What is Gerber Guaranteed Issue Life Insurance?
There are many types of life insurance that buyers can choose from, and a Guaranteed Issue life insurance policy is one of them. Gerber’s Guaranteed Issue Life insurance is designed for people between the ages of 50 and 80 who have not received regular life insurance approval.
Policyholders can choose a life insurance payout amount that ranges from $5,000 to $25,000.
Looking for other options? Read more about $25,000 term life insurance and see if it’s a better fit for your situation.
The coverage that Gerber’s Guaranteed Issue Life Insurance provides is whole life insurance. Assuming the premium is paid, policy coverage will never expire. This policy includes a cash value component that allows the owner to accumulate tax-deferred savings. If necessary, the owner can access this cash through withdrawal or credit.
Be aware that if the insured dies. any cash value of which the balance remains unpaid will be deducted from the death benefit.
No federal income tax is due on the death benefit received by the beneficiary. Therefore, your beneficiary can use the entire amount of the death benefit to pay off debt, final expenses or other charges if necessary.
