Gerber Life Insurance was founded in 1967, and has over 50 years of experience insuring families. It’s also one of the only companies that specializes in life insurance for children. If you’re looking to cover your kids from a young age, Gerber is a good provider to consider. Gerber also sells several traditional life insurance policies for adults, including guaranteed life insurance. If you’re curious about Gerber’s life insurance offerings, keep reading to learn more.
Gerber life insurance
Gerber offers a number of life insurance policies for both children and adults. However, the options for adult life insurance are somewhat limited. Gerber offers term, whole and guaranteed life insurance for adults, as well as accident protection insurance. For kids, Gerber offers its signature Grow-Up® Plan, a Young Adult plan and a College Savings plan.
Types of life insurance policies offered
Adult life insurance
Here are the three types of adult life insurance that Gerber insurance offers:
Gerber’s term life insurance is designed to cover adults over a specific period of time—either 10, 20 or 30 years. The coverage limits range from $100,000-$300,000, and there is no medical exam required for most people. Gerber’s term life insurance is ideal for people on a budget. Coverage starts at around $15 per month and your premium won’t change for the entire duration of the term.
Gerber’s whole life insurance policies provide protection for your entire lifetime. Coverage is offered between $50,000-$300,000, depending on your needs and budget. Anyone between the ages of 18-70 can apply and, in most cases, a health questionnaire is all that’s required. Gerber’s whole life insurance policies also build cash value overtime. You can borrow against the cash value at any point to cover unforeseen expenses, like medical bills.
Gerber is one of the few providers that offers guaranteed life insurance. This is a good option for adults who don’t qualify for standard life insurance because of certain health issues or risks. Anyone between the ages of 50-80 is guaranteed coverage from Gerber, without a medical exam or health screening. The coverage amount is much lower than other policies—between $5,000-$25,000—but it does build cash value overtime.
Child life insurance
The following plans are available specifically for children and young adults:
Gerber’s Grow-Up® plan is a type of whole life insurance coverage that offers protection for a child’s lifetime. The amount of coverage is guaranteed to double by the time they turn 18. When the child reaches 21, they have the option to purchase more coverage and convert it to an adult life insurance policy. Gerber’s Grow-Up® plan includes a cash value component which the child can borrow from later on in life.
Young Adult plan
The Young Adult plan offers between $5,000-$50,000 in whole life insurance coverage for kids between the ages of 15-17. When the child turns 18, the coverage is guaranteed to double. Parents or grandparents can select a fixed rate premium that won’t change for as long as you and your child have the policy. There is also a guaranteed cash benefit.
College Savings plan
The Gerber College Savings plan helps parents and grandparents financially prepare their kids and grandkids for college. As long as you pay the premiums, your child is guaranteed to receive $10,000-$150,000 at the end of the term. The College Savings plan also has guaranteed growth, which means the ebbs and flows of the stock market won’t change the value. And if something happens to you before the policy reaches maturity, your beneficiary will receive the funds.
Gerber ratings, reviews, customer satisfaction and complaints
|Better Business Bureau||A+|
|NAIC Complaint Index||.51|
Gerber Insurance gets great reviews across the board. The company has an A+ rating from the Better Business Bureau, although it’s technically not an accredited business. Additionally, the BBB recorded just 32 customer complaints that were resolved in the last year.
Based on the National Association of Insurance Commissioners (NAIC) Complaint Index, Gerber was well below the industry average of 1.0, with a score of .51. Gerber is also very financially strong, with an A rating from AM Best, which puts it in the ‘excellent’ category.
Reasons why Gerber is a great option
Gerber Life Insurance is a great option if you’re shopping for life insurance for your children or grandchildren. Gerber is one of the only companies that offers child life insurance and the company sells multiple policies. Their policies are also relatively affordable and are available in a range of coverage limits.
Overall, Gerber’s life insurance options for adults are very limited, especially compared to providers like Mutual of Omaha or MetLife. However, Gerber does offer guaranteed life insurance, which can be hard to find. Most adults who are struggling to get life insurance due to health issues can get guaranteed coverage from Gerber.
Additional policies offered by Gerber
Besides life insurance, the only other type of insurance Gerber sells is accident protection insurance. This type of coverage can help you pay for unforeseen medical costs due to a disabling injury or accidental death.
Frequently asked questions
What is the best life insurance company?
There isn’t one life insurance company that is the best for every individual. For example, Gerber insurance is a great company for child life insurance, but it’s not the best option for adults who want comprehensive coverage with multiple investing options. Choosing the right life insurance policy is important, so while you’re shopping, consider what makes the most sense for your family, your lifestyle and your budget.
How much does life insurance cost?
The cost of life insurance is dependent on a number of factors. More specifically, it depends on what type of policy you’re looking for. Typically, your state, age, gender, current health and potential health risks carry the most weight in determining the price.
Where is Gerber life insurance available?
Gerber sells life insurance in all 50 states, but some states might have limited coverage.