Term life insurance is a type of life insurance that provides coverage for a specific period of time, known as a ”term.” This type of policy is popular because it can cost less than other types of life insurance and lets you choose the coverage period. Gerber Life offers term life policies for 10-, 20- and 30-year terms. Choose the term that works best for you and your family.

If you outlive your term life policy, at the end of the term, you have two options: let the policy end or renew it. A policy can be renewed annually at the premium rate for your age at the time of renewal, without a physical exam.

If you don’t think you need life insurance coverage, i.e. you’ve paid off your home mortgage or you’re no longer responsible for dependents – you can let the policy end. Or if you still need life insurance coverage, you can apply for a new policy and get the coverage amount that’s right for your current needs.

With the Gerber Life Term Life Plan, your premiums will never increase. The amount you agree to pay when coverage begins is the same amount you'll pay throughout the duration of your policy as long as premiums are paid.

Term life insurance typically provides more financial coverage at a lower cost than whole life insurance policies. However, coverage ends at the end of the term (terms are 10, 20 or 30 years) and Term policies do not build cash value. If you have young children and are looking for the most coverage until your children are grown, Term Life may be a good choice.

Whole Life insurance, on the other hand, provides lifelong coverage, the policy never expires (as long as premiums are paid), but as a result, the cost is higher so you may not be able to afford as much coverage as you would with Term insurance. Whole Life builds cash value that you can borrow against* or collect if you terminate the policy (you will not be able to borrow against a term life policy and your family will not receive any benefits if you live past the coverage term). So your choice depends on your needs.

*Policy loan interest rate is 8%. Loans may impact cash value and death benefit.