What Is Guaranteed Life Insurance and Is It Right for You?
What Is Guaranteed Life Insurance?
Guaranteed life insurance, also known as guaranteed-acceptance insurance, is generally for those over age 50. However, plans like the Gerber Life Guaranteed Life Plan are much more than that; they’re a way to bring you peace of mind. The unexpected can happen at any age, no matter how steadfast we are about staying healthy and keeping up with our doctors. Your plan can be used by your beneficiaries to help cover final expenses like medical bills, burial costs and unpaid debts—a practical solution to help your loved ones manage a difficult period of time.
According to the National Funeral Directors Association, the average funeral costs in 2023 are over $8,000.1 In the event of a sudden passing, these costs can be a significant weight to deal with if there isn’t a plan in place. With a guaranteed life insurance plan, you’ll be helping to ease your family’s financial burden and stress.
Benefits of Guaranteed Life Insurance
- No medical exam, no health questions, no hassle: If you’re over the age of 50, you are guaranteed approval regardless of health2—no time-consuming health questionnaires or assessments required.
- Cash value can serve as a financial reserve: After your initial policy years, we’ll set aside a small amount of each premium paid, called your plan’s cash value. This can serve as a useful cushion should you cash your policy out, or it can be borrowed against.3
- Lessen stress on your family during a difficult time: Help reduce the burden of your final expenses on your loved ones.
- Tax-free payouts: There are generally no taxes on a life insurance payout. This means your beneficiary or beneficiaries will receive the full amount of the policy without any unexpected deductions or taxation, unless they’re specified in the contract, after you pass.4
How Does Guaranteed Life Insurance Work?
We understand that a major factor in making financial decisions is how those decisions will affect your loved ones. With guaranteed life insurance, you’ll pay an agreed amount every month, called a premium, to maintain your policy. Once you have a plan in place, it can help you worry less about how your loved ones will afford your final expenses.
In addition to helping protect your family financially, this whole life insurance also benefits you by building cash value and not requiring a medical exam or answers to health questions.
Guaranteed Life insurance, no medical exam required2
It can be tough to believe that there’s guaranteed life insurance that doesn’t require a medical exam. The Gerber Life Guaranteed Life Plan’s Graded Death Benefit—generally the first two years of your policy—is what allows us to make that offer. If your death occurs during your policy’s Graded Death Benefit period, your named beneficiary or beneficiaries will receive 110% of earned premiums. After that period, they can receive the full payout of your policy to help cover final expenses, as well as outstanding debts and similar costs.
Even if you exercise regularly, watch your diet and otherwise keep yourself in good health, it’s a smart idea to have a plan in place should the unexpected happen. Rates are also lower if you lock them in earlier.
Life insurance that builds cash value over time
The Gerber Life Guaranteed Life Plan is a cash value life insurance policy, and accumulates over time. You can borrow against it3 or receive the sum back should you decide to cash out your policy—which can help you stay flexible if your situation changes.
How Much Does Guaranteed Life Insurance Cost?
The Gerber Life Guaranteed Life Plan is a great way to maintain peace of mind without causing financial stress. Rates are locked in for life as long as your premiums are paid, and your premium won’t increase unless you decide to increase coverage or adjust the frequency of your payments. This rate lock can help you stick to your current budget while still planning ahead—here’s how Gerber Life’s plan compares:
| Company | Coverage | Rate5 |
|---|---|---|
| Gerber Life | $10,000 | $55.70 |
| Colonial Penn® | $9,090 (6 units) |
$59.70 |
| Company | Coverage | Rate5 |
|---|---|---|
| Gerber Life | $10,000 | $69.70 |
| Colonial Penn® | $9,336 (8 units) |
$79.60 |
Premium rates quoted do not include discount for automatic payment through a checking or savings account. Discount applicability varies by company.
Is Guaranteed Life Insurance Right for Me?
If you don’t yet have life insurance the Gerber Life Guaranteed Life Plan can be a practical and sensible solution. Coverage is guaranteed regardless of health.
For more information, call us at 1-866-503-4481 or get a free quote online and apply today. We can help you set up a Gerber Life Guaranteed Life Plan that works best for you and your family, so that a difficult time for them later on can become a little easier.
22To be eligible for coverage you must be a U.S. citizen residing in the U.S. or permanent legal resident. Total limit of all combined Gerber Life Guaranteed Life policies is $25,000. Gerber Life Insurance Company will not issue insurance for any proposed insured when a POA or Guardianship exists on the proposed insured, except legal guardians of children.
3Policy loan interest rate is up to 8%. Loans may impact cash value and death benefit.
4Taxes vary by state and you should consult a tax advisor for more information. Articles and other information included on this website are intended for the general interest of our readers and are not intended to express the positions or views of Gerber Life or to provide or constitute legal, financial, health or other advice. Gerber Life makes no claims representations or warranties as to the accuracy, completeness, or appropriateness of this general interest information for your particular circumstances. If you need legal, financial, health or other services, you should contact a duly licensed professional.
5Competitor information is obtained from sources believed to be reliable, but its accuracy or completeness is not guaranteed. Competitor shown were chosen based on similar products and pricing in the state of Michigan. Premium rate, product availability, underwriting classes, exclusions and other contract provisions may vary by company and/or state. Please inquire with the company for specific details.
Information obtained from insurer’s web site as of 10/9/25. Other coverage amounts are available—from $5,000 to $25,000. COLONIAL PENN® is a registered trademark of CDOC, Inc., the use herein is solely intended to fairly describe and identify a third party for the purpose of a comparison under applicable trademark laws, and are not intended to suggest any relationship, affiliation, sponsorship, or endorsement.
Our guarantee to accept all applicants age 50 to 80 (50 to 75 in New York) is made possible by a Graded Death Benefit Limitation. It applies to the first two years of coverage when the policy is issued.
If death occurs within the first two policy years for any reason other than an accident, the death benefit will equal 110% of earned premiums. If death is due to accidental causes within the first two policy years, the full death benefit will be paid to the beneficiary.
After the two-year Graded Period, if the insured dies for any reason, the full face amount of the policy will be paid to the beneficiary, less any debt against the policy. Applicant may qualify for a full death benefit policy that provides full benefits from inception.
If the insured dies by suicide within two years from the Issue Date of the policy, or any shorter period as may be required by applicable law in the state where the policy is delivered or issued for delivery, the only amount payable by us will be the premium paid for the policy plus 10% interest, less any debt against the policy. Please refer to your policy contract for specific details regarding exclusions, limitations, benefits and shorter time frames that may vary by state.
Policy Form ICC12-GWLP
Policy Form GWLP-20-NY
Policy Form Series GWLP-12
