Life insurance can play a fundamental role in your overall financial plans. One of the biggest reasons for this is because the proceeds from life insurance coverage can be used for a variety of reasons, including the payoff of debt and the replacement of income that is used for paying monthly living expenses.
But not all life insurance is exactly alike. In fact, far from it. Neither are life insurance companies. So, when you are seeking the right life insurance policy for your needs, be sure that you are considering the proper type and amount of coverage.
You will also want to ensure that the insurance carrier you are buying the policy through is secure and stable from a financial standpoint and that it has a good, positive reputation for paying out claims promptly. One company that meets these criteria is Gerber Life Insurance Company.
The History of Gerber Life Insurance Company
Gerber Life Insurance Company has been offering insurance protection to its customers for 50 years. Although most people might consider Gerber to be “the baby food company,” this company not only has a goal of helping people to raise healthy and happy children but also to “be the brand that parents trust to help them achieve financial security and protection for their families.”
By offering life insurance protection for both children and adults, Gerber allows families of all sizes to have the peace of mind that they deserve in case of the unexpected. Gerber Life Insurance Company is also considered to offer very affordable life insurance plans.
In addition to Gerber Life Insurance Company, Gerber encompasses other affiliates, which include the following:
- Gerber Products – Gerber Products offers a wide array of different products that are geared primarily towards babies. These include food – such as snacks, cereal, beverages, and complete meal options, as well as other items such as crying solutions.
- Nestle’ – Nestle’ is the largest food and beverage company in the world. The company has more than 2,000 different brands that range from local to global items. Nestle’ offers its products in more than 190 countries around the world.
Gerber Life Insurance Review
Gerber Life Insurance Company offers its life insurance products throughout the U.S., as well as in Puerto Rico and Canada. The company has more than 3.3 million policies in force which encompasses more than $45 billion of life insurance.
There is lots of information on the Gerber Life Insurance Company website about life insurance in general, as well as an in-depth discussion of each of the company’s life insurance coverage offerings. This can be helpful in narrowing down which plan might be right for certain people. Gerber Life Insurance Company is headquartered in Freemont, Michigan.
Insurer Ratings and Better Business Bureau Grade
Because it’s on a firm financial footing and the company’s timely payment of its claims to policyholders, Gerber Life Insurance Company has excellent ratings from the insurer rating agencies. This includes an A (Excellent) from A.M. Best Company (as of May 2017).
Also, even though Gerber Life Insurance Company is not an accredited company through the Better Business Bureau, the company has been given a grade by the BBB of A+, which is on an overall grade scale of A+ to F.
In the previous three years, Gerber Life has closed out a total of 79 customer complaints – of which 20 were reconciled within the past 12 months. Of the 79 customer complaints that Gerber Life closed, 49 of them had to do with problems with the company’s product/service. Another 15 were related to advertising/sales issues, ten had to do with billing/collections, and five were related to delivery issues.
Life Insurance Coverage Offered Through Gerber Life Insurance Company
Regardless of age, Gerber Life Insurance Company provides life insurance coverage options. These begin with the company’s Gerber Grow Up Plan, which can be purchased for children who are as young as 14 days, up to 14 years.
The Grow Up plan provides coverage that ranges from $5,000 up to $50,000 – and, because the Grow Up plan includes permanent life insurance coverage, the policy also includes a cash value component which can grow on a tax-deferred basis. This means that there is no tax due on the gains of these funds over time, unless or until the money is withdrawn from the policy.
When the child/insured turns age 18, the amount of the life insurance protection automatically doubles – and, if the premium is paid, the child can continue to keep the policy into adulthood, regardless of age or health condition. The insured is also allowed to purchase additional coverage in the future.
For children who are already young adults, parents or other loved ones may consider purchasing the Gerber Young Adult Plan. This term life insurance plan is specifically geared towards those who are between the ages of 15 and 17. And, unlike many types of term life insurance, the same rate of premium on this whole life policy is paid for as long as an adult and their teen own the policy.
And, just as with the Gerber Grow Up plan, the coverage on the Young Adult plan will automatically double when the child/insured reaches age 18 – with no increase in the monthly premium.
For those who wish to lock in a financial peace of mind and help their child to save for college, there is the Gerber Life College Plan. This plan grows in value over time and is not impacted by the constant ups and downs of the stock market. When the policy reaches the maturity, the policyholder will receive a guaranteed payment of between $10,000 and $150,000 (if the premiums have been paid).
Plus, unlike many of the traditional college savings plan such as the 529 or an educational IRA account, the money from a Gerber Life College Plan does not have to be used exclusively for college-related costs.
Gerber Life Insurance Company also offers several options for adult life insurance coverage. These include both term and permanent coverage. With term life insurance, individuals can choose a death benefit of between $25,000 and $150,000. The policies are usually offered in a variety of different term limits, such as ten years, 15 years, 20 years, or 30 years.
Alternatively, a whole life insurance plan from Gerber – which includes both a death benefit and a cash value component – can also be purchased with coverage of between $25,000 and $150,000. These policies will build up cash value over time in a tax-deferred manner.
Policyholders can either withdraw or borrow against the cash value of the policy for any reason, including paying off high-interest debt, supplementing income, or even taking a nice vacation. And, the longer the policy is owned, the more the cash value will build – in fact, a portion of each premium will go towards the cash component of the policy.
No Medical Exam and Other Beneficial Products for Seniors from Gerber
Even though the name Gerber has traditionally been correlated with babies and young children, the company’s life insurance arm offers some products and services that can be quite beneficial to those who are seniors. This includes life insurance for the elderly.
Some of these policies will require the applicant to undergo a physical and to also answer an extensive list of health-related questions as a part of the underwriting and approval process. In other cases, though, there may only be just a few simple medical questions to answer, and no medical exam to contend with.
Term and Permanent No Medical Exam Life Insurance Coverage
With Gerber Life Insurance Company’s Guaranteed Life Insurance product, an individual can secure the permanent life insurance protection that he or she needs, without the need to undergo a medical exam for qualification purposes. This plan provides guaranteed acceptance for those who are between the ages of 50 and 80 years old.
In addition to life insurance protection, the Guaranteed Life Insurance plan from Gerber Life also builds up cash value in the policy. The cash that is in the cash value component can grow and compound on a tax-deferred basis, meaning that there is no tax due on the gain unless or until the funds have been withdrawn.
Gerber Life also offers a no medical exam term life insurance policy option. Here, an individual can get coverage that ranges from $25,000 up to $150,000 starting a just $8.00 per month in premium (depending on the age of the applicant and the amount of coverage that is being purchased). The premium rate on this term life coverage will be locked in for the entire duration of the policy.
This coverage is easy to apply for – and in most cases, there is no medical examination required for those who are between the ages of 18 and 50 who are purchasing coverage of up to $100,000.
There are also several different coverage periods available to choose from on this term insurance plan. These include “terms” of ten years, fifteen years, twenty years, or even thirty years.
Gerber Life Insurance Company also offers Accident Protection Insurance to applicants who are between the age of 19 and 69, and that does not require a medical examination. Applicants for this coverage (and their spouse, if applicable) will be approved for up to $200,000 in combined coverage (provided that both individuals are within the specified age range).
Once approved, insureds are protected financially against accidental death, or a covered disability, 24 hours per day. The cash benefit that is received from this coverage can help with meeting out-of-pocket medical expenses, as well as replacing lost wages and other funds. Also, the benefits cannot be reduced, nor will the monthly premium for this policy ever increase.
Additional Gerber Life Insurance Company Products and Services
Although Gerber Life Insurance Company offers a broad range of different life insurance coverage options, the company now does not provide any additional financial or insurance products.
How to Find the Best Premium Rate on Life Insurance Coverage Through Gerber
If you are currently in the market for a life insurance policy through Gerber Life Insurance Company – or from any insurer such as Fidelity – and you are looking for the best premium rate, it is typically suggested that you work with an independent life insurance agency or broker. In doing so, you will be able to compare, side-by-side, the life insurance coverage and prices from multiple different insurance carriers – and from there, you can better determine which one will be the best for you.
When you are ready to see which coverage and premiums may apply to you and your situation, we can assist you. We are an independent life insurance brokerage, meaning we work with the best life insurance carriers in the industry. We can provide you with all the significant information that you will need for making a well-informed insurance buying decision – and we can do so for you quickly, easily, and very conveniently. If you are ready to begin this simple process, then all you need to do is just simply fill out our quote form.
If, after reviewing our website, you still have any further inquiries or concerns about getting life insurance coverage for you or a loved one, then please feel free to contact us directly by phone. Our life insurance experts will be happy to walk you through the information that you require. We can be reached toll-free at 800-277-3098.
We understand that purchasing life insurance coverage is a big decision. But having an ally on your side can be extremely beneficial in ensuring that you get the proper protection for your needs. So, contact us today – we’re here to help.