Gerber Guaranteed Acceptance Whole or Traditional Life Insurance

What is Gerber Guaranteed Acceptance Life Insurance?

Gerber guaranteed acceptance whole or traditional life insurance is a product designed for people between 50 and 80 years of age. It is a permanent life insurance plan with guaranteed acceptance and level premiums, meaning your the amount you pay will never increase.

Highlights of Gerber Guaranteed Acceptance Life Insurance

• No questions or medical exams required.
• Up to $25,000 in coverage.
• You can purchase it from ages 50 to 80.
• Simplified application.

What is Gerber Guaranteed Acceptance Life Insurance For?

This type of life insurance is designed to guarantee that no one will have to cover the policyholder’s final expenses, including medical bills, debt, and funeral costs. To ensure this, the policy offers a minimum coverage amount of $5,000 up to $25,000 maximum, and a highly simplified application or underwriting process, since acceptance is guaranteed.

How Does Gerber Guaranteed Acceptance Life Insurance Work?

Gerber Guaranteed Acceptance Life Insurance is very easy to purchase. To apply you are only required to fill out a very simple, one-page, application form. Acceptance is guaranteed, so you won’t have to answer medical questions or undergo medical exams of any type.

Premiums are calculated based on gender (men usually pay a little more), and age (younger people will have lower premiums). Once the monthly premium is set, it will never change. The premiums will be level during the entire life of the policy.

As happens with permanent life insurance, this product also has a savings component. A part of what is paid as premiums is placed in investment and savings products, which generate money that, at a specific time, is consolidated as cash value which the insured can withdraw or borrow against.

On the other hand, once the policy is in effect, policyholders gain access to a gradual benefit. If the insured passes away during the first two years the policy is in effect, as long as the death is not accidental, a death benefit equal to 110% of the premiums paid up to that time will be disbursed. After the two years have passed, the full death benefit will always be paid to the beneficiaries.

If the death is caused by accident, the full death benefit will be paid, even if the policy has not been in effect yet for two years. The death is considered accidental if it is the direct result of an accident or the consequences of one. If the person dies as the result of consequences of the accident within a 180-day period, the death will also be considered accidental.

Limitations of Gerber Guaranteed Acceptance Life Insurance

This guaranteed acceptance life insurance policy has some limitations to keep in mind, including:

• The policy is available in all states except MT. The maximum coverage in South Dakota is $15,000 dollars.
• If the person dies as the result of an infection that is not directly related to a wound inflicted in an accident, this will not be considered as accidental death, and consequently, the death benefit will not be paid.
• Also excluded are instances when the death is the result of physical or mental illness, or a medical or surgical treatment for said illness. Suicides and self-inflicted wounds shall also not be considered as accidental deaths.
• The same exclusion applies to death occurring while piloting or as the crew of a plane, including experimental planes, devices used by the military or to travel outside of the earth’s atmosphere.
• Participation in riots, uprisings, terrorist activities, or crimes shall also not be considered accidental. Driving or piloting any type of vehicle, whether air, land or sea in a race shall also be grounds for exclusion from accidental death. The same occurs if the insured dies while mountain climbing, carrying out air sports (hot air balloon, hang gliding, base jumping, skydiving, ultra light, hang gliding).
• Lastly, also not considered as accidental death are deaths resulting from the voluntary consumption of any type of drug, unless this is prescribed by a doctor and administered according to their prescription. Likewise, the ingestion of poison, or the inhalation of gases or smoke, unless they are the result of an accident, shall also not be considered as accidental death, meaning the full benefit will not be paid.

How Can I Purchase Gerber Guaranteed Acceptance Life Insurance?

One of the biggest advantages of this type of insurance is how easy it is to purchase. You only have to fill out a one-page form with your personal information, the amount of coverage required, and the names of your beneficiaries.You can complete the process in just a few minutes and the policy will enter into effect right away.

IN SUMMARY

• Guaranteed acceptance life insurance for people ages 50 to 80.
• No medical exams and no questions with quick and simple acceptance.
• Coverage ranging from $5,000 to $25,000 dollars.
• Level premiums for the entire time the policy is in effect.
• Graded access to death benefit: the full benefit will be paid once the policy has been in effect for two years. If the death is considered accidental, the death benefit will be paid regardless of the time the policy has been in effect.
• The policy accumulates cash value.
• It is designed for people who want to cover expenses derived from their funerals, last medical bills, or outstanding debt.