My Grandfather Had Life Insurance With Gerber For A Year. How Much Should He Receive Back?

1. 

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   Lenny Robbins

   Principal, LifeNet Insurance Solutions, Redmond, WA

   This would depend on how much coverage he had and the cause of death. Your best bet would be to call Gerber if you are the policy owner. If your grandfather owned the policy, then call Gerber and apprise them of the situation and they will give you directions on how to proceed.

   Answered on November 28, 2016

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2. 

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   Peggy Mace

   Most of the U.S.

   Gerber has a set formula for how much they pay back for each thousand dollars of whole life if the owner decides to cancel the policy. Often there is no cash value paid back in the first year(s), but you can call Gerber and they will give you that exact amount.
   
   If your grandfather passed away, his beneficiary would receive the entire death benefit, unless it was a graded policy and he died of natural causes or did not meet the criteria set forth in the policy to receive the full death benefit in the first two years.
   
   Gerber is a reputable company and they should answer any questions you ask them.

   Answered on November 30, 2016

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   Everett Debrow, Jr.

   Principal Agent, Patriarch Associates,LLC, Opelika, Alabama

   My condolences to you and your family on your loved one's passing.
   
   Your grandfather's beneficiary should receive the full face value of the policy if:
   1. It was current at the time of his passing
   2. It was not a modified policy (unless accidental death is involved).
   If it was a modified life plan, the death benefit would only be the return of premiums paid plus interest (full benefit would not be realized until the end of year 2 or 3, depending on the company). If accidental death, full face value of the policy will be paid.
   This policy is contestable because of the short amount of time it was in force. This simply means the insurance company has the right to investigate the cause of death and validate the answers on the application. Contact Gerber, inform them of the present situation, and have them guide you through the process. Gerber is a reputable carrier, so I doubt you will have any problems. I wish you the best, and thanks for allowing me to address your question!

   Answered on December 13, 2016

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4. 

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   Matthew Schmidt

   Diabetes Life Insurance Solutions, USA

   The first thing you'd need to do is figure out what type of policy he had.
   
   Did he have a traditional Whole Life policy with Gerber??? Or did he have a Guaranteed Issue policy with Gerber.
   
   From there, in the policy, should be a disclosure of the Guaranteed Cash Value amounts. Also, since he is deceased, you wouldn't receive the "cash value" , but rather the death benefit of the policy.
   
   Your best bet is to call the insurance company, and find out what exact type of policy he had.
   
   Good Luck!

   Answered on May 4, 2017

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