Gerczak Insurance Agency, Inc.
"Your Personal Insurance Broker"
Gerczak Insurance Agency, Inc. | 901 A Regester Parkway Richmond VA 23226 US | +1.8774372925
"Buying" Life Insurance
Permanent Life Insurance is an umbrella term for life insurance plans that do not expire and combine a death benefit with a savings portion. The two main types of permanent life insurance are whole and universal life insurance policies, but there are even different types and options within those two types.
*Much like buying a home, it's yours as long as the mortgage [premium] is paid and builds equity [cash value] along the way. Also, there are many types of mortgage options to pay for the home [policy] - cash down, equity from another property, varying rates, and payment options [whole, GUL, VUL, IUL, etc].
A life insurance contract with level premiums that has both an insurance and an investment component. The insurance component pays a stated amount upon death of the insured. The investment component accumulates a cash value that the policyholder can withdraw or borrow against.
A type of flexible permanent life insurance offering the low-cost protection of term life insurance as well as a savings element (like whole life insurance) which is invested to provide a cash value buildup. The death benefit, savings element and premiums can be reviewed and altered as a policyholder's circumstances change. In addition, unlike whole life insurance, universal life insurance allows the policyholder to use the interest from his or her accumulated savings to help pay premiums.