Whole Life Insurance

What is a whole life insurance policy?

It’s permanent life insurance. A whole life insurance policy provides coverage for your entire life as long as you pay your monthly premium – compared to term life insurance, which protects you for only a specified period of time. Whole life insurance policies build cash value over time; term life insurance policies do not build cash value.

Why do people choose whole life insurance?

One of the key benefits of whole life insurance is having life insurance coverage for your lifetime. You can lock in an affordable premium rate that will never increase for as long as you own the policy, making your payments predictable and easier to plan your budget. Whole life insurance builds cash value over time, providing an extra financial safety net for the unexpected.

What is “cash value?”

Each time that you pay your premium, Gerber Life sets aside a small amount, which builds up over time as the life insurance policy’s  cash value.

The longer you hold the policy, the more cash value the policy builds. If a need arises, and as long as premiums are paid, you could borrow against the available cash value* to help cover lost income, rent or mortgage payments, education costs, or other expenses. Or, you could simply leave it as it as a little “nest egg” for your children or grandchildren.

*policy loan interest rate is 8%.