Government Personnel Mutual Life Insurance Company (GPM Life) Review
Government Personnel Mutual Life Insurance Company (GPM Life) review finds that the company sells multiple types of final expense life insurance. GPM Life is rated A-, according to A.M. Best. GPM Life insurance rates for males average $31 per month and $22 per month for females for a $10,000 final expense whole life policy.
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Laura D. Adams
Insurance & Finance Analyst
Laura Adams is one of the nation’s leading finance, insurance, and small business authorities. As an award-winning author, spokesperson, and host of the top-rated Money Girl podcast since 2008, millions of readers and listeners benefit from her practical advice. Her mission is to empower consumers to live healthy and rich lives by planning for the future and making smart money decisions. She rec...
Insurance & Finance Analyst
UPDATED: Sep 19, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Sep 19, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- The Government Personnel Mutual Life Insurance Company sells final expense life insurance
- GPM Life insurance quotes start from $22 per month
- GPM Life insurance rating from A.M. Best is A-
The Government Personnel Mutual Life Insurance Company (GPM Life) has been in business for more than 80 years, serving individuals from all walks of life such as federal employees, military personnel, families, and seniors. GPM provides an array of life insurance products, Medicare supplements, and annuities.
It is a well-known brand for final expense life insurance.
In this Government Personnel Mutual Life Insurance Company review, I will dive into the details of the business and its materials, rates, and life insurance underwriting questions to solve the puzzle: Does GPM Life provide good final expense insurance products?
What is Government Personnel Life Insurance Company?
A company’s history is a great way to start a review because looking at one’s past can foretell the future. Length of time in business, challenges, and triumphs are part of many successful companies and individuals. I think GPM Life’s story is a fascinating one.
In the 1930s, the U.S. was between two world wars. At the end of WWI, Colonel Peter J. Hennessey recognized that all insurance carriers have a provision that excludes them from paying a death benefit if the insured died from an act of war. He tried proposing many insurers eliminate this exclusion, but none agreed. He set out and established his own life insurance company to protect the families should their loved ones die as a result of a war.
In 1934, GPM Life was a unique first company to serve military personnel and their families. In 1938, Colonel Hennessey passed away unexpectedly, and Blanche Hennessey was chosen President of the company, the first woman in U.S. history to become a leader of an insurance company.
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What ratings has GPM Life Insurance received?
GPM Life is rated A- (Excellent), according to A.M. Best, the oldest and most recognized provider of ratings in the insurance industry. For additional ratings, you can also look at the BBB business profile for this business.
What is final expense whole life insurance?
Final expense life insurance is intended for those who are seeking small life insurance amounts, typically up to $25,000, to cover expenses associated with funeral and burial costs. Final expense policies last for your entire life, and the premium payment will never increase, even if your health deteriorates in the future. This is one of the most accommodating life insurance options; however, understanding coverage options is key. You need to make sure that this type of life insurance policy suits your goals.
The premium you are quoted when you first buy the policy remains level for as long as you continue to pay for it. Additionally, these policies are simplified issue, which means there is no exam for life insurance you are required to undergo as part of the approval process. You will need to answer a few health questions and take a brief phone interview. These questions are used by life insurers to create a risk profile for policyholders before approval; however, there are very few questions that would disqualify you for these life insurance benefits.
The process is relatively quick, and most policies are issued in a matter of days. GPM offers three types of final expense coverage. The policy you can qualify for is determined by your medical history and your answers to the questions on the application. Let’s go over the plans:
What is simplified issue whole life insurance (SIWL)?
This is a level benefit plan. This means there is no waiting period in which the coverage goes into force. Whether the insured dies two hours or twenty years after approval, GPM Life will pay 100 percent of the death benefit amount.
Of course, you will need to be in good health to qualify for this policy without a significant health issue such as stroke, cancer, or diabetes. GPM offers three ways to pay for this coverage:
- Lifetime: You pay monthly for as long as you live.
- 10-pay life: You pay for the coverage for the next 10 years, and after that, the policy is paid up (you no longer need to make any payments).
- 20-pay life: You pay for the coverage for the next 20 years to have a paid-up policy.
The right GPM life insurance payment plan for you will depend on your personal circumstances.
Plan Highlights
- Issue ages:
- 50–85 (10-pay life, lifetime)
- 50–70 (20-pay life)
- Issue amounts:
- 50–80: $3,000–$35,000
- 81–85: $3,000–$10,000
- Accidental death benefit rider at additional cost
- Children’s insurance rider at additional cost
If possible, it’s a good idea to buy life insurance when you’re still relatively young, as prices tend to be significantly lower.
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What is graded death benefit whole life insurance (GDB)?
A graded benefit plan is for those who aren’t in the best of health. For instance, if you had a heart attack in the past two years, you may qualify for the graded and not the level benefit plan.
If you die during the first two years after buying the policy, not accident related, GPM Life will pay 30% of the death benefit in the first year, 70% during the second year, and only in year three will your beneficiaries be eligible for 100% of the death benefit amount.
In other words, if you bought $10,000 in coverage and passed away during the first year, your beneficiaries will collect $3,000, $7,000 if you passed away during the second year, and at year three onward, $10,000.
Plan Highlights
- Issue ages: 50–85
- Issue amounts:
- 50–80: $3,000–$25,000
- 81–85: $3,000–$10,000
You would be surprised to know how many individuals acquire a graded benefit policy and don’t know what they got. Make sure to look at your plan closely before signing up.
What is modified benefit whole life insurance (MBWL)?
A modified benefit plan is for those with even more health issues or challenges. However, it would be best if you kept in mind that insurance companies aren’t reckless. Meaning, it comes at an elevated cost and even lower payout than the graded plan should you pass away during the first two years of owning the policy.
If you die during the first two years, GPM Life will pay a benefit equal to all premiums paid plus 10% interest. Only in year three onward will your beneficiaries be eligible for 100% of the death benefit amount.
This alternative should be your last resort after you have exhausted all other possibilities.
- Issue ages: 50–85
- Issue amounts: $3,000–$10,000
You also may consider guaranteed issue life insurance which has no health questions on the application and provides the same death benefit as the modified plan does.
How much are GPM Life’s insurance rates?
*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of Dec 2018 and are subject to underwriting approval.*
It’s always a good idea to get personalized quotes from multiple insurance companies before choosing a plan.
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What is the bottom line?
So, here you go, our comprehensive GPM Life review. GPM insurance is one of the cheapest options for final expense coverage. In the table above, you can see that it’s in the top three companies and are most competitive for individuals over the age of 70 who are seeking burial insurance.
According to its website, GPM does not offer online sales because its primary goal is to help the consumer get the right benefits for their needs. However, a broker can help you with an E-application should you decide to purchase from them.
Buying life insurance is rarely about the pricing. Sure, prices are a sensitive matter for most of us. After all, who wants to pay more than they have to? However, my point is simple. If one company offers lower prices, but you can’t get approved for the coverage because of your health history, then how do you benefit as a result of lower rates?
At Effortless Insurance, we represent more than 50 carriers and, after a short interview, will know which carrier has the best chance of issuing your coverage at the lowest possible rate. Run the quotes yourself on the quoter located on the right-hand side of the screen to find the cheapest life insurance quotes.
Frequently Asked Questions
What is Government Personnel Mutual Life Insurance Company (GPM Life)?
Government Personnel Mutual Life Insurance Company, commonly known as GPM Life, is an insurance company that provides life insurance and related products primarily to federal employees, military personnel, and their families. It was founded in 1934 and has been serving the needs of government employees for several decades.
What types of insurance products does GPM Life offer?
GPM Life offers a range of insurance products, including term life insurance, whole life insurance, universal life insurance, and final expense insurance. These products provide various coverage options and benefits to meet the specific needs of policyholders.
Who is eligible to apply for insurance with GPM Life?
GPM Life primarily caters to federal employees, military personnel, and their families. Eligibility requirements may vary depending on the specific insurance product and coverage sought. It’s best to contact GPM Life directly or consult with an insurance agent to determine eligibility.
What are the advantages of choosing GPM Life for insurance coverage?
Some potential advantages of choosing GPM Life for insurance coverage include:
- Expertise in serving government employees: GPM Life has extensive experience in providing insurance solutions tailored to the unique needs of federal employees and military personnel.
- Variety of insurance products: GPM Life offers a range of insurance options, allowing individuals to choose the coverage that aligns with their specific needs and preferences.
- Financial stability: GPM Life has maintained a solid financial standing over the years, which can provide policyholders with confidence in the company’s ability to meet its obligations.
- Customer service: GPM Life strives to provide quality customer service, addressing policyholder inquiries and concerns promptly.
Can non-government employees apply for insurance with GPM Life?
While GPM Life primarily focuses on serving government employees and military personnel, eligibility may extend to certain non-government individuals depending on the specific insurance product and coverage sought. It’s recommended to contact GPM Life directly or consult with a GPM Life agent to determine eligibility.
How can I obtain a quote or apply for insurance with GPM Life?
To obtain a quote or apply for insurance with GPM Life, you can visit their official website or contact their customer service. Provide relevant information, such as your age, desired coverage amount, and any specific preferences, to receive a personalized quote or initiate the application process.
How are the customer reviews and ratings for GPM Life?
Customer reviews and ratings for GPM Life can vary, as individual experiences may differ. It’s advisable to research and read customer reviews, consult with insurance professionals, and consider independent ratings from agencies such as A.M. Best, which assess the financial strength and stability of insurance companies.
Does GPM Life offer any additional benefits or riders with their insurance policies?
Yes, GPM Life may offer additional benefits or riders that policyholders can add to their insurance policies. These may include options such as accelerated death benefits, accidental death benefits, and waiver of premium. It’s important to review the specific policy details and consult with GPM Life or an insurance agent for available options.
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Laura D. Adams
Insurance & Finance Analyst
Laura Adams is one of the nation’s leading finance, insurance, and small business authorities. As an award-winning author, spokesperson, and host of the top-rated Money Girl podcast since 2008, millions of readers and listeners benefit from her practical advice. Her mission is to empower consumers to live healthy and rich lives by planning for the future and making smart money decisions. She rec...
Insurance & Finance Analyst
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.