What is Gerber Guaranteed Issue Life Insurance?
There are many life insurance types for shoppers to choose from and a Guaranteed Issue life insurance policy is one of them. Gerber’s Guaranteed Issue Life insurance is designed for people between 50 and 80 years old who haven’t received approval for regular life insurance coverage.
Policyholders can select a life insurance payout amount that ranges between $5,000 and $25,000.
Looking for other options? Read more about $25000 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, the policy’s coverage won’t ever expire. Included in these policies is a cash value component that lets the holder accumulate tax-deferred savings. The holder can access this cash through a withdrawal or loan if needed.
Be mindful that, if the insured passes away, any cash value with a balance that remains unpaid will be subtracted from the death benefit.
Federal income tax doesn’t have to be paid on the death benefit obtained by the beneficiary. Therefore, your beneficiary can use the whole death benefit amount to pay off debt, final expenses, or other fees as needed.