Gerber Life Insurance Review, History & Policies

Gerber Life Insurance Review covers more on Gerber Life Insurance policies, insurance riders, pros & cons, how to file a claim with Gerber Life, how to get a Gerber Life insurance policy and all about how the company came about.

Moreover, Gerber Life Insurance offers policies for children, teens, young adults, and seniors. And in some cases, you can secure coverage without a medical exam.

About 10% off your premium once you pay with automatic billing via the company’s official platform.

Gerber Life’s AM Best Financial Strength rating of A (Excellent) – This means that it has the financial stability to meet its claims obligations in the future.

On the other hand, Gerber Life’s no-exam life insurance policies bear low death benefits. For instance, for whole life insurance, you must be age 51 and the maximum face amount may be $300,000 or more down.

Only two riders are provided to control coverage: a guaranteed instability rider and a waiver of premium rider. Also, there’s a graded benefit for guaranteed issue policies.

While Gerber Life offers coverage for children and teens, you can have access to similar benefits at lower costs by including a child insurance rider in your own life insurance policy.

See the following section, and find out the types of Gerber Life insurance policies you can get.

Types of Gerber Life Policies

Gerber Life Insurance has about 8 consecutive insurance policies, which will help provide the best insurance you need, they include:

Gerber Life’s Grow-Up Plan

The Gerber Life Grow-Up Plan is a whole life insurance policy anyone can purchase for children from the age of 14 days to 14 years. A guardian can purchase $5,000 to $50,000 for coverage for a child. The amount for the coverage automatically increases twice once the child turns 18.

In this policy, no medical exam is needed, however, you must complete a health questionnaire. According to Gerber Life, it rejects less than 2% of applications for its Grow-Up Plan coverage every year for medical reasons.

The child becomes the policyholder at the age of 21.

They can decide to continue paying premiums at Gerber Life’s standard adult rates for their age within that period, without a medical exam, or lapse the coverage and receive the accumulated amount.

Premiums for the Grow-Up Plan can begin as low as $3.70 every month for $5,000 in coverage for a child that’s less than one year old.

This policy builds up cash value with time and allows the child to buy extra coverage as an adult. Also, a Cash Value loan at an interest rate of 8% can be taken out.

Young Adult Plan

Gerber Life’s Young Adult Plan is organized for people from the ages of 15 to 17. Parents and permanent legal guardians can apply for this coverage policy. Here, the teenager becomes the policyholder at age 21.

This policy offers whole life insurance coverage, with the policy building cash value; the policy amount increases twice at age 18.

A healthy teen can receive $50,000 of whole-life coverage. And this coverage can easily be bought with a phone.

Gerber Life College Plan

Gerber bills its College Plan as an alternative to traditional college savings accounts for saving money to pay for a son or daughter’s college education or cover other related expenses.

According to Gerber Life, the plan can guarantee how much money a plan’s owner will have after 10 to 20 years as long as the premiums are paid.

If the policyholder were to die, then the complete benefit amount of the policy is paid as a death benefit to your designated beneficiary. The company also notes that withdrawals from the plan are taxable.

The rate of return on cash value is based on the policy, the policy’s period, and billing frequency. See the following policy.

Gerber Life’s Term Life Insurance

Term life insurance operates by offering level rates for a given period or term. It’s basically the cheapest type of life insurance. A term life insurance payout can be used by the family to replace your income. pay off a mortgage or fund a college education.

The company offers terms of 10, 20, or 30 years for people aged 18 to 70. Coverage amounts change from $100,000 to $1 million.

In most cases, a life insurance medical exam is not required to obtain coverage, but you need to answer several questions about your health. If you’re at least aged 51 and applying for $100,000 or more in coverage, you must pass through a medical exam.

Gerber Life’s Whole Life Insurance

At Gerber Life Insurance Review, the coverage amount for whole life insurance ranges from $50,000 to $1 million. Coverage is available for people aged 18 to 70.

The company enables the holder of a whole life insurance policy to borrow against the cash value once the monthly premiums are frequently paid. Here, the interest rate for a policy loan is 8%.

Moreover, the policy loan can affect the policy’s cash value and death benefit. If premium payments are up to date, the policy will not expire and the premiums will never increase.

Gerber’s Life Guaranteed Life Insurance

Ignorant to health history, Gerber’s guaranteed life insurance provides coverage for people between the ages of 50 and 80. Here, an applicant doesn’t need to undergo a medical exam or fill out a health questionnaire.

Having $5,000 to $25,000 as coverage amounts, Gerber’s guaranteed issue life insurance is specifically designed to cover the final expenses, which include burial costs, medical bills, and small unpaid debts.

The premiums will only vary once you increase coverage or increase the frequency of payments.

Because this is whole-life insurance, the policy builds cash value with time. A policyholder can take out a loan against the cash value at an interest rate of 8%. Once you cancel the coverage, you receive the policy’s available cash value excluding the surrender charge.

Gerber Life’s No-Exam Life Insurance

There are two Gerber Life Insurance Review policies for adults that offer no-exam life insurance options, they include:

  • Gerber Life’s term life policy 
  • Gerber Life’s guaranteed life insurance

Gerber Life’s Accident Protection Insurance

This policy is not life insurance. Rather, it’s an accidental death and dismemberment insurance policy. that offers a payout in case of death or a disabling injury that’s caused by an accident covered by the policy.

A policy payout can go toward medical expenses, lost wages, and other costs related to the death or injury. Coverage amounts range from $25,000 to $250,000. Benefits and rates are closed up as long as the premiums are settled.

Here, no medical exam is needed, and no health questionnaires need to be filled out. Coverage is accessible to people ages 18 to 69, ignorant of health status or occupation.

Gerber Life Insurance Riders

As always said, a life insurance rider is an add-on of coverage features for an extra cost. Gerber Life’s available riders depend on the policy type purchased. See the following life insurance riders:

  • Guaranteed Insurability Rider: This is Gerber’s guaranteed purchase option rider, which is included in the Gerber Life Grow-Up Plan at no additional cost. It offers your child the opportunity to purchase extra coverage once they’re an adult without considering any medical exam.
  • Waiver of Premium Rider: Here, this rider can be added to a Gerber Life Whole Life policy, and eliminate the requirements of premium payments once you become permanently disabled.

How To Purchase Life Insurance From Gerber Life

Gerber Life Insurance Review policies are accessible directly from the company, and can also be obtained either online or over the phone. Free-term life insurance quotes are seen on the company’s official page or you can call (866) 503-4480.

Also, you can access quotes for guaranteed life insurance online or just call (866) 503-4481. Further, for those interested in filing a gerber life insurance claim, you can do that by contacting their customer service at (800) 628-0560.

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