|Posted on December 22, 2014 at 3:35 AM|
Overview of Gerber Guaranteed Issue Life Insurance Coverage
Gerber’s Guaranteed Issue Life insurance is specifically for those who are between the ages of 50 and 80, and who are unable to get approved for regular life insurance coverage. Policy holders can choose a face amount ranging from between $5,000 up to $25,000.
The coverage that is offered through Gerber’s Guaranteed Issue Life Insurance is whole life insurance. This means that there is no expiration on the policy’s coverage, provided that the premium is paid.
These policies also include a cash value component that allows the policy holder to build up tax deferred savings within the policy. This cash can be accessed via a loan or withdrawal if needed. It is important to note, however, that any unpaid balance of the cash value will be deducted from the death benefit if the insured dies and a cash value balance remains.
The death benefit that is received by the beneficiary is not subject to Federal income tax. This means that your beneficiary will be able to use the entire amount of the death benefit to pay final expenses, pay off debt, or use for any other need that they see fit.
Additional Policy Advantages
In addition to the death benefit and tax deferred cash value build up, the Gerber Guaranteed Issue Life insurance policy offers additional advantages to policy holders as well. These include the following:
Guaranteed Coverage – With Gerber’s Guaranteed Issue Life Insurance policy, as long as you are a U.S. citizen or a permanent legal resident who is between age 50 and 80, you cannot be turned down for coverage – regardless of your health. Because of this, Gerber makes the application process easy. There are no medical exams required and no health questions to answer. Once the policy is in force, it cannot be cancelled by the insurance company. Only the policy owner has the option to do so.
No Premium Increases – These policies are also easy to budget for. This is because the premiums never increase – guaranteed. This can be a real advantage to someone who is living on a fixed income, or even for those who simply want to keep costs down for the long term.
Graded Death Benefits – Should the insured pass away during the first two policy years for any reason other than an accident, the policy’s beneficiary will be paid all premiums, plus 10% interest. This is among the highest from all life insurance companies. Should, however, death occur due to an accident, the full amount of the policy’s death benefit will be paid. After two years, if the insured dies for any reason, the full face amount of the policy will be paid out to the policy’s beneficiary.
On top of the policy’s benefits, the plan is also backed by a quality and trusted company. Gerber Life Insurance Company – a financially separate affiliate of the Gerber Products Company – has provided life insurance for over 40 years. The company is considered to be financially strong, and has been given the rating of A (Excellent) from A.M. Best based on its financial stability, management skill, and integrity.
How to Obtain This Additional Necessary Life Insurance Protection
Life is filled with the unexpected. Unfortunately, this can oftentimes come at a price. The good news is that Gerber’s Guaranteed Issue Life Insurance policy can help to cover many of the additional unexpected expenses that come along during a difficult time.