Gerber Life Insurance Review | The bank rate
Gerber Life Insurance was founded in 1967 and has over 50 years of family insurance experience. It is also one of the only companies specializing in life insurance for children. If you are looking to cover your children from an early age, Gerber is a good provider to consider. Gerber also sells several traditional adult life insurance policies, including guaranteed life insurance. If you’re curious about Gerber’s life insurance offerings, read on to find out more.
Gerber Life Insurance
Gerber offers a number of life insurance policies for children and adults. However, adult life insurance options are somewhat limited. Gerber offers term, whole and guaranteed life insurance for adults, as well as accident protection insurance. For children, Gerber offers its Grow-Up® plan, a plan for young adults and an education savings plan.
Types of life insurance policies offered
Adult life insurance
Here are the three types of adult life insurance that Gerber Insurance offers:
by Gerber term life insurance is designed to cover adults over a specific period of time — either 10, 20, or 30 years. Coverage limits range from $ 100,000 to $ 300,000, and most people don’t need a medical exam. Gerber term life insurance is ideal for people on a budget. Coverage starts at around $ 15 per month and your premium will not change for the duration of the term.
by Gerber whole life insurance policies provide protection for your whole life. Coverage is available between $ 50,000 and $ 300,000, depending on your needs and budget. Anyone between the ages of 18 and 70 can apply and in most cases a health questionnaire is sufficient. Gerber’s whole life policies also create cash value over time. You can borrow against the cash value at any time to cover unforeseen expenses, like medical bills.
Gerber is one of the few suppliers to offer guaranteed life insurance. This is a good option for adults who do not qualify for standard life insurance due to certain health issues or risks. Anyone between the ages of 50 and 80 is covered by Gerber, without a medical examination or health examination. The amount of coverage is much less than other policies – between $ 5,000 and $ 25,000 – but it creates cash value over time.
Child life insurance
The following plans are available specifically for children and young adults:
by Gerber Grandir® package is a type of whole life insurance coverage that provides protection for the life of a child. The amount of coverage is guaranteed to double by the time they reach the age of 18. When the child turns 21, he or she has the option of purchasing additional coverage and converting it to an adult life insurance policy. Gerber’s Grow-Up® plan includes a cash value component that the child can borrow later in life.
Young adult package
the Young adult package offers between $ 5,000 and $ 50,000 in whole life insurance for children aged 15 to 17. When the child turns 18, coverage is guaranteed to double. Parents or grandparents can choose a fixed rate premium that won’t change as long as you and your child have the policy. There is also a guaranteed cash benefit.
Education savings plan
The Gerber Education savings plan helps parents and grandparents financially prepare their children and grandchildren for college. As long as you pay the premiums, your child is guaranteed to receive $ 10,000 to $ 150,000 at the end of the term. The education savings plan also has guaranteed growth, which means that the ebb and flow of the stock market will not change the value. And if something happens to you before the contract expires, your beneficiary will receive the funds.
Gerber ratings, reviews, customer satisfaction and complaints
|Better Business Bureau||A +|
|NAIC Complaints Index||.51|
Gerber Insurance gets excellent reviews across the board. The company is rated A + by the Better Business Bureau, although it is technically not an accredited company. Additionally, the BBB only registered 32 customer complaints that were resolved last year.
Based on the National Association of Insurance Commissioners (NAIC) Complaints index, Gerber was well below the industry average of 1.0, with a score of 0.51. Gerber is also very strong financially, with an A rating of AM Best, which places it in the “excellent” category.
Reasons why Gerber is a great option
Gerber life insurance is a great option if you are shopping for life insurance for your children or grandchildren. Gerber is one of the only companies to offer life insurance for children and the company sells several policies. Their policies are also relatively affordable and are available in a range of coverage limits.
Overall, Gerber’s adult life insurance options are very limited, especially compared to providers like Mutual of Omaha or MetLife. However, Gerber does offer guaranteed life insurance, which can be difficult to find. Most adults who have difficulty obtaining life insurance due to health concerns 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 bills due to a disabling injury or accidental death.
Frequently Asked Questions
What is the best life insurance company?
There is not one life insurance company it is the best for each individual. For example, Gerber insurance is a great company for children’s life insurance, but it’s not the best option for adults who want full coverage with multiple investment options. Choosing the right life insurance policy is important. So, while you shop, think about what works best for your family, lifestyle, and budget.
How much does life insurance cost?
The cost of life insurance depends on several factors. Specifically, it depends on the type of font you are looking for. Generally, your condition, 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 may have limited coverage.