Gerber Life Insurance Company Review

Gerber Life Insurance Company Review

Even if you have not had children, chances are that you’ve heard the name Gerber. 

This large American company is also known to provide life insurance through their insurance department referred to as Gerber Life Insurance.  

In fact, Gerber Life Insurance is an excellent carrier due to their great life insurance product line and their substantial brand recognition.

Gerber Life’s Background

Gerber Life Insurance logo

Gerber is essentially comprised of two different companies – Gerber Baby Food and Gerber Life Insurance.  Starting out in 1967, Gerber Life has been providing quality life insurance for young families at affordable rates.

Gerber Life Insurance Company is licensed to write life insurance throughout North America, including the United States, Puerto Rico, and Canada.  The company currently serves 3.3 million policies and has over $2 billion in assets.  Gerber Life provides both term and whole life insurance policies for their adult policyholders and both a Grow-Up® Plan and College Plan for those policyholders’ children.

Ratings and The Better Business Bureau

A.M. Best is one of the leading insurance rating agencies and has awarded Gerber Life an “A” (excellent) rating.  This excellent rating suggests that Gerber Life is financially stable and has the capability to pay its clients’ claims both now and in the future.

Although the life insurance provider has not been accredited by the Better Business Bureau (BBB), the organization has given Gerber Life an “A+” (excellent) rating.

Gerber Life Insurance Products

An insurance company is really only as good as the products it provides.  Gerber Life offers its consumers the life insurance options of term life, whole life, guaranteed issue, children’s insurance, and accidental insurance.  The following provides a synopsis of each:

Gerber Term Life Insurance

This form of coverage offers face amounts ranging from $25,000 up to $150,000.  Considered a level term insurance product, your premiums will remain the same throughout the policy’s term period.  The policy terms available include 10, 15, 20, and 30-years of life insurance coverage.  A medical exam is not required for those age 18 to 50 years old for $100,000 in coverage, however, a few medical history questions will be asked prior to approval.

As with most term life insurance policies, Gerber Term Life expires once the term ends.  However, a key feature with this policy is that you’ll have the option to either convert it to a permanent form of coverage or simply let it expire.  Additionally, when you convert the policy, proof of continued insurability is not required – your premium rate will just be adjusted according to your older age.

Gerber Whole Life Insurance

The whole life policy provided by Gerber is similar to the term life policy, except that this is a permanent form of coverage with a cash value component.  Coverage amounts range from $10,000 to $150,000, with no medical exam required as long as you’re between 18 and 50 years of age and just wanted $100,000 in coverage.  The cash value grows with time and can be borrowed against for unexpected expenses in the future.

Gerber Guaranteed Issue Life Insurance

Arguably one of the most popular products in the Gerber Life product line, this form of coverage guarantees coverage without a medical exam or without answering medical history questions.  The rates are the same for smokers and non-smokers.  The criteria for this policy is that you must be between 50 and 80 years old and looking for $5,000 to $25,000 in life insurance coverage.  That’s it!  Meet those requirements and you are guaranteed coverage.

Gerber’s Life Insurance for Children

Gerber provides two different life insurance options for your children – the Grow-Up® Plan and Gerber’s Life College Plan.  The Grow-Up® Plan, a whole life insurance policy specifically for children ages 14 weeks to 14 years old, provides both life insurance protection and a cash value component.

Gerber’s Life College Plan is another form of protection which allows your child to receive a guaranteed payout raging between $10,000 and $150,000 as long as the premiums are paid and the policy has reached maturity.  To learn more about either of these policies for your children, please visit Gerber Life’s website.

Gerber Life Accidental Protection

This policy provides protection against accidental death or disability caused by one of the policy’s specified covered injuries.  The coverage amounts range from $20,000 to $100,000 regardless of health status or occupation and the premium rates are locked in for the life of the policy.

 

life insurance policy genius

 

The Application Process

Gerber is known to utilize a streamlined process when it comes to application, with no exam required for most applicants.  However, there may be a few short health questions required at the time of application.  The lack of a medical exam certainly speeds up the underwriting process.  While most companies have a 6 to 8-week wait for an underwriting decision, Gerber guarantees approval with the answering of a few health questions.

What About The Cost?

Due to the fact that Gerber Life is more lenient in their underwriting when compared to other life insurance providers, their rates for their no-exam term life insurance policy isn’t as competitive as other companies offering no-exam policies.  In fact, most times, you are able to get $50,000 more in life insurance coverage for the same price with other no-exam life insurance providers.  However, Gerber Life’s Guaranteed Issue policy is more competitive with its premium rates when compared to other companies offering the same coverage.

Summary

Gerber Life is an exceptional company with their great product line and strong brand recognition.  Their rates are highly competitive for their guaranteed issue product line, plus they excel in providing excellent customer service.

Life insurance needs vary from family to family.  There is no “one-size-fits-all” life insurance policy or provider.  Depending on your particular needs and concerns, a different company entirely may be more suitable for your situation.  Look to an independent life insurance agent or agency that represents multiple carriers in order to find the best policy at the most affordable rate.

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