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Government Mutual Life Insurance Company

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GPM life Medicare Supplement Review

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What Is Simplified Issue Whole Life Insurance

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 .
  • 20-pay life: You pay for the coverage for the next 20 years to have a paid-up policy.

Plan Highlights

  • 5085
  • 5070
  • Accidental death benefit rider at additional cost
  • Childrens insurance rider at additional cost
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    United India Insurance Company Limited

    United India Insurance Company Limited was incorporated in 1938. With the nationalization of General Insurance business in India, 12 Indian Insurance Companies, 4 Cooperative Insurance Societies and Indian operations of 5 Foreign Insurers, besides General Insurance operations of southern region of Life Insurance Corporation of India were merged with United India Insurance Company Limited. The Company has 2080 offices and employee strength of 16345 as on 31.03.2016. The company provides insurance services to the customers catering to almost all segments of general insurance business. The authorized capital and paid-up equity capital of the company is Rs.200 crore and Rs.150 crore respectively.

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    General Insurance Corporation Of India

    The General insurance industry was nationalized in 1972 and 107 insurers were grouped and amalgamated into four Companies National Insurance Co. Ltd., The New India Assurance Co. Ltd., The Oriental Insurance Co. Ltd. and United India Insurance Co. Ltd. The GIC was incorporated in the year 1972 and the other four companies became its subsidiaries. In November 2000, GIC was notified as the Indian Reinsurer, and its supervisory role over its subsidiaries was brought to an end. From 21 March 2003, GIC’s role as a holding company of its subsidiaries also came to an end and the ownership of the subsidiaries was transferred to the Government of India. The Corporation has its head office in Mumbai and 3 liaison offices in India , 3 branches in foreign countries and 1 representative office in Moscow. It also has 2 foreign subsidiaries . As on 31.03.2016 the employee strength of the Corporation is 558. The authorized capital is Ra.1000 crore while the paid-up equity capital of the company is Rs.430 crore.

    Its 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 dont 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.

    The Government Personnel Mutual Life Insurance Company 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. They provide an array of life insurance products, Medicare supplements, and annuities.

    They are a well-known brand for their final expense life insurance offering.

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

  • What is the bottom line?
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    How To Name A Beneficiary

    It’s important to name a beneficiary for each policy form when you purchase life insurance. If you dont, your insurer will assume by default the beneficiary is your estate.

    You may want to consider naming an alternate or contingent beneficiary. This is the person or persons who will receive the proceeds of the death benefit if your named beneficiary dies either before you or at the same time as you.

    It’s a good idea to review your beneficiary designations from time to time and update them if necessary.

    Government Personnel Mutual Life Insurance Company Q& a

    Information on this page is provided ‘as is’ and solely for informational purposes, not for any other purpose or advice. In addition, this information does not originate from us and thus, we do not guarantee its accuracy.

    You can check the profile page of each professional or company to determine whether they are a paying advertiser . Regardless of advertiser status, none of the listings, reviews, or other information on Wallet Hub constitutes, in any way, a referral or endorsement by us of the respective financial company or professional, or vice versa. Furthermore, it is important to note that the inclusion of a financial company or professional on Wallet Hub does not necessarily indicate their involvement with the site or control over the information that we display. Information is displayed first and foremost for the benefit of consumers.

    Editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not the financial institutions responsibility to ensure all posts and questions are answered.

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    National Insurance Company Limited

    The Company was incorporated in the year 1906. After nationalization it was merged, along with 21 foreign and 11 Indian companies, to form National Insurance Company Ltd. The Company has 1998 offices all over India and employee strength of 15079 as on 31.03.2016. The company provides insurance services to the customers catering to almost all segments of general insurance business. The authorized capital and paid-up equity capital of the company is Rs.200 crore and Rs.100 crore respectively.

    Agriculture Insurance Company Of India Limited

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    ‘Agriculture Insurance Company Of India Limited was incorporated to exclusively cater to the insurance needs of the persons engaged in agriculture and allied activities in India under the Companies Act, 1956 on 20th December 2002. General Insurance Corporation of India , NABARD and four public sector general insurance companies have contributed towards the share capital of the Company. The Authorized Share Capital of the Company is Rs. 1500 crore with initial Paid-up Equity Share Capital of the Company of Rs. 200 crore.

    The Company having received approval from Insurance Regulatory & Development Authority commenced its business operations w. e. f. 1st April, 2003. The total number of employees as on 31st March, 2015 is 274 all over the country. It has its Head Office in New Delhi, 17 Regional Offices in various State Capitals and 3 one man offices at District levels.

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    Group #: Mutual Insurers

    These are single insurance companies that are jointly owned by their policyholders. The key difference of these insurers is that any profit earned by these companies is distributed back to the policyholders either as dividends or in the form of reduced insurance rates. Examples of such companies are Gore Mutual Insurance, Trillum Mutual Insurance and Yarmouth Mutual.

    What Is The History Of The Government Personnel Life Insurance Company

    A companys history is a great way to start a review because looking at ones past can foretell the future. Length of time in business, challenges, and triumphs are part of many successful companies and individuals. I think GPM Lifes 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 protects 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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    The New India Assurance Company Limited

    The company was founded by Sir Dorabji Tata on July 23rd, 1919 and nationalized in 1973 with merger of Indian companies. The Company has 2329 offices and the employee strength is 18783 as on 31.03.2016. The company provides insurance services to the customers having over 170 products catering to almost all segments of general insurance business. The authorized capital and paid-up equity capital of the company is Rs.300 crore and Rs.200 crore respectively.

    Naming A Beneficiary Who Is Under Legal Age


    If the beneficiary you name is under the legal age when you die, you may want to set up a trust and designate a trustee or administrator. This person can hold the proceeds of the death benefit in trust on behalf of the minor.

    If you don’t name a trustee or administrator, the death benefit, plus any interest it earns, will be held in trust by the province or territory. It will be paid out when your beneficiary reaches legal age. Consult with a lawyer or financial advisor for more details.

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    The Oriental Insurance Company Limited

    The Oriental Insurance Company Ltd was incorporated in the year 1947. In 2003 all shares of the company held by the General Insurance Corporation of India were transferred to the Government of India. The Company has 1924 offices in the country and has employee strength of 13923 as on 31.03.2016. The company provides insurance services to the customers catering to almost all segments of general insurance business. The authorized capital and paid-up equity capital of the company is Rs.200 crore.

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    The Information We Collect And How We Collect It

    Personally Identifiable Information. The website collects two kinds of information that relates to you. The first, and most important to you, is information that is personally identifiable to you. This is information like your name, telephone number, email address, home address and social security number. We do not collect personally identifiable information unless you decide to provide us with it. To be clear, you are never required to provide us with Personal Information but not all of the services we offer will be available to you without that information. For example, we will ask for your contact information if you have requested us to send you information about certain plans or services.

    Personal Information also includes information on your health. However, we do NOT ask for and do NOT collect Medical Records from you. Those records remain between you and your doctor.

    If at any time you would like to review or update the Personal Information we have collected about you, please contact us and we will arrange for you to do so. While you work with us, you remain in control of all of your personal information at all times.

    How We Use The Information We Collect

    Key Benefits of Mutual Insurance Companies

    Because we respect your privacy and value our relationship with you, we only use your Personal Information to offer you information about and the opportunity to purchase health care coverage that is right for you or your family. We also use third party partners and affiliates to help us to provide these services so we may share your information with these third parties and affiliates for such purposes. These third parties and affiliates are not authorized by us to use your Personal Information in any other way.

    For example, we provide your Personal Information to our parent company, HealthPlanOne, LLC, so that they can help you to find and apply for Medicare and health insurance. We have also contracted with other third parties to provide the same services so as to ensure that your questions are answered and so that more than one opinion may be made available to you.

    Since Aggregate Information does not include Personal Information, we reserve the right to use and share this information with others. However, we primarily use this information to customize your experience on our Site, to help us improve the quality of the Site, and to make your use of the Site easier and more valuable to you.

    We do not sell, license, transmit or disclose Personal Information that you provide to us except with the following exceptions:


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    Life Insurance Corporation Of India

    LIC of India was incorporated on 1st September, 1956 by amalgamating 243 Companies by the Act of Parliament called Insurance Act, 1956. LIC is governed by the Insurance Act 1938, LIC Act 1956, LIC Regulations 1959 and Insurance Regulatory and Development Authority Act 1999. As on 31st March, 2016, LIC has 8 Zonal Offices, 113 Divisional Offices, 2048 Branch Offices, 73 Customer Zones, 1401 Satellite Offices and 1240 Mini Offices in India.

    Group #: Independent P& c Insurers

    These are companies that are still independent and operating under their own brand, not the brand of a parent company. Their size can vary. Examples of two larger companies are Wawanesa Insurance and The Co-Operators. There are numerous smaller P& C insurers such as Echelon, Peace Hills Insurance, Hagerty , The Guarantee, SSQ Insurance, Square One Insurance , Industrial Alliance, Optimum, AIG and others.

    Some of them are focused on particular regions, such as e.g. Peace Hills Insurance. Some are backed up by larger financial organizations, such as SSQ Insurance and Genworth Financial, who also offer life insurance and other financial/banking products.

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    Naming Your Estate As The Beneficiary

    If you name your estate as the beneficiary. The estate will distribute the death benefits according to the terms of your will. The proceeds of the death benefit will become part of your estate and will be subject to estate taxes. If the death benefit is part of your estate, creditors may claim the death benefit to pay for your outstanding debts.

    If you name your estate as your beneficiary:

    • the death benefit will become part of your estate
    • the death benefit will be distributed according to the terms of your will
    • the money will be subject to taxes when your estate is settled

    What Is Modified Benefit Whole Life Insurance

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    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 arent 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. 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.

    • Issue ages: 5085

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    Government Personnel Mutual Life Insurance Co

    Government Personnel Mutual Life Insurance Co.

    2211 Northeast Loop 410,San Antonio, TX 78217-4630

    Investment Services & Portfolio Management

    Founded in 1934, Government Personnel Mutual Life Insurance Co. is an insurance company located in San Antonio, Texas

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