Gleaner Life Insurance Reviews
Available Products
Gleaner Life Insurance Society offers an array of term and whole life policies, in addition to annuities. In addition to the policies themselves, Gleaner also offers membership benefits, including scholarship opportunities and family events for policyholders.
Term Life Insurance
Term life insurance is generally the most flexible and affordable form of life insurance. Gleaner has policy lengths available for 15, 20, 25, or 40 years. Depending on the terms of your contract, you may have the option to renew or convert your policy before it expires. If you die while your term is active, your beneficiary will receive a set death benefit that is usually income tax-free.
Gleaner Life offers four types of term coverage, each with two guarantee options.
The 10-year guarantee has a set premium payment for the first 10 years. This is usually less expensive than a full guaranteed premium. Following the first 10 years, however, your premium payment amounts may be raised.
A full guarantee, also known as a level benefit term, ensures your premium payment is consistent over the entire policy length.
The four term policies offered are:
Value Term is a traditional term policy designed to offer mortgage protection. It also offers income replacement without being too expensive.
Family Term extends coverage to your children and spouse through riders, or add-ons meant to fill in gaps in coverage.
Duration Term has a death benefit that decreases as you age, known as a “ladder approach.”
Succession Term is designed for business owners and partners. This is for those who are looking for key person life insurance or buy-sell agreements to secure their business’s financial future.
Each of the above policies have three available features at no extra cost:
Accelerated Death Benefit, which allows the policyholder to receive up to 50% of the death benefit while living.
Conversion Privilege, which allows you to convert to a permanent cash value insurance policy before age 71.
Multiple Certificate Discount on Duration and Succession term which allows you to purchase multiple policies. They come with one premium payment and policy fee, instead of each policy being separate.
Whole Life Insurance
Whole life policies offer an extra benefit term life polices do not: cash value accumulation on a tax-deferred basis. The cash value your account accrues comes from a small portion of each premium payment you make, which then earns interest and compounds over time. Since Gleaner Life is a mutual (policyholder-owned) company, this policy will also be paid dividends.
The trade-off? Whole life policies tend to be much more expensive than term life products, making it difficult to fit into everyone’s budget. It’s up to you to get a quote and decide which type of policy best fits your family’s budget.
Gleaner Life offers two whole life policies:
Single-Premium Whole Life requires just one premium payment over the policy’s duration. It comes with dividend options, and offers three living benefit riders: chronic illness, critical illness, and terminal illness.
Level-Premium Whole Life offers payment periods of either 10 years, 20 years, or up to age 100. No matter the payment period, your guaranteed premium will not change. Premiums tend to be higher for the 10-year period and lowest when paid until age 100. The upside? You get flexible options to meet your budget along with lifelong protection. There are also three living benefit riders: chronic illness, critical illness, and terminal illness.
