Back to Term Life Insurance Plan Term Life Insurance Questions What is term life insurance? Term life insurance is one of the most popular types of life insurance because it provides protection for a specified period of time – a "term” – and can cost less than other types of life insurance. Our Gerber Life Term Life Policy is available for a duration of 10, 20 and 30 years, choose the duration that works best for you and your family. Will my premium payment go up each year? Absolutely not. The amount you agree to pay when your coverage starts stays the same throughout the duration of your policy. What happens at the end of the term? At the end of the term your policy coverage ends. If you decide your family is still in need of coverage, you can renew your policy agreement at the premium rate for your age at that time – with no physical exam. This is a large benefit for those whose health may have changed during the policy term. Why do people choose term life insurance? Term life insurance is popular because it’s one of the most affordable ways to protect your family financially after the loss of a parent or family provider. Term provides coverage for just the number of years you select, so it costs less than other types of life insurance. Family left behind as “beneficiaries” would have money available to pay bills, cover final expenses, or pay for future expenses such as a child’s education. 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 or for applicants ages 51 and older who apply for more than $100,000 of coverage. In almost all other circumstances, Gerber Life’s customers will not need a medical exam. How important is reliability when choosing a life insurance company? Financial reliability is a critical consideration when choosing a life insurance provider. You want to know that the company you choose will be there when needed. Gerber Life has a long history of being there, and is conservatively managed to ensure long-term growth and financial stability.A.M. Best, the impartial reporting firm that rates insurance companies on financial stability, management skill, and integrity, has awarded Gerber Life an “A” (Excellent) rating, for 16 consecutive years, most recently in January 2019. This rating is the third highest awarded out of 13 possible categories. The rating refers only to the overall financial status of the company and is not a recommendation of the specific policy provisions, rates or practices of the company.