Life insurance is an integral part of almost any financial plan.
While nobody ever wants to think about tragedy, unfortunate events can and do occur. When they do, it can help to be prepared financially.
Before you purchase a life insurance policy for yourself or someone else, you will want to take into account several key factors.
For example, it is essential that you review the insurance carrier and determine whether or not it is a financially sound company.
Gerber Life Insurance Company is a reliable provider that is worth considering. Find out if they have the right policy for you in this Gerber review.
In this review:
Gerber Life Insurance Company
Gerber Life Insurance has been around since 1967.
The insurance carrier is a subsidiary of Gerber “the baby food people” and shares a common goal with its parent company – to help parents raise happy, healthy children.
Gerber’s life insurance arm also has an additional goal: to be the brand that parents trust to help them achieve financial security and protection for their families. 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., Puerto Rico, and 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.
Insurance Industry Ratings
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 February 2021, an A (Excellent) rating from A.M. Best.
Life Insurance Products
Gerber Life offers affordable, industry-leading child life insurance plans, in addition to other adult life insurance policies.
Gerber Grow-Up Plan
The Gerber Grow-Up Plan is a whole life plan, designed specifically for children. It offers coverage 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up cash value in a tax-deferred manner, meaning there is no tax due on the gain of the cash value unless the money is withdrawn.
$5,000 to $50,000 of permanent life insurance protection can be applied for when the child is between 14 days and 14 years old.
And, because it is a whole life insurance policy, once approved, the amount of the premium will not increase.
When the child turns 18, the amount of the death benefit coverage doubles – with no increase in premium.
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.
Gerber Term Life Insurance
With term insurance, there is death benefit protection only, with no cash value.
The premium that is charged is usually less (in some cases, much less) than that of a comparable amount of permanent life insurance coverage.
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.
Gerber Whole Life Insurance
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.
Gerber 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.
Gerber Accident Protection
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.
Though this is only the care if 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.
Is Gerber Life Insurance Best For You?
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, 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.