Family Plan Whole Life Insurance Questions

Whole life insurance provides permanent life insurance coverage for your entire life (as long as you pay your monthly premiums of course). Whole life policies also build cash value over time. By comparison, term life insurance offers protection for only a specified period of time (generally 10, 20 or 30 years) and does not build cash value, but as a result the premiums are lower.

To apply for our whole life insurance you must be a U.S. citizen (or permanent legal resident) and between ages 18-80.

One of the key benefits of whole life insurance is having life insurance coverage for your lifetime. Also whole life insurance builds cash value over time, which can help provide extra financial security if needed. You can borrow against the cash value in your policy (8% interest rate applies and outstanding loans will reduce your cash value and death benefit) or if you were to terminate your policy, you would receive the accumulated cash value.

After the initial policy years, each time that you pay your premium, the insurance company sets aside a small amount, which builds up over time as the 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 can turn in the policy later on and receive the available cash value.

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

The Gerber Life Family Plan whole life insurance offers coverage from $50,000 to $1,000,000. Choose a coverage amount that works best for you. Find out how affordable your premium can be with a free quote.

The premium (or cost) you pay for whole life insurance depends on a number of factors: how much coverage you get, your age, gender, and health, for example. Click here to obtain your quote.

No, the amount you pay when your coverage starts is the same amount that you‘ll pay throughout the life of your Family Plan Whole Life Policy. The sooner you apply, the lower your lifetime premium rate, since premiums are based on your age when your policy starts.

As long as premiums are paid, you can borrow against the available cash value that has built up in your Family Plan Whole Life Policy.

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

That’s your choice. You could pay back the borrowed money plus accrued interest, to make your policy whole. Or, if you chose not to pay it back, then the money borrowed plus accrued interest will be deducted when the policy's death benefit is paid or the policy is cashed in.

A medical exam is not necessary in most cases. Coverage is dependent on answers to health questions. A physical may be necessary for applicants who are age 55 and older and apply for more than $100,000 of coverage.

No. Once coverage begins and for as long as premiums are paid, Gerber Life cannot cancel your Whole Life insurance policy. You are the only person who could cancel the coverage.