Whole Life Insurance Questions

  • A whole life insurance policy provides permanent 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 policies build cash value; term life policies do not.

  • One of the key benefits of whole life insurance is the ability to secure 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 fit into your budget. Whole life insurance builds cash value, providing an extra financial safety net for the unexpected.

  • 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, you could borrow* against the available cash value to help cover lost income, rent or mortgage or education costs, or other expenses. Or, if the policy is surrendered in the future, you would receive the available cash value.

    *policy loan interest rate is 8%.

  • The Gerber Life Whole Life Plan offers coverage from $25,000 to $150,000 to fit various needs and budgets. Choose an amount that works best for you. Find out how affordable your premium can be with a free quote.

  • No, the amount you pay when your coverage starts is the same amount that you‘ll pay throughout the life of your policy, unless you decide to increase your coverage or the frequency of your payments. The sooner you apply, the lower your premium rate, since premiums are based on your age when you apply and your policy starts.

  • You could borrow against the available cash value that has built up in the policy, as long as all premiums are paid. Interest accrues on all policy loans*.

    *policy loan interest rate is 8%.

  • That’s your choice. You could pay back the borrowed money plus accrued interest. 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 when the policy is cashed in.

  • Our Waiver of Premium Rider is an extra safeguard you can purchase and add to your policy. It helps protect you and your family should you become totally disabled and unable to work. If your disability persists for at least six months and you’re under the age of 60, Gerber Life would pay your policy premiums and continue your whole life insurance coverage until you recover. Applicants for the Gerber Life Whole Life Plan who are 18 to 59 years old can buy this rider to add to the policy, at a separate premium cost.

  • No medical exam is necessary, in most cases. Coverage is dependent on answers to health questions. A physical may be necessary for cause or for applicants ages 51 and older who apply for more than $100,000 of coverage. In almost all other circumstances, Gerber Life's customers will not need a medical exam.

  • 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 has the option to cancel the coverage.