When applying for life insurance coverage, 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.
But another key factor in the life insurance buying decision should also be the company through which you purchase the coverage. This is because you will want to have peace of mind in knowing that if or when the time comes for those you care about to file a claim on the policy, the insurer will be there for them, and it will make good on its promise to pay out the benefits.
One quality life insurance carrier that has been in the business for nearly half a century, and that has a positive reputation for paying out its claims to its beneficiaries 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.
The History of Gerber Life Insurance Company
Gerber Life Insurance Company entered into the life insurance industry back in 1967. Its mission was primarily to provide life insurance coverage 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 with achieving 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, in turn, offering peace of mind for the entire family.
Gerber Life Insurance Company is 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.
Gerber Life Insurance Company Review
Over the past five decades, Gerber Life Insurance Company has grown considerably. The company has so far covered more than 3.3 million people with its insurance policies, and it has over $45 billion of life insurance in force.
The company prides itself on being with families “every step of the way.” It manages its financial portfolio very conservatively to help with ensuring long-term growth, as well as its overall financial stability.
It also makes it easy to learn about its products and its 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. Representatives may also be reached via email, as well as through faxed correspondence.
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 May 2015, the company is rated by A.M. Best as an A, which is considered to be Excellent.
Also, even though Gerber Life Insurance Company is not an accredited company through the BBB (the Better Business Bureau), the insurer has been provided with the grade of A+ through this entity (on a grading scale of A+ through F).
Throughout the time period of the last 36 months, Gerber Life Insurance Company has closed 68 complaints through the Better Business Bureau – 24 of these within the past year. Of these total 68 complaints, 45 of them centered on issues with the company's products and / or services, while 11 focused on the firm's advertising and / or sales, ten focused on the company's billing and / or collections, and delivery and guarantee / warranty issues accounted for one complaint each. For additional information, as well as written customer reviews, the Better Business Bureau's website can be reviewed.
Life Insurance Products Offered Through Gerber
Gerber Life Insurance Company offers a wide variety of different life insurance coverage 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 either be borrowed or withdrawn for any reason that the policyholder wishes – including paying off debts, paying for college expenses, buying a house, supplementing retirement income, or going on a nice, long-awaited vacation.
With whole life insurance, the coverage will remain in force for the “whole” of the insured's lifetime – as long as the premium is paid. The amount of the premium will remain the same – regardless of the insured's increasing age, and even if the insured contracts an adverse health issue in the future.
At Gerber Life Insurance Company, whole life insurance can be purchased with face amounts of between $25,000 and $150,000 for applicants who are between the ages of 18 and 50 years old. In most cases, those who are between these ages can apply for up to $100,000 in life insurance coverage with no medical exam necessary.
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.
Gerber Life offers term life insurance coverage options that range between $25,000 and $150,000 – and with premiums that begin as low as only $8.00 per month. For those who are between the ages of 18 and 50 years old, term life coverage of up to $100,000 in face amount may be able to be purchased without the need to take a medical examination as a part of the underwriting process.
The terms of coverage that can be purchased Gerber Life Insurance Company are ten years, 15 years, 20 years, and 30 years. And, with each of these term life plans, the premium rate will be locked in for the entire life of the policy duration.
Guaranteed Life
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 applicants who are between the age of 50 and 80, 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.
This policy can be obtained with coverage amounts of between $5,000 and $25,000. And, because it is a permanent life insurance policy, it will also include a cash value component that grows on a tax-deferred basis.
Accident Protection
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 $20,000 to $100,000, 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 19 and 69, as well as 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 College Plan
Gerber Life Insurance Company also provides a way for families to help their children save for a college education through insurance. The Gerber Life College Plan grows in value over time – yet it isn't impacted by the ups and downs of the stock market.
With this plan, the policyholder can receive a guaranteed payment of between $10,000 and $150,000 when the policy matures – provided that premiums continue to be paid. And, unlike a 529 college savings plan, the money from this plan can be used for college expenses – or anything else.
Gerber Life Grow-Up Plan
While nobody wants to think about losing a child, unfortunately, the unthinkable can occur. This is why having life insurance coverage on a child can be an important financial move. Through Gerber Life Insurance Company's Grow-Up Plan, whole life insurance can be purchased for a child for just pennies per day.
This policy provides death benefit protection of between $5,000 to $50,000, along with a cash value that will grow tax-deferred over time. These policies may be purchased for children between the ages of 14 days to 14 years. The amount of the premium will never go up – regardless of the insured's increasing age. And, provided that the premium remains paid, the policy will continue to accumulate cash value build-up. Also, the amount of the policy's coverage will double during age 18 automatically.
How and Where to Get the Best Premium Quotes for Life Insurance Coverage
When seeking the best premium quotes on life insurance coverage – regardless of your age or health – the best way to go about it is to work with either a company or an agency that has access to more than just one life insurance carrier. This is so that you will be able to more directly compare the benefits, the policies, the carriers, and the premium prices – and from there you will be able to determine which will work the best for you and your specific situation. This is not only true for when seeking life insurance coverage but when seeking other covers too, such as the best auto insurance companies and rates!
If you are ready to move forward with comparing life insurance policies, we can help. We work with many of the top insurers in the industry today – and we can assist you with obtaining all of the important information that you will require in making a well-informed buying decision. We can do so for you quickly and easily, and without you having to meet in person with a life insurance agent. If you are ready to proceed, just complete to quote request form on this page.
We understand that purchasing life insurance can be a big step. There are a lot of different plans to choose from – and it can be difficult to determine which will be the best for you. Ensuring that you have the right type and amount of coverage is essential – as is making sure that you will be going with the best carrier that is strong and stable financially. That's why it is good to have an expert on your side who is well versed in the life insurance arena, and who can find you exactly what you need. So, contact us today – we're here to help.
