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Gleaner Life Insurance Reviews
Gleaner Life Insurance Society was founded in 1894 by Grant Slocum. He set out to create a not-for-profit fraternal society meant to protect farmers and their families. Gleaner has since expanded to cover 19 states, and is based in Adrian, Michigan.
Gleaner life insurance policies are available to shoppers in Arizona, Florida, Georgia, Iowa, Illinois, Indiana, Kansas, Kentucky, Michigan, Missouri, North Carolina, Nebraska, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, Wisconsin and West Virginia. The company is owned by its members, meaning policyholders become the participant owners of the company.
Gleaner Life Insurance Society
- P.O. Box 1894
Adrian, MI 49221
Advantages of Gleaner Life Insurance Society
Gleaner as a company offers extra benefits that may interest you. Gleaner is very family- and member-oriented, with benefits like scholarship opportunities, family events, and local service clubs called the Arbor System. If you’re looking for a life insurance company that goes beyond just providing you with a policy, Gleaner Life could be an attractive option. By only providing coverage to specific states, they can focus efforts on community outreach and connecting with individual members.
Gleaner is a not-for-profit fraternal benefit society. This means that when you purchase a policy, you become not just a customer, but a member. Policyholders can also earn dividends. Gleaner is also a faith based company, inspired by biblical stories of banding together and taking care of one another, with the goal to help members and their communities. It is not a requirement to be religious to become a policyholder.
In addition to the company itself, there are advantages to Gleaner's policies, too. The company offers add-ons (called “riders”) for many of their policies. For example, these riders can provide coverage for your spouse or children. Additionally, critical illness, chronic illness, and terminal illness riders may be available at no additional cost, depending on your health status and the underwriting process. These riders can fill potential gaps in your coverage and give you added peace of mind, knowing that you and your family are protected, no matter what the future holds.
Disadvantages of Gleaner Life Insurance Society
The major disadvantage of Gleaner Life Insurance Society is their limited area of coverage, providing policies to just 19 states. An additional disadvantage is the limited number of riders available. Your needs are unique, and your policy should reflect that. The existing riders offered by Gleaner are said to be available at no additional cost depending on the results of the underwriting process, making it unclear if they are truly riders that can be added on to a policy, or if they are already included in the terms and protections of your policy and just listed as something separate.
Did you know? The purpose of a rider is to add additional coverage to your policy to either (a) fill in gaps in coverage or (b) extend the original coverage. This usually results in an increase in your premium, but also offers a safety net for things like an unexpected terminal illness diagnosis, a disability, or the need to access your death benefit while you are still living.
Gleaner also boasts lower premium costs when you opt for their 10-year guaranteed premium. However, when you compare those rates to other life insurance carriers, Gleaner tends to have the most expensive rates. It is important to consider the additional benefits that come with Gleaner Life Insurance Society as a not-for-profit fraternal benefit society, as this is a factor when considering premium costs.
In order to find the policy that truly fits your needs and budget, it's important to comparison shop.
Working with a broker like LifeQuote makes this process easy, as our agents have access to rates from 40+ top carriers and can provide you with advice on the underwriting process. Get a free quote now to start comparison shopping:
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.
Additional Coverage Options
Gleaner Life Insurance Society also offers a plan for children called Just for Kids life insurance. It can be issued for children aged one month to 17 years, with a coverage amount of $10,000. This policy requires just one payment of $125, and can be converted to permanent life insurance worth $50,000 with no medical exam.
Gleaner Life Insurance Society Ratings
Global rating agencies score insurance companies based on a variety of financial factors. They'll determine the insurer’s likelihood of meeting their financial obligations. Each company uses their own scale and process, which is explained in depth here. Choosing a life insurance policy is important. You need to consider the stability of a company. Life insurance is an investment in peace of mind, and you want to be confident that you’re paying for a policy that will last.
Gleaner Life Insurance Society is rated with an A-/Excellent by the A.M. Best rating company and an A/Stable outlook by KBRA. They have a Comdex score of 59, which means they have a higher average score than almost 60% of other companies with two or more ratings. An A- rating indicates that Gleaner Life has stable financials. They are extremely likely to be able to pay their financial obligations, making a policy from them a secure choice.
| Agency | Rating | Description |
| A.M. Best | A- | Excellent |
| KBRA | A | Stable |
| Moody´s | N/A | -- |
| Comdex | 59 | -- |
Conclusion
When it comes to shopping for a policy to protect the financial future of your family, it’s important to consider several companies. Gleaner has a strong financial rating and is committed to serving its members on a personal level. With several products available and the opportunity to earn dividends, there are many advantages to Gleaner Life. However, premium costs and limited areas of coverage may mean their policies are not the best fit for you.
Comparison shopping before committing to a company and a policy helps ensure you find the coverage that is the best fit for you. After all, there’s nothing more important than protecting your family!
Here at LifeQuote, we'll work with you to help you find the best policy for your family's needs. Get a free quote right here and take the first step toward protecting your loved ones.
