Although Gerber Life Insurance Company does not offer the same 100+ year track record as some of the other competitors in this space, the New York-based company has quickly grown to be a notable name in the market. Customers shopping for a variety of life insurance products will find worthwhile options to consider with Gerber Life.
This article is going to take a closer look at the products offered by Gerber Life, as well as providing some insights into how this company has been received by the general public. As you work on making a final decision for your life insurance policy, we hope this article will be a helpful resource in your planning process.
Table of Contents:
- Types of Life Insurance Offered by Gerber
- Available Riders from Gerber
- Notable Features of Gerber Life Insurance
- Gerber Application Process Overview
Types of Life Insurance Offered by Gerber
As you might expect with a larger player in this industry like Gerber Life, you’ll find all of the main policy types available through this carrier. Unless you are looking for an uncommon, unusual type of coverage for a unique situation, Gerber Life is likely to have what you need.
Included in their portfolio of coverage options are the following products –
- Whole life insurance. When you take out a whole life insurance policy with Gerber Life, you’ll be able to carry that coverage for the rest of your life – as long as the premium payments are made. There is a guaranteed payout upon your death, that will go to those named on the policy. It’s also possible to take out a whole life policy that accumulates a cash value. While you can expect to pay more for this option, it can be a nice financial planning strategy to consider.
- Term life insurance. This is the other big category of life insurance coverage, and it’s available from Gerber Life as well. With a term policy, you’ll agree to purchase coverage for a set period of time, such as the next 10 years. The policy will then expire at the end of 10 years, and premium payments will stop. However, you could choose a renewable term or convertible term option for your policy, which means you’d have the option to extend the term of your coverage or convert it into a whole life policy.
- Senior life insurance. It can be difficult for seniors to obtain life insurance coverage for a reasonable price, due to the increased mortality rates that come with older age. Gerber Life does offer senior life insurance policies, so this is a good place to look if you have had trouble finding coverage with other companies.
Getting a quote for coverage directly from Gerber Life is the best way to find out what their policies can offer you and your family. Only when you are able to look at how much a policy will cost and how much benefit it will offer can you decide if it’s a good fit for what you need.
Available Riders from Gerber
A life insurance policy rider is an extension of the standard policy that adds a feature or function that is important to your situation. Riders lead to paying a higher premium, but paying that extra cost may be worth it based on what you gain. Some examples of riders available through Gerber Life include those listed below –
- Guaranteed insurability. This rider offers protection in the form of a guarantee that the company will offer future policy options regardless of your health conditions.
- Waiver of premium. By adding this rider, your life insurance policy will continue without premiums if you become disabled during the term of the coverage. So, if disability leads to an inability to pay premiums, you won’t lose your life insurance policy.
- Accelerated death benefit. With this rider, you won’t actually be required to pay any additional premium – it is included with both whole life and term life policies from Gerber Life. In this case, an individual who is diagnosed with a terminal illness that offers a life expectancy of less than a year can receive up to 50% of the death benefit immediately.
Notable Features of Gerber Life Insurance
Perhaps the most notable feature of Gerber Life Insurance is its focus on children’s life insurance policies. Life insurance is a financial product usually associated with adults, but Gerber makes children’s policies available and affordable for many families. This program is called the Gerber Life Grow-Up Plan, and it features a benefit that increases with the child’s age.
Also, the plans available from Gerber for child life insurance accumulate a cash value as the years go by. When the child turns 21, the policy can be carried forward or the cash value can be collected. For new parents who want to set their children up in a good position financially as they head into adult life, planning ahead and getting them started with a life insurance policy right from the start is an interesting option.
In some ways, you know what to expect from financial ratings just based on the track record and name recognition of the company. Gerber Life has long been a notable insurance option, and its financial ratings reflect that reality. The company received an “A” rating from A.M. Best, an indication of the solid footing on which this insurer stands.
Financial ratings are an important part of picking a life insurance company because you want to be sure that your benefit will be paid out according to the terms of the policy. If a company is in financial distress, it could be difficult for them to pay out death benefits, which would eliminate the whole point of taking out a policy in the first place. Fortunately, Gerber Life earns quality ratings for financial stability and should be considered a trusted option in this industry.
There are positive reviews to be found in many places around the web for Gerber Life. Not surprisingly, many of those positive comments relate to the plans that are offered for children. That has been the focus of Gerber Life for many years and it takes a leading role in that industry in the market to this day. If you are planning to buy a life insurance policy for your current children or for a child soon to be born, Gerber Life should be your first stop.
With that said, there are some minor negative points that are important to understand when considering Gerber Life. Specifically, you may not be able to get as much coverage with Gerber as with other insurers. If you need a policy that offers you a benefit of $1 million or more in the case of a claim, you’ll probably need to look elsewhere. Gerber’s policy options tend to be smaller and will not provide that kind of payout. This won’t be a problem for many insurance shoppers, but those looking for a bigger policy might have to shop around in other places.
The last notable review point is one that could be seen as a pro or con. For some policies, you may not need a health exam when going with Gerber Life. That means you could qualify for a policy that you weren’t approved for with another carrier. On the other hand, the lack of an exam could lead to higher premiums for those who are in good health. If you don’t mind going through an exam and believe your health to be above average, taking the time to do that with another carrier could make your policy more affordable.
Gerber Application Process Overview
Where the process of applying for life insurance with some other carriers can be a little muddy or confusing, that won’t be the case with Gerber. In fact, you can land directly on a page of their site to request information for life insurance policies. By filling out a simple field of boxes and selecting the products you are interested in, you’ll be contacted right away. This query comes with no obligation and is a quick and easy way to get started in your search for coverage.
As mentioned above, applying for life insurance with Gerber Life may not require you to have a medical exam. If that is the case for you, taking down that barrier can make it even easier to secure a policy. For busy individuals who don’t want to take the time to schedule an exam, but who still want to put a life insurance policy in place, this can be a major selling point.
Final Word – Is Gerber Life Insurance Legit?
Without a doubt, Gerber Life Insurance Company is a trusted, reliable player in the life insurance market. Thanks to a range of policy options, including children’s whole life insurance, there is a good chance you’ll find something here that meets your needs. Also, competitive rates and versatile coverage levels make it easy for just about any consumer to find a policy. Thank you for taking the time to learn more about Gerber Life Insurance Company and good luck with this process.