When applying for life insurance, there are many different variables that you need to be aware of. Certainly, these will include the type and the amount of protection that you are purchasing. As you will want to ensure that your loved ones have enough funds to move forward, should the unexpected occur.
Gerber Life Insurance Company is one quality life insurance carrier that has been in the business for nearly half a century and a great reputation.
Gerber received an honorable mention for our top list of the best life insurance companies and continues to provide quality coverage and customer service.
Over the past five decades, Gerber Life Insurance Company has grown considerably. The company has so far covered more than 3.3 million people with its insurance policies.
The company prides itself on being with families “every step of the way.” It manages its financial portfolio very conservatively to help with ensuring long-term growth, as well as its overall financial stability.
It also makes it easy to learn about its products and its services. The company has numerous helpful links listed directly on its website, including one on understanding life insurance, as well as information on all of the different types of coverage products that it offers.
Customer service representatives are easily reached via toll-free phone between the hours of 8:00 a.m. and 9:00 p.m. Monday through Friday (Eastern time). And also between 9:00 a.m. and 5:00 p.m. on Saturdays if a policyholder has any questions or concerns.
Financial Strength and Stability of Gerber Life Insurance Company
Gerber Life Insurance Company is strong and stable from a financial standpoint, and it has an excellent reputation for paying out its policyholder claims. As of May 2015, the company was rated by A.M. Best as an A, which is considered to be Excellent.
Even though they are not an accredited company through the Better Business Bureau, the insurer has been provided with the grade of A+ through this entity (on a grading scale of A+ through F).
Throughout the time period of the last 36 months, Gerber Life Insurance Company has closed 68 complaints through the Better Business Bureau – 24 of these within the past year.
Of these total 68 complaints, 45 of them centered on issues with the company’s products and/or services. While 11 focused on the firm’s advertising and/or sales, ten focused on the company’s billing and/or collections And delivery and guarantee/warranty issues accounted for one complaint each.
Types of Life Insurance
Gerber Life Insurance Company offers a wide variety of different life insurance products to choose from. These include the following:
Whole Life Insurance
Whole life is a form of permanent life insurance. This type of coverage will provide death benefit protection, along with a cash value component.
Because of that, the policyholder can accumulate a nice amount of savings, in addition to having life insurance coverage. The cash grows at a set guaranteed rate of interest.
At Gerber, whole life insurance can be purchased with face amounts of between $25,000 – $150,000 for applicants who are between the ages of 18 and 50 years old.
In most cases, those who are between these ages can apply for up to $100,000 in life insurance with no medical exam necessary.
Term Life Insurance
With term life insurance, you get pure death benefit protection only. There is no cash value build up like there is with whole life.
Therefore, these policies are usually much more affordable – especially if the applicant is of a younger age, and in relatively good health overall.
Gerber Life offers term life insurance coverage options that range between $25,000 and $150,000 – and with premiums that begin as low as only $8.00/month.
For those between the ages of 18 and 50 years old, term life coverage of up to $100,000 in face amount may be able to be purchased without the need to take a medical examination as a part of the underwriting process.
The terms of coverage that can be purchased Gerber Life Insurance Company are 10 years, 15 years, 20 years or 30 years. And, with each of these term life plans, the premium rate is locked in for the life of the policy.
For those wishing to ensure that their loved ones are covered by life insurance for a funeral and other final expenses, Gerber Life Insurance Company offers a burial / final expense life insurance policy. This is referred to as Gerber Life’s Guaranteed Life Insurance Plan.
For those between 50 and 80 years old, acceptance into this plan is guaranteed – regardless of their health history. These are policies with no medical exam required for underwriting purposes.
All that is needed is to complete an application for coverage – which can be done online.
This policy can be obtained with coverage amounts of between $5,000 and $25,000. And, because it is a permanent life insurance policy, it will also include a cash value component that grows on a tax-deferred basis.
Because accidents can happen to anyone, at any time, Gerber Life Insurance Company offers accident protection insurance so that loved ones can be protected financially. This coverage provides protection against accidental death, as well as a disabling injury.
The amount of coverage provided in these policies ranges between $20,000 to $100,000, and these funds provides assistance for loved ones in paying for medical expenses, lost wages, or other types of costs.
This protection is available to those who are between the ages of 19 and 69, and to their spouses. There is no physical examination that is required as a part of the qualification process, meaning that an individual will be able to qualify, regardless of their health and/or occupation.
The benefit amount in a Gerber Life Insurance Company accident protection policy can never be reduced once an individual qualifies, and the amount of the monthly premium can never be increased.
Gerber Life College Plan
Gerber Life Insurance Company also provides a way for families to help their children save for a college education through insurance. The plan grows in value – yet is not impacted by the fluctuating stock market.
With this plan, the policyholder can receive a payment, guaranteed, between $10,000 and $150,000 when the policy matures – provided that premiums continue to be paid.
And, unlike a 529 college savings plan, the money from this plan can be used for college costs or anything.
Gerber Life Grow-Up Plan
While nobody wants to think about losing a child, unfortunately, the unthinkable can occur. This is why having life insurance coverage on a child can be an important financial move.
At Gerber Life Insurance Company’s Grow-Up Plan, the whole life insurance are purchase for a child for just pennies per day.
This policy provides death benefit protection of between $5,000 to $50,000, along with a cash value that will grow tax-deferred over time. This policy is been purchased for children between the ages of 14 days to 14 years.
The amount of the premium will never go up – regardless of the insured’s increasing age. And, provided that the premium remains paid, the policy will continue to accumulate cash value build-up.
Also, the amount of the policy’s coverage will double during age 18 automatically.
Pros and Cons of Gerber
Gerber has a suite of policies to choose from, but there are some things to be aware of.
Many policies to choose from. Gerber’s many policies focus on protecting your little and not-so-little ones while potentially saving for the future.
Medical exams not required. A simple process often forgoes exams for those ages 18 to 50.
Not your best savings option. Its dual life and college savings plan sounds easy. But if saving for college is your main concern, you’ll likely see a better return on your money with a high-yield savings account or 529 plan.
A child rider might provide the same protection. Instead of taking out a new life insurance policy for your child, your existing life insurance policy likely allows for extending your policy’s benefits to cover your children.
Only one rider mentioned on its website. While most insurers offer a range of policy add-ons to expand coverage, Gerber only advertises one: its waiver of premium.
How Do I file a Life Insurance Claim With Gerber?
Gerber doesn’t offer the ability to start a life insurance claim online. You must call and speak with one of its insurance agents.
Claim forms require details that include:
The deceased’s full name and personal details.
Birth, marriage or other life event dates for all beneficiaries.
A copy of the death certificate.
1. What is a life insurance rider?
Riders are add-ons that you can pay for to extend your policy benefits to cover children, unforeseen hardships and more.
2. What can I use a life insurance payout toward?
Policy payouts are designed to cover a range of costs that include funeral expenses, outstanding debts, mortgage payments, college education and even everyday living expenses until your family is back on their feet.
3. What is a “cash value” insurance policy?
This is a policy that builds cash value over time. Your provider sets aside a small amount of money from each premium payment that accumulates over the term or life of your policy. You can typically withdraw this accumulated cash value or even borrow against it, essentially lending from yourself.
4. Can I purchase a term life insurance policy for my child?
Since children do not have dependents, there really isn’t much reason to purchase a term life insurance policy for them, and no insurance companies sell term life products for minors.
5. How much cash value can I expect from the Gerber Life Grow-Up Plan?
The actual cash value of the policy will depend on the level of the benefit. Higher-benefit policies will generate a higher cash value.
Life insurance is a peace of mind that comes from knowing that your loved ones will have financial protection when you’re gone. A good life insurance policy can give them time to adjust to life without you without having to worry about how to pay for your funeral and how to pay the monthly bills.
Gerber Life Insurance has been giving families peace of mind by offering reliable policies for decades.
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