Ron Attias is a licensed insurance broker. He has no particular loyalty to any one insurance company, so he is able to shop all major insurance carriers. This means that you always get the BEST plan at the LOWEST price. Each plan can be customized to fit your specific healthcare needs and budget.

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Written by Ron Attias
Licensed Insurance Broker Ron Attias

Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Reviewed by Sara Routhier
Director of Outreach Sara Routhier

UPDATED: Jun 24, 2022

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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 review, I will dive into the details of the business and its materials, rates, and underwriting questions to solve the puzzle: Does GPM Life provide good final expense 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 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 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 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?

Male $10,000 Whole Life

 Company Age 50 Age 60 Age 70 Age 80
 Assurity  $28.82  $41.65  $73.05  $155.57
 Mutual of Omaha  $29.16  $42.76  $73.70  $132.65
 GPM Life  $31.49  $42.99  $72.06  $138.68
 Liberty Bankers Life  $30.51  $45.80  $73.31  $146.80
 Phoenix $30.15  $43.27  $72.74  $146.92
 American-Amicable  $30.80  $45.76  $76.57  $151.36
 United Home Life  $31.02  $44.69  $74.63  $138.60
 Settlers  $31.45  $45.31  $72.85  $153.80
 Transamerica  $30.73  $43.85  $74.66  $140.22
 Foresters  $32.00  $45.19  $72.91  $216.09
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Female $10,000 Whole Life

 Company Age 50 Age 60 Age 70 Age 80
 Assurity  $25.48  $34.74  $56.41  $113.89
 Mutual of Omaha  $24.67  $32.87  $53.24  $98.43
 GPM Life  $22.66  $32.40  $55.78  $100.03
 Liberty Bankers Life  $25.57  $34.67  $54.79  $109.16
 Phoenix $26.63  $36.46  $55.26  $110.24
 American-Amicable  $25.96  $37.22  $58.70  $110.44
 United Home Life  $26.06  $35.42  $73.28  $141.58
 Settlers  $26.01  $36.38  $55.76  $113.48
 Transamerica  $25.32  $33.72  $71.59  $104.11
 Foresters  $26.05  $35.41  $83.41  $111.08
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Male $20,000 Whole Life

 Company Age 50 Age 60 Age 70 Age 80
 Assurity  $55.44  $81.10  $143.90  $308.93
 Mutual of Omaha  $55.11  $82.31  $144.20  $262.11
 GPM Life  $60.47  $83.48  $141.61  $274.86
 Liberty Bankers Life  $56.39  $86.97  $141.99  $288.97
 Phoenix $56.16  $82.40  $141.34  $289.69
 American-Amicable  $58.96  $88.88  $150.50  $300.08
 United Home Life  $57.68  $85.03  $144.91  $272.05
 Settlers  $62.90  $90.61  $145.69  $291.13
 Transamerica  $57.89  $84.05  $145.74  $276.88
 Foresters  $60.85  $87.22  $142.66  $290.33
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Female $20,000 Whole Life

 Company Age 50 Age 60 Age 70 Age 80
 GPM  $42.82  $62.30  $109.07  $197.56
 Mutual of Omaha  $46.14  $62.53  $103.28  $193.66
 Assurity  $48.77  $67.28  $110.62  $225.58
 Liberty Bankers Life  $46.51  $64.71  $104.95  $213.69
 Phoenix $49.12  $68.78  $106.37  $216.34
 American-Amicable  $49.28  $71.81  $114.75  $218.24
 United Home Life  $47.76  $66.49  $100.59  $204.87
  Settlers  $52.02  $72.76  $111.52  $226.95
 Transamerica  $47.07  $63.87  $104.41  $204.65
 Foresters  $48.95  $67.67  $103.69  $219.01
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Male $30,000 Whole Life

 Company Age 50 Age 60 Age 70 Age 80
 Assurity  $82.06  $120.55  $214.75  $462.30
 Mutual of Omaha  $81.06  $121.86  $214.69  $391.56
 GPM  $89.46  $123.97  $211.17  $411.04
 Liberty Bankers Life  $82.27  $128.14  $210.67  $431.14
 Phoenix $82.17  $121.53  $209.94  $432.47
 American-Amicable  $87.12  $132.00  $224.43  $448.80
 United Home Life  $84.35  $125.38  $215.19  $407.10
 Settlers  $94.35  $135.92 $218.54  $461.81
 Transamerica  $85.04  $124.29  $216.83  NA
 Foresters  $89.70  $129.26  $212.42  $433.91
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Female $30,000 Whole Life

 Company Age 50 Age 60 Age 70 Age 80
 GPM  $62.98  $92.21  $162.45  $295.09
 Mutual of Omaha  $67.60  $92.20  $153.31  $288.89
 Assurity  $72.05  $99.83  $164.82  $337.27
 Americo  $66.07  $94.20  $152.68  $330.72
 Liberty Bankers Life  $67.45  $94.76  $155.11  $318.23
 Phoenix $71.61  $101.10  $157.49  $322.43
 American-Amicable  $72.60  $106.39  $170.81  $326.04
 United Home Life  $69.47  $97.55  $148.71  $305.13
 Settlers  $78.03  $109.14  $167.28  $340.43
 Transamerica  $68.82  $94.02  $154.84 NA
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*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. You will see instant life insurance quotes.