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Majority of life insurance policies pay out People get life insurance with the expectation that if they pass away during the period of coverage, their policies will help their loved ones financially. But there are times when a company has no choice but to decline to pay a death benefit.
The Gerber Life Insurance College Plan is an individual endowment life insurance policy with an adult life insurance benefit that provides a guaranteed* payout of $10,000 up to $150,000 when it matures in 10 to 20 years.
The cash value of your policy is the accumulated amount of money that Gerber Life sets aside each time you pay your premium after the initial policy years. That means that the longer you hold your policy, the longer the cash value builds.
Coverage Automatically Doubles During Age 18 This means, for example, that if you originally bought a $25,000 Grow-Up policy, it would double into a $50,000 policy, and so forth.
There are three main ways to get cash out of your policy. You can borrow against your cash account typically with a low-interest life insurance loan, withdraw the cash (either as a lump sum or in regular payments), or you can surrender your policy.
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You can borrow against the cash value, as long as premiums are paid, by taking a policy loan. Policy loans are subject to 8% interest rate and may impact cash value and death benefit. You can also surrender the policy and receive the available cash value.

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