Gerber Life has made their guaranteed issue life contract available to brokers. This plan was sold as an internal agent and mail only sales plan in the past. The policy is issued to people ages 50 to 80 in face amounts of $5,000 to $25,000. They run in increments of $5,000 only. Rates are very strong vs. all other guaranteed issue plans. Gerber has the best rates for people in their 50’s and 60’s. For people in their mid 60’s and 70’s, Vantis Life will have a lower rate on a guaranteed issue basis. CLICK HERE TO LEARN MORE ABOUT VANTIS
What is Gerber guaranteed issue life insurance?
Gerber is a guaranteed issue life insurance plan so clients can not be denied due to health conditions. As a result, there are no health questions to be answered. The policy is approved to be sold in all states except AR and MT. NY is also one of the approved states. As with all guaranteed issue plans, there is a 2 year graded benefit on this product. Death in the first 2 years results in a return of premium +10% interest. A full death benefit is paid out in the first two years if death occurred due to accidental death.
What is the commission for the Gerber Life sales contract?
Initial commissions and renewals are paid directly to brokers from Gerber. (Gerber does not advance commissions to agents. Commission are paid, ” As Earned”. Hierarchy payment structures are available for agencies. Individual producer commission is 50% and agency commissions are 60%.
Overall, Gerber is a great contract to have. The policy has very strong rates and also has some other advantages over their main competitor, Vantis Life. We recommend having both contracts if you are in the final expense business.
All contracting can be faxed to Crowe and Associates at 203-567-6235 or sent by email to [email protected] Include a copy of your life Insurance License, E and O certificate and a Void check (for direct deposit) with all paperwork. Please email or call (office -203-567-6235) with any questions. Ed Crowe may be contacted directly by cell phone at 860-992-4494,