Q. What kind of insurance does the Whole Life Plan provide?
A. This individual, non-group policy is whole life insurance that builds cash value.
Q. How much coverage does the plan provide?
A. You decide how much you want to spend on your monthly insurance premium. You can choose a $25,000, $50,000, $75,000, $100,000, $125,000 or $150,000 policy.
Q. Can Gerber Life cancel my coverage?
A. Once coverage begins and for as long as the premiums are paid, the company cannot cancel the insurance for any reason. Only you can cancel the coverage.
Q. What is cash value?
A. As the years go by, the policy accumulates cash value. This is money that is available if there is ever a need for ready cash. The amount of money depends on your age, how long you have had your insurance and the policy's benefit amount.
Q. Can I use the cash value if I need it?
A. Yes, you can turn in the policy and receive the cash value from Gerber Life.
Q. What is loan value?
A. As a policyholder, you can borrow money at an interest rate of 8% per year from the cash value you have accrued. This is a benefit you can use when you need some ready cash but don’t want to give up your insurance.
Q. Do I have to pay back the loan?
A. You don’t have to pay back the loan if you don’t want to. In that case, the amount you owe is simply deducted when the death benefit is paid or from the cash value when the policy is cashed in.
Q. What is paid-up insurance?
A. Paid-up insurance means that by using the cash value you’ve built up, you can stop paying premiums and still keep some of your coverage. The amount of paid-up insurance you are eligible for depends on how long you have had your insurance and your age when you stop paying premiums.
Q.How much will the premiums be?
A.The cost of your regular monthly premium is based on your age at the time of application and where you live. Select your state above to view the applicable rates. Rates quoted are based on applicant’s tobacco use and assumed good health. Other rates are available.
Q.Will my premiums increase as I get older?
A.No. Your monthly premium will remain the same as when you signed up for your insurance. The cost will never increase.
Q. Who can purchase the plan?
A. This policy is available to anyone age 18-60. No medical exam is required if you are 18-50 and in basic good health. If you are 51-60 and are applying for $100,000 or more of insurance, or require a medical exam for any other reason, Gerber Life will pay to have a specialty trained person meet with you.
Q. How do I apply for the Whole Life Plan?
A. Select your state above to access the rates and online application form and follow the instructions.
In the state of MD our Whole Life insurance plan is only available by phone at 1-800-704-2180.
This policy is not available in Canada.
