Gerber Life Insurance Company has provided life insurance for over 50 years. If the company’s name sounds familiar, that it because it is the same entity that has been in the baby food business for many years.
Wanting to ensure that its customers – both young and old – were provided for financially “just in case,” the company also provides a wide selection of life insurance coverage options, which includes a no medical exam product line.
Gerber has always had the mission of helping parents with raising happy, healthy children. This is a goal that is also shared by Gerber Life Insurance Company. However, the life insurance company also has an additional mission, and that is “to be the brand that parents trust to help them achieve financial security and protection for their families.” By offering a wide range of very affordable life insurance for children, as well as both medically underwritten and no exam coverage for people of all ages and stages of life, Gerber Life Insurance continues to achieve its mission every day.
Gerber Life Insurance Company today is licensed to offer its life insurance coverage products throughout the entire U.S. It also offers its life insurance coverage in Puerto Rico, as well as in Canada. The company has more than $45 billion of life insurance coverage currently in force through approximately 3.3 million insurance policies.
Insurer Grades And BBB Rating
- A.M. Best Company Grade: A(as of May 2016)
- Better Business Bureau (BBB) Grade: A+
In addition, within the past three years, Gerber Life Insurance Company has closed out a total of 72 customer complaints (of which 25 of these were closed out within the past year). Of these 72 total, 47 complaints had to do with problems with the company’s products and / or service. There were 12 that were in regards to advertising and / or sales issues, 11 that were regarding billing and / or collection issues, and another two that were in regards to delivery issues.
No Exam Life Insurance Products
Gerber Life Insurance Company offers a wide variety of life insurance coverage options. These include plans for both adults and for children. One of its most popular plans is the Gerber Grow Up Plan. This whole life insurance plan can be purchased for literally just pennies per day.
Because it is a whole life insurance plan, the Grow Up plan offers both death benefit protections, along with a cash value component that will allow the funds inside of the account to accumulate on a tax-deferred basis. This means that there is no tax due on the gain in the account unless or until the funds are withdrawn.
With Gerber Life Insurance Company’s Grow Up Plan, coverage can be purchased between $5,000 and $50,000. This can be an ideal gift from a parent, grandparent, and / or a child’s legal guardian. Coverage can be purchased any time between a child turning 14 days old through 14 years.
The premium can be locked in, and will never increase, even as the child / insured gets older. When the covered child turns age 18, the amount of the policy’s coverage will automatically double, with no additional increase in the premium.
As an adult, the insured can also opt to keep the Grow Up plan in force – and he or she is even allowed to purchase additional coverage – regardless of their future occupation or health condition. This means that the child can essentially have life insurance coverage from “cradle to grave.”
There is also a Young Adult Plan that is offered through Gerber Life Insurance Company. This plan is specifically geared towards anyone ages 15 – 17, and who are past the age requirement for purchasing a Gerber Grow Up Plan.
With the Young Adult Plan, the child will be covered via a whole life insurance policy, which is allowed to build up cash value tax-deferred. As with the Gerber Grow-Up Plan, the coverage on the Young Adult Plan will also double during the child’s turning age 18. This doubling of the coverage will occur automatically – and it will not increase the policy’s premium.
Also, the premium that is charged for the Young Adult Plan will remain stable throughout the entire life of the policy – regardless of the child’s increasing age, and whether they have a future health problem.
There are many other life insurance options that are offered through Gerber Life Insurance Company that will not require the applicant to undergo a medical examination as a part of the policy approval process. This means that there is no need to provide the insurance company with a urine and blood sample for testing purposes.
With, for instance, the Guaranteed Life Insurance plan, whole life insurance coverage is provided for the remainder of the insured’s lifetime – provided that the premium continues to be paid. Likewise, this whole life option also offers cash value that grows on a tax-deferred basis. If the policyholder chooses to do so, he or she may either borrow against or withdraw the cash value of the policy for any reason that they see fit – including:
- Paying off large debts
- Supplementing retirement income
- Taking a nice vacation
The Guaranteed Insurance Plan is also oftentimes used by the insured’s beneficiary (or beneficiaries) for the payment of the funeral and final expenses, such as the purchase of a burial plot and head stone, flowers, and for the cost of the person’s memorial service itself.
With a Gerber Life Guaranteed Insurance Plan, acceptance for the coverage is guaranteed – regardless of the health condition of the applicant at the time that they apply for the policy. This means that you cannot be turned down for the coverage – and as long as you continue to make premiums – the insurance company may not cancel your Guaranteed Life Insurance coverage.
With this plan, coverage can be obtained in the amount of $5,000 to $25,000 – and the application for coverage can be completed very quickly. Because there are no medical exams and / or other in-depth health issues to underwrite, the coverage can also be approved and issued within just a few days – or sooner.
Gerber Life Insurance Company also offers an Accident Protection Insurance plan, which can help to protect those whom you love against the unanticipated. Coverage with this plan can be obtained in the amount of $20,000 to $100,000 and this cash benefit can help to pay for various out-of-pocket medical expenses, lost wages, and / or other financial expenses.
As with the Guaranteed Insurance Plan, your approval for the Accident Protection Insurance benefits is guaranteed – regardless of your health condition at the time that you apply for this coverage. In addition, you and your spouse combined may also be pre-approved for up to a total of $200,000 in accident protection benefits, as long as you are both between the ages of 19 and 69.
This plan does not require any physical examination, and there are no health questions that you are required to answer on the application. Therefore, you are guaranteed for coverage approval – even if you work in a high-risk occupation.
This coverage can be purchased for as low as 7 cents per day in premium – and, there is no waiting period for the coverage to start. This means that the accident protection will go in force immediately, as soon as the insurance carrier receives your first premium payment. In addition, the amount of your accident protection benefits can never be reduced, and the amount of the monthly premium will never increase.
Gerber Life Insurance Company offers term life insurance for those who are seeking more “temporary” life insurance protection. The coverage on the company’s term policies ranges from $25,000 to $150,000 – and the premium can be as low as $8 per month.
The length of coverage that you choose can be ten years, 15 years, 20 years, or 30 years – and the premium you pay during the entire period cannot be increased. There is no health examination required for anyone applying for coverage of up to $100,000 and for anyone ages 18 thru 50.
Other Products Through Gerber Life Insurance Company
Gerber Life offers additional coverage for financial protection as well. For example, the College Plan can help families to ensure that the cost of a child or grandchild’s college education will be paid for – regardless of unexpected circumstances.
With this plan, a guaranteed payment of $10,000 to $150,000 can be received when the policy has reached maturity – provided that the premiums have been paid. And, even if the funds are not used for a child’s college expenses, they can be used for any situation or financial need.