Family Plan Insurance Questions

The Gerber Life Insurance Family Plan is a flexible life insurance plan where you can choose either Term or Whole life coverage for yourself, with the option to include coverage for your spouse and kids, all on one policy.

Term life insurance provides life insurance coverage for a specific period of time, typically 10, 20 or 30 years. It’s generally less expensive than other types of life insurance so you can get more coverage for less cost.

Whole life insurance provides permanent coverage for your entire life (as long as premiums are paid) and builds cash value over time. As a result, whole life insurance generally costs more than Term.

After the initial policy years, each time that you pay your premium, the insurance company sets aside a small amount, which builds up over time as the policy’s cash value. The longer you hold the policy, the more cash value the policy builds. If a need arises, and as long premiums are paid, you could borrow against the available cash value* for an emergency or other expenses. Or, you can surrender the policy later on and receive the available cash value.

*The policy loan interest rate is 8%. Loans may impact cash value and death benefit.

To apply for the Family Plan you must be a U.S. Citizen (or permanent legal resident) and between the ages of 18 – 80. You can apply for Family Plan Term up to age 70, or Family Plan Whole life up to age 80.

With the Family Plan you can include coverage for spouses who are age 50 or younger; and kids are eligible up to age 18.

Depending on your age: Whole life coverage starts at $50,000 up to $1,000,000 and Term life coverage starts at $100,000 up to $2,000,000.

When deciding how much life insurance you need, generally, 5 - 10 times your annual income is a good starting point. If you are younger and your family has greater financial needs (for example, a large mortgage, or future college tuition costs) you might consider more coverage. If you are older, with fewer expenses you may need less. You should also consider what works with your budget and get what you can afford.

Your spouse can be covered on the policy with a $50,000, 10-year level term policy; and/or you can include your children with $10,000 in coverage for each child (coverage for children goes to age 21 or for the duration of the primary policy if ends prior to child reaching 21.)

The premium (or cost) you pay for the life insurance depends on several factors: the amount of coverage you choose, the term (duration of coverage), your age, gender, and health.

No, the amount you pay when your coverage starts is the same amount that you’ll pay throughout the life of your policy. The sooner you apply, the lower your lifetime premium since premium rates are based on your age when your policy starts.

A medical exam is not necessary in most cases. Coverage is dependent on answers to health questions. A physical may be necessary for applicants who are age 55 and older and apply for more than $100,000 of coverage.

Yes, you can add a spouse to your policy up to 90 days after you apply (the premium for your spouse will depend on their age and gender).

Yes you can add children (up to age 18) to your policy at any time. The premium for the child rider covers all children (there is not a separate premium for each child).

You have 30 days to review your policy. If it’s not what you want you can cancel, and you will be refunded any premiums that you paid. You can make changes to your policy as well. You’ll need to talk to one of our licensed agents, and they can adjust your policy as needed.

Yes, you always have the option to add or change beneficiaries later.

A rider (also known as an insurance endorsement) is optional coverage that you can add to your standard policy. Riders allow you to tailor your life insurance to meet your needs. Some riders are included in your policy as an extra perk with no additional cost, others have additional costs associated with them. Click to learn more about riders and when you might want to add a rider to your policy.

We can often provide an immediate decision unlike the typical underwriting processes that can take weeks. Most people get an answer in 3 days or less.

No. Once coverage begins and as long as premiums are paid, Gerber Life cannot cancel your Family Plan insurance policy. You are the only person who could cancel the coverage.