Gerber Life Insurance Company has continuously held a gold standard level of brand recognition. However, this brand recognition isn’t completely due to its impression in the insurance industry; it is rather due to the fact that it is a subsidiary of the Gerber baby food family owned business. Since 1927, American households nationwide recognize Gerber as a brand trusted for the newest family members. Here we are offering our final expense insurance review of Gerber Life Insurance.
Gerber Life Insurance, introduced in 1967, started with the objectives to help parents provide protection for their families and attain financial security. Gerber has developed affordable, top-rated child life insurance plans, plus adult life insurance plans offering their policyholders the peace of mind that they want and deserve.
Furthermore, the company delights in stating that they are with families “every step of the way.” It maintains its financial portfolio conservatively in order to assist in the guarantee of long-term growth, as well as overall financial stability.
Unfortunately, Gerber Life Insurance products do fit a smaller demographic. But if you are looking for a guaranteed policy and you’re age 50 or over, read on and learn about a great coverage option for you and your family.
Gerber’s Financial Strength
Currently, Gerber Life Insurance has greater than $45 billion in active life insurance policies, which provides for the financial security of their staggering 3.3 million policies. The company is presently licensed to provide its services throughout the U.S., Canada, and Puerto Rico.
A.M. Best and Standard & Poor, the unbiased reporting agencies that rate insurance companies on their integrity, financial stability, and management, awarded Gerber Life Insurance Company with an “A” (Excellent) rating. These combined ratings give Gerber Life a modest Comdex rating.
Financial strength, as reflected by these ratings, is important because it predicts how well an insurance company can pay its potential claims. It is also important to point out that the financial strength of an insurer predicts the likelihood a claim will be paid when it is filed decades after the policy was purchased.
So as you can see, taking into consideration Gerber’s excellent ratings, the millions of active policies for both young and old, and the multi-billion dollar size of the company, Gerber is one of the top-rated life insurance providers in the U.S. for the guaranteed life insurance product line.
Life Insurance Products Available
Gerber Life Insurance offers several plans for children beginning at birth and more recently started offering Senior Guaranteed Acceptance Whole Life Insurance. These products provide the coverage you desire at a price you can afford. Gerber Life also offers one of the leading Final Expense Insurance plans on the market today.
There are several different plans available through Gerber Life Insurance Company, but they cater to those in need of permanent life insurance for both children and adults. Plus, they are one of the only insurance companies not requiring a medical exam. Gerber Life offers the Gerber Grow-Up® Plan for children and for adults, the most popular choice is the Guaranteed Life policy.
Gerber Grow-Up® Plan
The Gerber Grow-Up® Plan is a whole life insurance policy for your child. The advantages to this plan are that in addition to providing your child with a life insurance benefit of up to $50,000, the policy grows in cash value over time, which is beneficial for your child in the future.
Furthermore, the death benefit doubles once your child reaches the age of 18. Increases in coverage are available later in your child’s life, and because this is a whole life insurance policy, an accumulated cash value is available for loan.
Guaranteed Life Insurance
Guaranteed Life Insurance from Gerber Life is a whole life insurance policy for adults ages 50 to 80 years old and allows for as much as $25,000 in permanent coverage. This plan has no medical questions, no exams, and your insurance coverage begins within days. However, there is a waiting period on this policy of two years, which is standard for all companies offering guaranteed issue final expense insurance.
The death benefit ranges from $5,000 to $25,000 but is not available during the 2-year waiting period. However, in the event that you do pass during the first 2 years of the policy, Gerber Life will refund all premiums you ever paid to them, plus an additional 10% interest. This is commonly known as the graded death benefit.
Since Gerber’s Guaranteed Life Insurance is a whole life policy, there is a cash value benefit to be used at any time. As long as premiums are paid, Gerber will set aside a portion to function as cash value. This is extremely beneficial in times of unforeseen circumstances.
Furthermore, the premium amount you pay once coverage starts is the same amount you will pay for the duration of the policy. Your premium payments will only change if you increase coverage or increase the frequency of your payments.
Gerber’s Whole Life Insurance
Offered to applicants ages 18 to 50-years old, whole life insurance can be purchased with coverage amounts between $25,000 and $150,000. No medical exam is necessary and there is also a cash value component. As with all whole life policies, as long as the premiums are paid, the policy will never expire.
Is Guaranteed Final Expense Insurance Right For Me?
Guaranteed Acceptance Life Insurance for Final Expenses may not be for everyone. Sure, it’s easy to apply and you’re pretty much “guaranteed acceptance”, as the name implies. There’s also few, if any medical questions asked and no medical exam required. However, there is always a price for convenience.
First, the 2-year waiting period before a death benefit is paid out is not an attractive selling point, but due to the lack of a medical exam, it is a necessary evil when it comes to paying out claims. Not to mention, most insurance companies have the same waiting period, as mentioned earlier. Next, premiums are going to be high and fixed, so you need to make sure you will be able to accommodate for these monthly premium payments. Finally, if you have underlying health conditions, you will want to check into underwritten plans first that account for your existing condition.
Here are actual rates for $10,000 Guaranteed Issue life insurance from Gerber:
We believe Gerber Life’s final expense insurance is quite simply one of the best-guaranteed acceptance policy on the current market. With a strong reputation of many years of life insurance experience, Gerber Life offers a simple, yet affordable way to purchase life insurance. The products mentioned do not require a medical exam and approval is fast, making their products appealing to many people.