the necessary coverage you need so that you can have peace of mind knowing that you are protected in the case of any unforeseeable circumstance. Our agents are experienced in finding the most suitable policy that meets your individual needs and they are here to answer any questions you have regarding coverage, regardless of your medical profile. So, don't be afraid to contact us today to get started!

With universal life insurance near Hershey, are there any penalties for not paying premiums?

In Hershey, PA, premiums must be paid as scheduled in order to keep health insurance active and in good standing. If a premium is not paid on time, there may be penalties, including a fine for payment not received by the due date and/or possible cancellation of coverage. Payment extension requests are considered on a case-by-case basis and must be approved by the health care provider before any extension is granted. Additionally, any unpaid balance will continue to accrue interest during the length of the extension.

When I get a universal life insurance quote Hershey, how is the interest on the cash value determined?

Interest on the cash value of the Hershey, PA area’s policy depends on the type of policy and the current market. Generally speaking, interest is paid periodically, either at a fixed rate or one which fluctuates as the market changes. In some cases, the cash value is rebalanced periodically to accommodate changes in market conditions. Ultimately, the determination of interest paid on cash value is based on the policy type, current market conditions and ongoing management of the policy.

With Hershey universal life insurance companies, can I have multiple beneficiaries for my policy?

Absolutely! Many life insurance policies in Hershey, PA offer the option to have multiple beneficiaries for a single policy. This allows you to decide who receives the death benefit and how much they receive. It allows you to provide life insurance protection for more than one person at once, or easily divide the benefit between two or more individuals. Not only can it provide coverage for your family, but you can also discuss the option of directing funds to educational or charitable institutions, such as churches or universities for a meaningful legacy.

Are there any fees associated with taking a loan against universal life insurance policies near Hershey?

There can be fees associated with taking a loan depending on the lender. If you live in or near Hershey, PA, it would be best to speak with a local lending institution to discuss potential fees associated with taking a loan. Many institutions, banks, and credit unions have loan packages that can be tailored to your specific needs, which could reduce or eliminate any potential fees. Additionally, if the loan is available through a Hershey, PA financial association, they may provide low rates and limited or no fees as a benefit for being a member.

How is the surrender value calculated with my universal life insurance in Hershey?

The surrender value of a life insurance policy in Hershey, PA is calculated based on the insured's age, the death benefit policy amount, the length of the policy, the cash value, and the performance of the policy’s investments. The amount of the surrender value is typically substantially lower than the face value of the life insurance policy. When the insured reaches the age of retirement, the surrender value is derived from the premiums they have paid throughout the life of the policy, as well as the interest gained through the policy’s investments.

With the average Hershey universal life insurance policy, are there any transaction fees?

At Hershey, PA, there are no transaction fees associated with changing your investment options. If you're looking to switch your portfolio around, there are many investment selections available to fit your needs without worrying about any added costs. We strive to help you find the best plan from the many options available to help you maximize your investment potential. We also offer financial guidance for those who feel unsure about their decisions, as well as expert advice to help you make the best choices for your situation.

How can I adjust the terms of my policy through my Hershey universal life insurance company?

After you have received your policy in Hershey, PA, you are able to adjust the terms of the policy at anytime as long as it is within the permitted terms of the policy. To do this, you will need to contact your insurance provider and explain the changes that you want to make. Your insurer will provide you with a revised policy document reflecting the changes you have requested. It is important to ensure that any changes you request comply with the terms of the policy and do not expose you to additional risk.