When applying for life insurance, there are many different variables that you need to be aware of. Certainly, these will include the type and the amount of protection that you are purchasing – as you will want to ensure that your loved ones have enough funds to move forward, should the unexpected occur.
One quality life insurance carrier that has been in the business for nearly half a century and has a great reputation is Gerber Life Insurance Company. Gerber received an honorable mention for our top list of the best life insurance companies and continues to provide quality coverage and customer service.
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History of Gerber
Gerber entered into the life insurance industry back in 1967. Its mission was primarily to provide life insurance for young families that were on a limited financial budget.
As the same company that provides other essential products for babies and growing families, Gerber Life Insurance Company shares a common goal, and that is “to help parents raise happy, healthy children.”
The company also strives to be the brand that parents trust to help them achieve protection for their families, as well as their financial security. One of the key ways in which they do this is by offering affordable child life insurance policies, as well as policies for adults.
Headquartered in Fremont, Michigan, the company offers its insurance coverage products both in the United States and in Canada, as well as in Puerto Rico.
In 2018, Gerber Life Insurance Company was acquired by Western & Southern Financial Group as an indirect subsidiary.
Review of Gerber
Over the past five decades, Gerber Life Insurance Company has grown considerably. The company has so far covered more than 3.5 million people with its insurance policies.
The company prides itself on being with families “every step of the way.” It manages its financial portfolio very conservatively to help ensure long-term growth, as well as its overall financial stability.
It also makes it easy to learn about its products and services. The company has numerous helpful links listed directly on its website, including one on understanding life insurance, as well as information on all of the different types of coverage products that it offers.
Customer service representatives can be reached via toll-free phone between the hours of 8:00 a.m. and 9:00 p.m. Monday through Friday (Eastern time), and between 9:00 a.m. and 5:00 p.m. on Saturdays if a policyholder has any question or concern.
Financial Strength and Stability of Gerber Life Insurance Company
Gerber Life Insurance Company is strong and stable from a financial standpoint, and it has an excellent reputation for paying out its policyholder claims. As of January 2023, the company is rated by A.M. Best as an A, which is considered to be Excellent.
Even though they are not an accredited company through the BBB (the Better Business Bureau), the insurer has been provided with a grade of A+ through this entity (on a grading scale of A+ through F).
Types of Life Insurance
Gerber Life Insurance Company offers a wide variety of different life insurance products to choose from. These include the following:
Whole Life Insurance
Whole life is a form of permanent life insurance. This type of coverage will provide death benefit protection, along with a cash value component. Because of that, the policyholder can accumulate a nice amount of savings, in addition to having life insurance coverage. The cash grows at a set guaranteed rate of interest.
The cash value is also able to grow tax-deferred. This means that there is no tax due on the gain of the funds in the account until the time it is withdrawn – allowing it to grow and compound a great deal over time. These funds can be borrowed for any purpose the policyholder wishes.
At Gerber, whole life insurance can be purchased with face amounts of between $5,000 to $1 million for applicants who are between the ages of 15 and 80 years old.
Term Life Insurance
With term life insurance, you get pure death benefit protection only. There is no cash value build-up like there is with whole life. Therefore, these policies are usually much more affordable – especially if the applicant is of a younger age, and in relatively good health overall.
With Gerber’s Term Life policy, you can choose from 10, 20, or 30-year term options with coverage between $100,000 to $300,000. Like the whole life policy, you can call to see if you qualify for more.
In most cases, there is only an application to complete and no required exam to qualify for coverage, according to Gerber’s website. The exception would be for applicants who are 51 and older and apply for more than $100,000 in coverage.
For those who wish to ensure that loved ones are covered by life insurance for a funeral and other final expenses, Gerber Life Insurance Company offers a burial / final expense life insurance policy. This is referred to as Gerber Life’s Guaranteed Life Insurance Plan.
For those between 50 and 80 years old, acceptance into this plan is guaranteed – regardless of their health history. These are policies with no medical exam required for underwriting purposes. All that is needed is to complete an application for coverage – which can be done online.
Because accidents can happen to anyone, at any time, Gerber Life Insurance Company offers accident protection insurance so that loved ones can be protected financially. This coverage provides protection against accidental death, as well as a disabling injury.
The amount of coverage that is provided in these policies can range between $50,000 to $250,000, and these funds can provide assistance for loved ones in paying for medical expenses, lost wages, or other types of costs.
This protection is available to those who are between the ages of 18 and 69, and to their spouses. There is no physical examination that is required as a part of the qualification process, meaning that an individual will be able to qualify, regardless of their health and/or occupation.
The benefit amount in a Gerber Life Insurance Company accident protection policy can never be reduced once an individual qualifies, and the amount of the monthly premium can never be increased.
Gerber Life Insurance Company has stood as a reliable and trusted name in the life insurance industry for over five decades. Established in 1967, the company’s mission has consistently centered on providing affordable insurance policies, especially for young families on tight budgets.
Today, Gerber Life Insurance boasts coverage for more than 3.5 million individuals. The company differentiates itself through its extensive product portfolio, excellent customer service, and a stellar financial stability record. It holds an ‘A’ rating from A.M. Best, reflecting its strength in the sector. While its insurance offerings range from whole and term life insurance to accident protection, its commitment to accessibility and affordability remains unwavering. Potential policyholders can appreciate the no-exam application processes for many of its products and the guaranteed acceptance policies. As consumers navigate the complexities of life insurance, Gerber Life Insurance stands out as a company that not only provides comprehensive coverage options but also genuinely prioritizes the well-being of families.
How We Review Insurance Companies:
Good Financial Cents systematically reviews U.S. insurance companies, emphasizing policy offerings, customer experiences, and overall reliability. Our goal is to present a balanced and comprehensive perspective to potential policyholders. Editorial transparency remains a cornerstone of our approach.
We actively collect information from insurance companies and place significant weight on customer feedback. By integrating this feedback with our research, we can offer a well-rounded evaluation. Each company is then rated based on multiple criteria, resulting in a star rating from one to five.
Product Name: Gerber Life Product Description: Gerber Life Insurance Company, a subsidiary of Western & Southern Financial Group since 2018, offers a variety of insurance products tailored to families. With a history dating back to 1967, Gerber Life emphasizes affordability and has options ranging from whole and term life to specialized accident protection plans. Summary of Gerber Life Established in 1967, Gerber Life Insurance Company has dedicated itself to providing insurance policies that cater to families, especially those with financial constraints. Building on the trusted Gerber brand known for baby products, Gerber Life extends this commitment to ensure both protection and financial stability for its clients. With services available in the U.S., Canada, and Puerto Rico, the company has successfully expanded its reach, boasting coverage for over 3.5 million individuals. Their extensive product range, from term and whole life insurance to accident protection, highlights their adaptability and determination to meet diverse needs. Pros Cons
Gerber Life Review
Product Name: Gerber Life
Product Description: Gerber Life Insurance Company, a subsidiary of Western & Southern Financial Group since 2018, offers a variety of insurance products tailored to families. With a history dating back to 1967, Gerber Life emphasizes affordability and has options ranging from whole and term life to specialized accident protection plans.
Summary of Gerber Life
Established in 1967, Gerber Life Insurance Company has dedicated itself to providing insurance policies that cater to families, especially those with financial constraints. Building on the trusted Gerber brand known for baby products, Gerber Life extends this commitment to ensure both protection and financial stability for its clients. With services available in the U.S., Canada, and Puerto Rico, the company has successfully expanded its reach, boasting coverage for over 3.5 million individuals. Their extensive product range, from term and whole life insurance to accident protection, highlights their adaptability and determination to meet diverse needs.