Whether you’ve been married for a while or have just gotten married, it’s never too early to start thinking about the future. Getting life insurance for yourself can help you rest easy, knowing that your spouse will be protected if something should happen to you. Likewise, getting life insurance for your spouse will provide you with enough money to get by if something should happen to your loved one.
Types of Policies
There are two primary types of life insurance policies to choose from for you and your spouse: term life and whole life insurance. A term life insurance policy provides coverage for a specific amount of time, such as 10 or 20 years. Whole life insurance can provide coverage until the covered person dies. Because of the extended period of coverage, whole life insurance is typically more expensive than term life insurance. Gerber Life offers both term life and whole life insurance to serve your family’s needs.
The Gerber Life Whole Life Plan1
The Whole Life Plan1 from Gerber Life lets you choose, if between the ages of 18 to 65, a coverage amount between $25,000 and $150,000. It also has guaranteed cash value that grows, should you or your loved ones need immediate cash in the future for any reason, as long as your premiums are paid. The policy can last a lifetime, and, your premium rate is locked in for your lifetime as well.
The Gerber Life Term Life Plan2
Our Term Life Plan2 provides a reliable way to protect your family’s financial future at a more moderate cost than for whole life insurance. Adults 18 to 70 years old can select a coverage amount to meet your family’s needs, ranging from $25,000 to $150,000. There’s a choice of 10, 15, 20 or 30 year terms. During that initial term, your premium will never increase, regardless of the ups and downs of the economy or stock market.
Choosing a Policy
After you have decided to purchase a term life or whole life insurance policy, you’ll need to decide on a coverage amount. Make sure that the amount you choose would be enough to cover the deceased spouse’s final expenses and help provide for the surviving spouse’s needs. If you purchase policies for both you and your spouse, the coverage amounts you choose may vary. For example, the Gerber Life Whole Life Plan1 offers you coverage amounts of $25,000, $50,000, $75,000, $100,000, $125,000 and $150,000. If your spouse is the primary breadwinner, you may want to consider purchasing a larger policy for him or her.
1Policy Form Series WLP-07
2Policy Form Series SLT-05