Gerber Life Insurance Review

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Insurance is a way of protecting oneself or one’s family against potential risks that may arise in the future. There are various types of insurance policies available, and one of the most important is life insurance. In this section, we will discuss Gerber Life Insurance, what it is, and why having life insurance is crucial.

Explanation of Gerber Life Insurance:

Gerber Life Insurance is a subsidiary of the Gerber Products Company, which is a well-known brand that produces baby food and other products for infants. Gerber Life Insurance was founded in 1967 and offers a range of insurance products for families, including term life insurance, whole life insurance, and guaranteed life insurance. The company aims to provide affordable and accessible life insurance to families, and its policies are designed to meet the needs of different types of families.

Gerber Life Insurance policies are available for people of all ages, from infants to seniors, and can provide financial protection for various purposes, including paying for final expenses, providing income replacement for a family, and funding a child’s education. The policies are flexible and customizable, and customers can choose the coverage amount and duration that best suits their needs.

Gerber Life Insurance Company History

The iconic wide-eyed, chubby-cheeked Gerber baby dates back to 1928 when a drawing of her began appearing on Gerber baby products. Today, that black-and-white image also is the face of Gerber Life Insurance Co., founded in 1967 by Gerber Products Co. and now part of Western & Southern Financial Group.

Gerber Life had more than $59 billion in life insurance in force as of December 2020. The company licenses the Gerber name from Gerber Products.

Company Background

Gerber Life Insurance was founded in 1967 as a subsidiary of Gerber Products Company, known for its baby food and other baby products. The company was created with the purpose of providing affordable life insurance to young families, and it has continued to focus on that mission ever since.

As the years went by, Gerber Life Insurance expanded its product offerings to include not only life insurance but also supplemental health insurance, accident protection, and college savings plans. Today, the company serves more than 3 million policyholders and has over $50 billion of life insurance in force.

Gerber Life Insurance has a strong financial foundation, with an A (Excellent) rating from A.M. Best, a leading rating agency in the insurance industry. Additionally, the company has received an A+ rating from the Better Business Bureau, indicating its commitment to ethical business practices and customer satisfaction. These ratings demonstrate Gerber Life Insurance’s ability to meet its financial obligations to policyholders and its overall financial stability.

Overall, Gerber Life Insurance is a well-established and reputable company that has been dedicated to providing affordable life insurance to families for over 50 years. With a strong financial foundation and a commitment to its customers, Gerber Life Insurance is a trusted choice for those seeking life insurance and other related products.

Gerber Life Insurance Products

Gerber Life Insurance offers a variety of life insurance policies to meet the needs of its customers. Here are the different policies offered by Gerber:

■ Term Life Insurance – This policy provides coverage for a specific period of time, usually 10, 15, 20, or 30 years. It is the most affordable option and is ideal for those who want coverage for a specific period of time, such as until their children graduate from college. The downside is that once the term ends, the coverage ends, and you will need to purchase a new policy.

■ Whole Life Insurance – This policy provides coverage for the entire lifetime of the insured, as long as the premiums are paid. It also accumulates cash value over time, which can be borrowed against or used to pay premiums. The downside is that it is more expensive than term life insurance.

■ Guaranteed Life Insurance – This policy is designed for seniors who may have difficulty obtaining coverage due to health issues. It is guaranteed acceptance, which means there are no health questions or medical exams required. The downside is that it is more expensive than other types of life insurance and has lower coverage limits.

■ Accident Protection Insurance – This policy provides coverage in the event of an accident, such as a car accident or a fall. It pays a benefit to help cover medical expenses, lost income, or other expenses related to the accident. The downside is that it does not provide coverage for illnesses or natural causes of death.

Other Types of Gerber Life Insurance

Gerber Life’s term life insurance

Term life insurance provides level rates for a certain period or term. It’s typically the cheapest type of life insurance. A term life insurance payout can be used by your family to replace your income, pay off a mortgage or fund college educations.

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Gerber Life offers terms of 10, 20 or 30 years for people ages 18 to 70.

Coverage amounts vary from $100,000 to $1 million. In many cases, a life insurance medical exam isn’t required to obtain coverage, but you do need to answer several questions about your health. You must undergo a medical exam if you’re at least age 51 and are applying for $100,000 or more in coverage.

Gerber Life’s whole life insurance

A whole life insurance policy works by covering you throughout your life without a change in rates, as long as you pay the monthly premium. In addition, a whole life policy can build cash value.

At Gerber Life, coverage amounts for whole life insurance range from $50,000 to $1 million. Coverage is available to people ages 18 to 70.

Gerber Life insurance allows the holder of a whole life policy to borrow against the cash value if the monthly premiums are paid. The interest rate for a policy loan is 8%. A policy loan can affect the policy’s cash value and death benefit.

If premium payments are up to date, the policy will never expire and the premiums will never rise.

Gerber Life’s guaranteed life insurance

Regardless of health history, Gerber’s guaranteed life insurance offers coverage for people between ages 50 and 80. An applicant does not need to undergo a medical exam or fill out a health questionnaire.

With coverage amounts of $5,000 to $25,000, Gerber’s guaranteed issue life insurance is mainly designed to cover final expenses, such as burial costs, medical bills and small unpaid debts.

The premiums only change if you increase coverage or increase the frequency of payments.

Since this is whole life insurance, the policy builds cash value over time. A policyholder can take out a loan against the cash value at an interest rate of 8%. If you cancel the coverage, you receive the policy’s available cash value (minus any surrender charge).

Gerber Life’s guaranteed life insurance does come with a graded death benefit. This restricts the death benefit paid if the policyholder dies of a non-accident cause (such as illness) during the first two years of the policy. The beneficiary will receive all premiums paid, plus 10%. The death benefit will be paid in full after the two-year period expires.

Gerber Life’s No-Exam Life Insurance

Two of Gerber Life’s policies for adults provide no-exam options.

  • Gerber Life’s term life policy provides coverage from $100,000 to $300,000. You must go through a medical exam for this policy only if you’re age 51 or older and are applying for more than $100,000 in coverage.
  • Gerber Life’s guaranteed life insurance also does not require a medical exam. It’s available to people between age 50 and 80, but its coverage falls short of that available from a term life or traditional whole life policy. Coverage amounts for Gerber’s guaranteed life insurance are $5,000 to $25,000.

Gerber Life’s Accident Protection Insurance

Gerber’s accident protection insurance is not life insurance. Rather, it’s an accidental death and dismemberment insurance policy that provides a payout in case of death or a disabling injury caused by an accident covered by the policy.

A policy payout can go toward medical expenses, lost wages and other costs related to the death or injury. Coverage amounts range from $25,000 to $250,000. Benefits and rates are locked in as long as the premiums are paid.

No medical exam is required, and no health questionnaires need to be filled out. Coverage is available to people ages 18 to 69, regardless of health status or occupation.

Gerber Life Insurance for Kids and Young People

Among the options from Gerber Life Insurance are plans for young folks.

Gerber Life’s Grow-Up Plan

The Gerber Life Grow-Up Plan is a whole life insurance policy that you can buy for children from age 14 days to 14 years. A parent, grandparent or permanent legal guardian can buy $5,000 to $50,000 of coverage for a child. The coverage amount automatically doubles when the child turns age 18. For example, a $25,000 policy would double to $50,000, as long as the premium payments are up to date.

No medical exam is required, but you must complete a health questionnaire. Gerber Life says it rejects less than 2% of applications for its Grow-Up Plan coverage each year for medical reasons.

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The child becomes the policyholder at age 21. They can choose to continue paying premiums at Gerber Life’s standard adult rates for their age at that time, with no medical exam, or end the coverage and receive the accumulated cash value.

Premiums for the Gerber Life Grow-Up Plan can start as low as $3.70 a month for $5,000 in coverage for a child less than one year old (if payments are automatically deducted from a checking or savings account).

The Gerber Life Grow-Up Plan builds cash value over time and enables the child to buy extra coverage as an adult. A cash value loan at an interest rate of 8% can be taken out.

Young Adult Plan

Gerber Life’s Young Adult Plan is geared toward people ages 15 to 17. Parents, grandparents and permanent legal guardians can apply for this coverage. The teenager becomes the policyholder at age 21.

This plan supplies whole life insurance coverage, with the policy building cash value; the coverage amount doubles at age 18. A healthy teen can get $5,000 to $50,000 of whole life coverage. This coverage must be purchased by phone.

Gerber Life College Plan

Gerber bills its Gerber Life College Plan as an alternative to a traditional college savings account for putting away money to pay for a son or daughter’s college education (or to cover other expenses).

Gerber Life says the plan can guarantee how much money a plan’s owner will have after 10 to 20 years (as long as premiums are paid). That’s coupled with adult life insurance coverage. If you, the policyholder, were to pass away, then the full benefit amount of the policy is paid as a death benefit to your designated beneficiary.

As long as the premiums are paid, the plan’s guaranteed payout will range from $10,000 to $150,000 when the policy matures, Gerber Life says.

The company notes that withdrawals from the plan are taxable. The rate of return on cash value depends on the policy, the policy’s duration and the billing frequency.

Price

We pulled quotes for applicants in excellent health at different ages and found that pricing for term coverage at Gerber Life is much more costly than at other providers. Below are quotes for 30-year term policies with a $250,000 death benefit.

 MaleFemale 
Age 25$49.38$38.33
Age 40 $106.25 $75.83 

As a point of comparison, a 25-year-old male would only pay $19 per month for the same coverage at Ethos, which is less than half the cost. Most other providers charge between $17 and $23.

But life insurance premiums are highly individualized. If you’re young and in excellent health, Gerber Life probably won’t be the best value. But if you have some health issues, you may want to get a quote from Gerber for comparison.  

Final Verdict

If you have health issues and want whole life insurance without a medical exam, it might be worth getting a quote from Gerber Life. If you want child life insurance, you might consider Gerber because of the death benefit doubling feature, but other companies offer whole life policies for children as well, so comparing quotes is essential. 

But if you’re in the market for term insurance, Gerber’s term coverage is incredibly overpriced. Furthermore, other life insurance companies have better financial strength ratings, better indicators of customer satisfaction, more features, and more accessible customer service.

Gerber Life Insurance Cost:

The cost of Gerber Life Insurance depends on several factors. These include the policyholder’s age, health condition, lifestyle, gender, and the coverage amount. Generally, younger and healthier policyholders will pay lower premiums than older and less healthy individuals.

Gerber Life Insurance offers several types of policies, including term life, whole life, and guaranteed life insurance. Sample quotes for these policies will vary based on the factors mentioned above, as well as the length of the policy term and the coverage amount.

As an example, a healthy 30-year-old non-smoker may pay around $20 per month for a 20-year term life insurance policy with a $500,000 coverage amount. A whole life insurance policy with the same coverage amount may cost around $250 per month for the same individual.

It is essential to compare Gerber Life Insurance’s rates and coverage with those of other insurance companies to determine the best option for you. Factors such as financial stability, customer service, and reputation should also be considered when choosing an insurance provider.

Overall, Gerber Life Insurance offers competitive rates and flexible policies to fit different individual needs. Prospective policyholders should consider their financial goals, family situation, and long-term plans before deciding on a policy.

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How to Buy Life Insurance from Gerber Life Insurance

To buy a life insurance policy from Gerber Life, you start by filling out an application. You’ll need to provide information about the person you want to insure — whether that’s you or your child – including, but not limited to, the following:

  • Name
  • Age
  • Occupation
  • Hobbies
  • Gender
  • Address
  • Desired coverage amount
  • Tobacco use
  • Alcohol use

If your policy requires a medical exam, that will also have to be completed before the application can be approved. Once approved, you’ll be able to pay your premium to put the policy in force. As long as you stay up to date on payments, it will remain in force until the end of the term or the death of the insured.

Gerber Life Insurance Claims and Customer Service

Gerber Life Insurance offers a straightforward claims process that aims to make the experience as easy as possible for policyholders. In the event of a covered loss, policyholders or beneficiaries can file a claim by contacting the company’s claims department by phone or online.

To file a claim, policyholders or beneficiaries will need to provide some basic information, including the policy number, the insured’s name, and the date of death (if applicable). They may also be required to provide additional documentation, such as a death certificate or proof of loss. Gerber Life Insurance strives to process claims quickly and efficiently, with most claims being processed within 10 business days.

Gerber Life Insurance also places a strong emphasis on customer service, offering several options for policyholders to get in touch with the company. Customer service representatives are available by phone, email, or live chat to answer questions, provide assistance, or help with the claims process. In addition, Gerber Life Insurance has a customer satisfaction rating of 4.5 out of 5 stars, indicating that the company is highly rated by its customers for its customer service and claims handling.

Gerber Life Insurance Reviews and Reputation

Gerber Life Insurance has garnered mixed reviews from customers and third-party organizations. On consumer review websites such as Trustpilot and ConsumerAffairs, Gerber Life Insurance has an average rating of around 3 stars out of 5, with some customers praising their customer service and affordable premiums while others criticize their claims handling process and policy options. However, it is important to note that online reviews can be subject to bias and may not reflect the overall quality of the company’s services.

In terms of industry reputation, Gerber Life Insurance has been around since 1967 and is a subsidiary of Western & Southern Financial Group. The company has an A (Excellent) rating from A.M. Best, a well-respected credit rating agency that evaluates the financial strength and stability of insurance companies. Gerber Life Insurance has also received accolades from other organizations, such as being named one of the Top 50 Life and Health Insurance Companies by the Ward Group in 2019.

When compared with other insurance companies, Gerber Life Insurance’s premiums are generally considered affordable, particularly for their child and young adult policies. However, the company’s policy options may be more limited compared to other insurers, with fewer options for term lengths and coverage amounts. Additionally, Gerber Life Insurance may not be the best option for individuals with pre-existing health conditions, as the company may require a medical exam for certain policies.

Overall, Gerber Life Insurance has a solid reputation in the industry and may be a good option for individuals looking for affordable life insurance policies. However, it is important to thoroughly research and compare policies from multiple insurers before making a final decision.

Conclusion:

In conclusion, our review of Gerber Life Insurance found it to be a solid option for individuals looking for basic coverage. The company has been in business for over 50 years and has a strong financial rating, which provides a sense of security for policyholders.

We found that Gerber Life Insurance offers a variety of policies, including term and whole life insurance, with coverage amounts ranging from $25,000 to $150,000. The application process is straightforward, and the company’s customer service team is knowledgeable and helpful.

However, Gerber Life Insurance does have some limitations, including limited coverage amounts and policy options. Additionally, the company’s rates are not always the most competitive, so it’s important to compare rates from multiple insurance providers before making a decision.

Overall, we believe that Gerber Life Insurance is a good choice for those seeking basic coverage at an affordable price. We recommend that prospective policyholders carefully consider their options and compare rates before making a decision on which policy to purchase.