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Gerber Life insurance review 2023
At a glance
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Policyholders who need term, whole or guaranteed life insurance and parents looking for a unique way to save for their child’s future might find Gerber Life Insurance as their company of choice.
Gerber Life insurance policies may be a good option for parents looking to get life insurance for their children as well as older adults or seniors looking for permanent coverage with level premiums, cash value accumulation and guaranteed coverage regardless of health changes.
Gerber Life recently partnered with the company Fabric to offer term life insurance for families who prefer a digital experience.
Gerber Life insurance
Gerber Life offers a broad selection of life insurance solutions compared to many competitors. With policies available for children, adults and seniors, Gerber provides options across all life stages. The company's diverse product lineup includes term, whole and guaranteed issue life insurance to meet different needs and budgets. Unlike some insurers that have a narrower focus, Gerber can serve families just starting out, adults seeking temporary or permanent protection and older individuals who may struggle to qualify for coverage.
With options for all ages, from infants to seniors, and policies with guaranteed approval, Gerber's offerings stand out in accessibility and flexibility across all stages of life. While no one insurer is right for everyone, Gerber's range of policies can accommodate many life situations and preferences. Consumers looking for life insurance will find Gerber provides an extensive choice of policy types.
Gerber Life's life insurance offerings include:
- Term: Provides temporary coverage for a set period of time — usually 10, 20 or 30 years. Gerber offers term policies for adults up to age 70 in coverage amounts from $100,000 to $300,000. Term life provides affordable protection that is designed to expire after the end of the term. Once you know how long of a term you need, you may want to use a life insurance calculator to help you determine how much coverage you should purchase.
- Permanent: Those looking for coverage that lasts for their entire life may want to consider Gerber’s whole life option:
- Whole: Offers permanent, lifetime coverage along with a cash value account that builds value over time. Gerber's Grow-Up Plan is a whole life product for children aged 14 days to 14 years that doubles at age 18 when the child assumes ownership. Adults aged 18-70 can apply for up to $300,000 in whole life coverage. The Gerber Grow-Up Plan automatically includes a guaranteed insurability rider, allowing parents to buy more life insurance for the child at certain ages without proving insurability.
- Guaranteed: Guaranteed approval regardless of health for applicants ages 50-80 in amounts from $5,000 to $25,000. No medical exam required. Includes a graded death benefit for the first two years. Designed for older adults who may have trouble qualifying for other types of life insurance.
- Guaranteed issue whole life insurance: For seniors between the ages of 50 and 80, Gerber Life offers guaranteed issue whole life insurance, which includes a cash value savings account. Seniors may qualify for between $5,000 and $25,000 in life insurance without health questions or a medical exam. Coverage begins as soon as the application is approved and the first payment is made. Signing up for premiums to be automatically handled through Easy Pay may save you up to 8 percent. This policy also comes with a graded death benefit, so if you die in the first two years in a non-accidental death, your beneficiary receives the premiums paid, plus 10 percent interest.
Pros and cons of Gerber Life life insurance
Term life does not require a medical exam for those under 51 years old who are seeking less than $100,000 in coverage
For many applicants, the company boasts a policy approval time of about a minute
Life insurance for children and seniors offered
No mobile app for policy management. Some competitors like Bestow and Ethos provide a streamlined digital experience via mobile apps.
Policyholders who prefer a digital experience may want to choose Fabric by Gerber Life, which only offers term policies
No universal policies available
Not included in J.D. Power’s 2023 U.S. Individual Life Insurance Study
Gerber Life insurance endorsements
Insurance endorsements are optional add-ons or riders that can be added to a Gerber Life insurance policy to expand or customize the coverage. Endorsements work as amendments to the base policy and typically come at an additional cost.
- Child life insurance rider: Adding a child life insurance rider to your existing Gerber Life term life insurance policy will provide life insurance coverage for your child for the duration of your policy.
- Guaranteed insurability rider: The Gerber Life Grow-Up Plan includes a guaranteed insurability rider at no additional cost. This rider allows the policyholder to increase their life insurance coverage at certain ages or after certain life events (like marriage or childbirth) at standard adult rates, regardless of their medical history or risk factors.
Compare Gerber Life with other insurers
While Gerber provides extensive options across life stages, taking the time to explore different options can help you find the right policy. Every insurer has strengths and weaknesses. Shopping around allows you to weigh factors like price, financial stability, customer service and specific policy features. Here are a few alternatives to consider:
Gerber Life vs. Corebridge Financial
Another life insurance option, Corebridge Financial (formerly American International Group, or AIG), offers term and permanent coverage with great policy options, including guaranteed issue whole life insurance for seniors.
Learn more: Corebridge Financial Insurance review
Gerber Life vs. Mutual of Omaha
Like Gerber Life, Mutual of Omaha offers term and permanent life insurance for all age groups, including accident protection insurance. It also offers universal life insurance, whereas Gerber Life does not.
Learn more: Mutual of Omaha Insurance review
Gerber Life vs. State Farm
State Farm won our 2023 Bankrate Award for best term life insurance company, thanks in part to its customer satisfaction and coverage options. It also earned the number one spot for overall customer satisfaction in the J.D. Power 2022 U.S. Individual Life Insurance Study. This company could be excellent for policyholders who value top-notch customer service.
Learn more: State Farm Insurance review
Is Gerber Life a good insurance company?
With licensed insurance agents on staff, Bankrate takes pride in providing accurate, relevant information to help you make educated decisions regarding your insurance needs — that’s why we’ve used our expert lens to review more than 100 insurance companies.
Based on our extensive Gerber Life insurance review, this company might be an attractive option, but it depends on your needs. Suppose you are a parent looking for a unique way to invest in your child’s college education. In that case, you may want to explore the Gerber Life Insurance College Plan. Additionally, Gerber Life’s Grow-Up Plan may be an easy way to secure your child (or grandchild) a children’s life insurance policy. However, if you want to purchase universal life insurance, you must shop elsewhere since Gerber Life doesn’t offer this type of policy. In the end, the best way to find out if Gerber Life is a good fit for you may be to request a quote.
Gerber Life customer satisfaction
Regarding the NAIC complaint index, the Gerber Life company as a whole fares well, receiving fewer complaints than considered standard, with a score of 0.33. However, Gerber Life falls short in its individual life product, with an index score of 1.11. This data means the company receives a just above-normal number of complaints for their individual life insurance offerings.
For financial strength, Gerber Life has an A (Excellent) rating with AM Best, showing that the life insurer has historically paid out claims and satisfied its financial obligations.
J.D. Power did not include Gerber Life in its 2023 U.S. Individual Life Insurance Study. This missing metric, coupled with Gerber Life’s above-baseline complaint index score regarding individual life, means that those with customer service at top-of-mind may want to do further research on the Gerber Life policyholder experience.
Gerber Life complaints
Bankrate examines complaint index scores calculated by the National Association of Insurance Commissioners (NAIC). This index measures the number of complaints against a company compared to its market share. The national average score is 1.00. Anything below that indicates fewer complaints than normal relative to the business a company conducts in each state.
Other Gerber Life tools and benefits
The Gerber Life College Plan stands out from competitors as a combined adult life insurance policy for the parent and savings plan for the child. The policy will pay out the benefit of $10,000 to $150,000 at term maturity, which the child can then use for college expenses or any other expenses.
For parents who are risk-averse or are more comfortable with guaranteed growth, the Gerber Life College Plan may be a good option. The policy provides 10- or 20-year term life insurance for the parent, which will pay out if the parent passes away during the term. But if the policy reaches maturity, the money is provided to the child in a lump sum. Though it can be used for education, there is no limit to what the money can be used for, which may make it more flexible than a 529 college savings plan.
The following options are also available through Gerber:
- Accident protection insurance: Accident protection insurance offers coverage for disabling injuries or death and is available for adults between ages 18 and 69. It does not require you to complete a medical exam or health questions to qualify. You and your spouse can apply for $50,000 to $250,000, or up to $500,000 combined, in coverage with on- and off-the-job 24-hour protection.
- Free wills: Fabric by Gerber allows you and your spouse to quickly create a will online and make it legally binding.
- Financial planning app available on Google Play or the App Store: Access your financial goals, will, life insurance policies and more on the company’s app.
- No-medical-exam application: Fabric by Gerber uses an automated underwriting program to expedite the application process.
- Accelerated death benefit rider: Pay for end-of-life care or final expenses if you’re diagnosed with a terminal illness.