Whole Life Insurance
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Whole Life Insurance
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Whole Life Insurance Questions & Answers
- What is a whole life insurance plan?
A whole life insurance plan offers protection to your family for the length of time you need it, at a rate that is affordable for you. Unlike term life insurance, there is no specific time period associated with the policy. With whole life insurance, you could own the policy for a few years or the rest of your life, as long as you pay the premiums. Another big difference between whole life and term life insurance is that whole life insurance builds “cash value.”
- What is “cash value?”
Cash value is money that is set aside by Gerber Life for your future. The longer you hold the whole life policy, the more cash value your policy builds. If a need arises, you can borrow against this money to help cover lost income, mortgage payments, education costs or other expenses, or you can simply leave it as a nest-egg for your children or grandchildren.
- What are the coverage amounts?
Gerber Life offers a wide range of coverage amounts starting at $25,000 and reaching as high as $1 million. Still not sure how much coverage you need? Call our friendly professionals to help determine the coverage that best suits you and your family.
- Will my whole life insurance payments go up each year?
Absolutely not. With Gerber Life, 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 starting premium rate, since premiums are based on your age when you apply.
- 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, our customers will not need a medical exam.
- Why do people choose whole life insurance?
There are two key reasons that people choose the protection of a whole life insurance plan. One is the ability to hold the policy for as long as desired (as long as you pay the premiums) and the other is the “cash value” that the policy builds.
- Can Gerber Life cancel my policy?
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 one who has the option to cancel the coverage.
- Can I borrow from the cash value of my whole life insurance policy?
Yes. You can borrow money from the cash value that has built up in the policy, as long as all premiums are paid. Interest will accrue on all policy loans.1
- Do I have to pay back money that I borrow from the policy?
That's your choice. You can pay back the money plus accrued interest or, if you choose to not pay back the money borrowed, it will simply be deducted when the policy's death benefit is paid, or else deducted from the cash value when the policy is cashed in.
- What is the “Optional Waiver of Premium Rider?”
As an option, you can purchase a Waiver of Premium Rider. It's an extra safeguard for you. For example, if you should become totally disabled and that disability continues for at least six months, this rider would offer you additional protection on your policy. Gerber Life would pay your policy premiums and would continue your whole life insurance coverage until you recover.2
1Policy loan interest rate is 8%.
2If the insured's disability occurs after age 60, Gerber Life will continue to waive premiums up to age 65.