Back to Guaranteed Life Insurance Guaranteed Life Insurance Questions What kind of insurance is Gerber Life Guaranteed Life Insurance? Guaranteed Life Insurance from Gerber Life is whole life insurance for adults between 50 and 80 years old. Approval is guaranteed, regardless of your health. What is whole life insurance? Whole life insurance does not have a specified time period of coverage. You can own the policy for a few years or for the rest of your life, as long as you pay the premiums. Whole life insurance also builds "cash value." Cash value is money that is set aside by Gerber Life for your policy, which can be accessed if needed. The longer you own the whole life policy, the more cash value you have in your policy. What are the coverage amounts for a Guaranteed Life Insurance policy? Gerber Life offers a wide range of Guaranteed Life coverage options from $5,000 to $25,0001. Coverage is available in $1,000 increments. Our friendly representatives can help you determine the coverage that best suits you and your family.1 South Dakota residents, maximum coverage of $15,000. Doesn't Social Security help pay for my final expenses? If you qualify, Social Security will pay $225 toward your final expenses. That is just not enough – the average cost of a funeral can run as high as $10,0002. Guaranteed Life Insurance from Gerber Life can be a smart choice to help offset these high costs.2 NFDA 2015 General Price List Survey. National Funeral Directors Association. Will my Guaranteed Life Insurance premium payments go up each year? Absolutely not. With Gerber Life, the amount you pay when your Guaranteed Life coverage starts is the same amount that you'll pay throughout the life of your policy. The only time your premiums may change is if you decide to increase your coverage or the frequency of your payments. What is a graded death benefit limitation? The Gerber Life Guaranteed Life Insurance policy comes with 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, all premiums plus 10% interest shall be paid to the beneficiary. If death is due to accidental causes within the first two policy years, the full death benefit shall 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 shall be paid to the beneficiary. If the insured dies by suicide within two years from the Issue Date, the only amount payable will be the premiums paid for the policy plus 10%, less any debt against the policy. Are the Gerber Life Guaranteed Life Insurance benefits tax-free? Yes. Under current Federal law, the benefits are not subject to Federal tax if paid to a named beneficiary. Is a medical exam required? No medical exam is necessary for the Gerber Life Guaranteed Life Insurance policy. The only condition for becoming a Guaranteed Life policy owner is that you are between 50 and 80 years old. Your acceptance—regardless of your health—is guaranteed. Can Gerber Life cancel my policy? No. Once coverage begins, and for as long as premiums are paid, Gerber Life cannot cancel your Guaranteed Life Insurance. Only you have the option to cancel the coverage. What if I change my mind after receiving my Guaranteed Life Insurance policy? The Gerber Life "free look" feature gives you 30 days to examine and accept your Guaranteed Life Insurance whole life policy. If you decide that you no longer want the safety and coverage that your policy offers, simply return it for a full refund of all premiums that have been paid.