What is Gerber Life guaranteed life insurance? It's a type of life Insurance policy that guarantees your approval for coverage, if you meet the age requirements for acceptance. This type of policy provides lifetime (permanent) life insurance protection, as long as you pay your premiums on time. It builds cash value inside the policy, and pays out a death benefit upon the death of the insured person. Even if you have been denied coverage from other carriers, you can still get insured. There is no health exam required, and you won't have to take a physical exam to qualify for coverage. Many people choose this type of life insurance plan to provide funds to cover the cost of their funeral and burial expenses.