Term Life Insurance
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Term Life Insurance
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Term Life Insurance Questions & Answers
- What is term life insurance?
Term life insurance is one of the most popular types of insurance because it provides protection – and peace of mind – for a specified period of time, also known as a “term.” The rates for term life insurance can be more affordable than many other types of insurance. Gerber Life Term Life Insurance is available for 10, 15, 20 and 30 year terms.
- Is a medical exam required?
No medical exam is necessary, in most cases. Coverage is dependent on answers to health questions. A physical may be necessary for cause and for applicants ages 51 or older or who apply for more than $300,000 of coverage. In almost all other circumstances, Gerber Life’s customers will not need a medical exam.
- Will my term life insurance payments go up each year?
Absolutely not. With Gerber Life, the amount you agree to pay when your coverage starts is the same amount that you’ll pay throughout the duration of your term life insurance policy.
- What happens at the end of the term?
At the end of the term, there are two options: You can either choose to end the policy agreement or, if you decide your family is still in need of coverage, you can renew your policy agreement at the premium rate for your age at that time – with no physical exam. This is a large benefit for those whose health may have deteriorated during the policy term.
- Why do people choose term life insurance?
One of the most typical reasons is that term life insurance is often one of the most affordable ways to protect a family from the unexpected death of a parent (the “insured”). Family left behind as “beneficiaries” would have money available to pay bills, final expenses or to plan for future expenses, such as a child’s education.
- Is Gerber Life a reliable company?
The financial stability of a company is a critical consideration when choosing insurance providers. You want to know that the company you choose will be there when you need the benefits of the policy. Gerber Life has a long history of being there when our customers need us most. We have an “A” (Excellent) rating, from A.M.Best, an impartial reporting firm that rates insurance companies.