Life insurance can be an integral part of most any financial plan – regardless of your current age, or your stage in life. This goes for both young and old. One reason for this is because the funds from the policy can be used for paying off debt and/or continuing monthly income for survivors. They can also be used for unexpected funeral and other final expense costs.
Before you purchase a life insurance policy for yourself or someone else, you will want to take into account several key factors. For example, you will want to be sure that you have the proper type of coverage for your needs. In addition, having the right amount of coverage is key.
In addition, it is essential that you review the insurance carrier that you are thinking about purchasing the coverage through in order to determine whether or not it is sound company that you wish to do business with. One company that matches these standards is Gerber Life Insurance Company.
The History of Gerber Company
Gerber Life Insurance has been around since 1967. This insurance carrier, which is a subsidiary of Gerber “the baby food people,” shares a common goal with its parent company, and that is to help parents raise happy, healthy children.
The life insurance arm of Gerber also has an additional goal, and that is to “be the brand that parents trust to help them achieve financial security and protection for their families.” While nobody ever wants to think about tragedy, unfortunate events can and do occur – and when they do, it can help to be prepared financially.
Gerber Life offers affordable, industry-leading child life insurance plans, in addition to other adult life insurance policies. With that in mind, the company works to provide its customers the peace of mind that they deserve.
They are licensed to provide life insurance coverage throughout the U.S., in Puerto Rico and in Canada. As of mid-2017, the company has more than 3.3 million life insurance policies in force, which equates to approximately $45 billion in life insurance coverage. These policies cover people at every age, as well as at every stage of life. Gerber Life Insurance Company is headquartered in White Plains, New York.
Gerber Company Review
Gerber Life offers a variety of different types of life insurance coverage to choose from. These plans are open to those who are just 14 days old, up to older adults. The many options that are available mean that Gerber’s customers can pick and choose the protection that works best for them – and that they may also be able to alter their life insurance coverage as their needs change over time.
The company also has two key affiliates. These include Nestle and Gerber Products. Nestle is considered the largest food and beverage company in the world, with more than 2,000 brands that range from global icons to local favorites. Nestle is present in more than 190 different countries around the world. This company has been providing safe, quality nutrition for over 150 years, and it employs more than 325,000 people in its factories and offices worldwide.
Gerber Products Company started out with attention on one baby. Following the advice of her pediatrician in 1927, Dorothy Gerber started to strain solid foods for her 7-month-old daughter. After she repeated the process numerous times, she noticed that her husband had a difficult time doing it on his own – however, he suggested that it would be easier to strain the fruits and vegetables at their canning business. So, the workers in the factory started to do so, and soon afterward began to request samples for their babies and young children. And, the legacy of Gerber began.
Nestle and Gerber both possess long and rich histories of supporting the nutrition, healthy growth, and development of infants and toddlers around the globe. These companies have a mission of providing the very best products for children.
Insurer Ratings and Better Business Bureau Grade
Due to its strong financial foundation and conservative investment approach, Gerber Life Insurance Company has very good ratings from the insurer rating agencies. This includes, as of May 2018:
- A (Excellent) from A.M. Best Company.
- A+ by the Better Business Bureau
Life Insurance Products Offered By Gerber Company
Gerber also offers many types of coverage options to choose from:
- Gerber Life Grow-Up Plan
- Term Life Insurance
- Whole Life Insurance
- Guaranteed Life Insurance
Gerber Life Grow-Up Plan
This plan is a whole life plan that is designed specifically for children. It offers the protection of a death benefit that will remain in force throughout the child’s lifetime (provided that the premiums are paid). It also builds up cash value in a tax-deferred manner, meaning there is no tax due on the gain of the cash value unless the money is withdrawn from the policy.
They also offer between $5,000 to $50,000 of permanent life insurance protection, which can be applied for when the child is between 14 days and 14 years old. And, because it is whole life insurance policy, once approved, the amount of the premium will not increase – even as they reach adulthood.
When the child turns 18, the amount of the death benefit coverage doubles – with no increase in premium. In addition, the insured also is given the option to continue the policy as an adult, and can even purchase additional death benefit coverage, regardless of their health condition at that time.
Term Life Insurance
With term insurance, there is death benefit protection only, with no cash value build up. With this, the premium that is charged is usually less (in some cases, much less) than that of a comparable amount of permanent life insurance coverage.
Term life provides protection for a set period of time. The available coverage periods with the Gerber term life plans are 10 years, 15 years, 20 years, or 30 years. The amount of protection can vary between $25,000 and $150,000.
The amount of coverage, and the amount of premium are locked in throughout the life of the level term period. In most cases, there is no medical examination required for approval on plans that have up to $100,000 in coverage and the applicant is between the ages of 18 and 50.
Whole Life Insurance
This type of policy provides coverage for the remainder of the insured’s lifetime – as long as premiums are paid. Gerber offers whole life coverage between $25,000 and $150,000. There is no medical exam required.
In addition, these plans have a cash value component where the money grows tax-deferred. Over time, the funds that are in the cash value portion of the policy can be borrowed or withdrawn for any reason by the policyholder. This means that the funds could be used for paying off higher-interest debts, paying for college, and/or supplementing retirement income in the future.
Guaranteed Life Insurance
These plans from Gerber Life Insurance Company can help to pay for one’s funeral and/or other costly final expenses. Today, the expense of a funeral as well as its related elements – such as a burial plot, headstone, and memorial service – can run as much as $10,000 or more. With a final expense life insurance policy, loved ones won’t have to worry about where this money will come from.
Gerber’s final expense plans are whole life insurance coverage, which means that the amount of the coverage – as well as the premium – will be locked in for the entire life of the policy. Coverage amounts can range from $5,000 up to $25,000, and there is also a cash value component that allows funds to grow tax-deferred.
Other Products and Services Offered
Not only does Gerber offer traditional life insurance coverage, they also offer accident protection coverage, as well as the Gerber Life College Plan, which can help to provide needed funding for a child’s future education costs.
Gerber also offers Accident Protection plans. These policies provide financial protection against accidental death or a covering disabling injury. Coverage amounts range from $20,000 up to $100,000, and the premium amount and the coverage amount will not change over time.
An insured and his or her spouse could be approved for a combined total of up to $200,000 in coverage, provided that both individuals are between the ages of 19 and 69 years old. As with most of the other Gerber Life Insurance Company’s plans, there is no physical examination required for approval. In fact, there are not even any health questions to answer on the application – so an applicant will be eligible for this plan, regardless of his or her health or occupation.
Gerber Life College Plan
This plan provides a safe, secure, easy way to help pay for a child’s future college education. This plan will grow in value over time, and it is not impacted by the volatility of the stock market.
The policyholder on this plan will receive a guaranteed payment of between $10,000 and $150,000 when the policy reaches maturity (as long as the premiums have been paid). And, unlike 529 college savings plans or an educational IRA account, the funds in the Gerber Life College Plan do not have to be used for specific college-related costs.
Finding the Best Life Insurance Rates
If you are looking for insurance coverage from Gerber Life Insurance Company – or for that matter, from any of the top life insurance companies – it is suggested that you work with an independent agent or brokerage. This way, you can review numerous plans and premiums, then choose which one will work the best for your needs.
When you begin to take a look at the life insurance coverage you may be eligible for, we are here to help. We are an independent insurance brokerage, and we work with the top insurance carriers in the marketplace today. We can provide you with the necessary information quickly and easily – all from your computer.