Life insurance is a vital component to include in most people’s overall financial plans. The money that is received from a life insurance policy may be used for anything, including the payoff of debt, the continuation of ongoing living expenses, and final expenses.
While most people do not want to think about it, the unexpected can – and sometimes does – occur, regardless of what age a person is. With that in mind, it can be important to have at least some amount of life insurance coverage on both adults and children.
One company that offers quality life insurance coverage – with some different options is Gerber Life Insurance Company. In addition to providing insurance protection, this company also have a very good reputation for being strong and stable financially, and for paying out its life insurance policy claims.
There are hundreds and hundreds of different companies that you can choose from, and all of them have different advantages and rates. It can be an overwhelming search, but that’s why we’re are here to help. We will look at Gerber Life Insurance and if they will be a good fit for you. If they aren’t, don’t worry, there are dozens of other companies that we have reviewed.
The History of Gerber Life Insurance Company
The Gerber Life Insurance Company has been in the business of providing quality life insurance coverage – primarily geared towards young families who have a limited budget – ever since 1967.
While Gerber is the same company as the Gerber “baby food people,” the insurance division is a separate entity. However, both have the same primary mission of helping parents to raise happy and healthy children.
Because of this, Gerber Life Insurance Company helps families to give them financial protection – even in the event of the unthinkable. The products that are offered through Gerber Life can also help families to build up long-term savings that may be used throughout the years on items such as college tuition, paying for a wedding, or putting towards the down payment on a home.
Gerber Life Insurance Company Review
Gerber Life Insurance Company has grown considerably over the years, and today the company is licensed to offer life insurance throughout the United States, as well as in Puerto Rico and Canada. There is currently more than $45 billion of life insurance in force via more than 3.3 million policies through Gerber Life that can help to provide the financial security that families need.
The customer service representatives at Gerber Life are available to answer questions and / or concerns of its customers (and prospective policyholders) between the hours of 8:00 a.m. and 7:00 p.m. Eastern time Monday through Friday, and between 9:00 a.m. and 5:00 p.m. Eastern time on Saturday. These reps can be contacted via a toll-free phone life, as well as via fax, email, or regular mail.
To obtain regular information regarding the products and services that are offered by Gerber Life Insurance Company, as well as to receive updated tips and news, website visitors can sign up for an email newsletter.
Insurer Ratings and BBB Grade
Because Gerber Life Insurance Company has such a strong reputation for being there for its customers – both in the present and in the future – the insurer has been provided with very high ratings from the insurer ratings agencies. As of May 2016, Gerber Life Insurance Company has the rating of A (Excellent) from A.M. Best and Company.
In addition, Gerber Life Insurance Company has an A+ from the Better Business Bureau (BBB). This grade is on a scale of A+ to F. Over the past three years; Gerber Life Insurance Company has closed 76 complaints via the Better Business Bureau – of which 27 were closed within the past year.
Of these total 76 complaints, 49 had to do with the company’s product or service. Another 14 of these complaints had to do with the company’s advertising or sales, 11 were about billing or collection issues, and two were about delivery.
While Gerber Life Insurance Company is not an accredited member of the Better Business Bureau, the company is a member of the Direct Marketing Association (DMA).
Life Insurance Products Offered by Gerber Life
Gerber Life Insurance Company offers a variety of different life insurance products to choose from – and because of this, the policyholders are better able to “customize” the policy. Life insurance coverage is available to people at every age, as well as for every stage of life.
Some of the Gerber Life Insurance plans include:
- Gerber Grow Up Plan – The Gerber Grow Up plan is a whole life insurance policy that can offer financial protection and build up cash value over time. This plan will guarantee life insurance coverage throughout the time, and the covered child reaches adulthood. Face amounts can range between $5,000 and $50,000 in coverage – and, as long as the premiums remain paid, the plan will also accumulate cash value. When the covered child reaches age 18, the amount of the life insurance coverage will automatically double, without the need for the insured child to prove evidence of insurability.
- Term Life Insurance – Term life insurance is the most basic type of life insurance protection that can be purchased. This is because if offers pure, death benefit protection only, without any cash value or savings build up. Because of this, term life insurance can be an affordable option for obtaining a large face amount of protection. The coverage amounts for the Gerber Life Insurance Company’s term insurance protection range between $25,000 and $150,000 and the premium cost can be as low as $8.00 per month. The amount of the premium that is due will remain fixed throughout the duration of the term insurance policy – and, there is typically no medical exam required for applicants who are between the ages of 18 and 50 who are purchasing coverage of up to $100,000. Policy duration options include 10, 15, 20, or 30 years.
- Whole Life Insurance – A whole life insurance policy will provide both death benefit protection and cash value. This permanent life insurance coverage can be purchased with face amounts that range from $25,000 up to $150,000. There is no medical examination that is necessary for applicants that are between age 18 and 50 and who are purchasing coverage of up to $100,000. The cash value in this plan grows tax-deferred, which means that no tax is due on the growth unless or until the funds are withdrawn. This cash value can also be borrowed against for the purpose of covering lost income, paying for a child’s or a grandchild’s education, or for supplementing income.
- Guaranteed Life – As its name implies, the guaranteed life plan through Gerber Life Insurance Company offers guaranteed acceptance for applicants who are between the ages of 50 and 80 years old – regardless of health condition. There is no medical exam required, nor any long health related questionnaires to complete. Coverage can be purchased in the range of $5,000 to $25,000. This policy also offers cash value that can grow tax-deferred.
- Accident Protection – Because accidents can occur, Gerber Life Insurance Company also offers an accident protection plan. This plan can provide insureds with financial protection against accidental death or for a covered disabling injury. The amount of coverage on this plan ranges from $20,000 to $100,000 in death benefit protection. And, the cash benefit on this plan can help in paying for various out-of-pocket medical expenses, as well as lost income and / or other expenses. If a married couple applies for coverage, they can obtain a combined total of $200,000, provided both spouses are between the ages of 19 and 69.
- Gerber Life College Plan – In addition to offering death benefit protection, life insurance cash values can also be used for needs during life. With the Gerber Life College Plan, cash value will grow over time and is not impacted by the ups and downs of the stock market. When the policy reaches maturity, there is a guaranteed payment of between $10,000 and $150,000 – provided that premiums have been paid.
How to Find the Best Life Insurance Premium Rates
When searching for the best life insurance premium rates on Gerber Life Insurance products – or any insurer’s coverage – it is typically recommended to work with an independent agent. That way, a number of different policies, life insurance companies, and premium quotes can be compared.
One way that you can get much lower insurance rates is to cut out the bad and improve the good. Step one of cutting out the bad is the tobacco. Cheap life insurance rates and tobacco usage don’t go together. It’s one or the other. Use tobacco, and kiss your cheap insurance goodbye.
Another way to get affordable rates through Gerber, or any other life insurance company, is to get in shape. Before you get life insurance, you have to take a medical exam. Better exam results mean better premiums. Before you apply (or if you want to request another medical exam) you need to make some healthier choices.
Life insurance can be a confusing product – but you need an expert on your side. You can get your important questions answered so that you can ensure the peace of mind that you and your loved ones deserve.
Gerber Life has one of the biggest names in insurance world. Just about everyone has heard the name, but not everyone knows about their insurance coverage. Maybe Gerber isn’t the best carrier for you, which is okay, we can help you find the one which is. To get started, call us at 888-836-7071.