Gerber Life Insurance, founded in 1967, bases its life insurance offerings around the concept of protecting family members’ future, with education and other expenses covered.
The Gerber Products Company, the famous brand behind baby food and other popular family products, was the parent organization behind the life insurance firm at its founding.
About Gerber Life Insurance
Today, Gerber Life Insurance is part of the Western & Southern Financial Group.
Policies from this insurer fit multiple requirements, from whole life plans that begin in childhood to coverage specifically tailored to people over 50.
Gerber Life is active in the U.S., Puerto Rico, and Canada, and has over $45 billion of active life insurance policies.
Gerber Life Insurance Quotes and Application Process
Gerber Life offers a fully featured website experience, with a way to request a free quote via email, alongside phone numbers and other contact details.
The company is active on social media and runs a blog focused on parenting tips.
There is an online portal available to current policyholders, which allows individuals to log in and check their payment details and other important policy information.
The service informs users whether or not they are eligible to take out loans against their policies, and how to download PDF forms for actions such as a beneficiary change.
Gerber Life Insurance Policies
There is more than one type of life insurance available for customers.
Some of these offerings are designed to be temporary solutions for individuals hoping to financially safeguard their loved ones during a certain period of time.
Others are meant to last for as long as a person lives, sometimes accruing value based on financial markets or increasing their amount as the policyholder ages.
The following are some of the options provided by Gerber:
- The Grow Up Policy: Gerber’s signature policy is called Grow Up. Parents, permanent legal guardians, or grandparents purchase this type of life insurance on behalf of children who are 14 days to 14 years old. Premiums never increase, and the policy doubles in value at age 18. When the kids mature to adulthood, they can convert this policy to an adult plan regardless of occupation or future health.
- Term Life Insurance: A term life insurance plan is designed to last for a stated duration, rather than as long as the policyholder lives. Gerber Insurance’s standard term life plan comes with a locked-in premium rate and coverage from $100,000 to $300,000. The policy does not require a medical exam for application, unless the applicant is over 51 and applying for more than $100,000 of coverage. This policy can last for 10, 20, or 30 years.
- Whole Life Insurance: A whole life plan is designed to last indefinitely, as long as the insured lives. As with the term life plan, only applicants aged 51 or older who want more than $100,00 in coverage need a full medical exam. The whole life offering is available for 18- to 70-year-old applicants, and features amounts from $50,000 to $300,000. Percentages of premiums are set aside toward policy value, so the overall amount increases over time. Policyholders can take out loans against the total at 8% interest.
- Guaranteed Life Insurance: Gerber offers a guaranteed plan for individuals between 50 and 80 years old, without the need for medical exams. The coverage amounts for the plan are smaller, from $5,000 top $25,000, and cash value accrues over time.
- Accident Protection Insurance: Gerber Life offers accident protection plans alongside its life insurance policies. These products are designed to help loved ones deal with expenses in the event of accidental death or a covered disabling injury. The insurer offers preapproval for a $200,000 combined sum for married couples if both partners are between 19 and 69 years old.
- Endowment Life Insurance: One of Gerber’s plans is specially designed to help children go to college. The policy is not tied to the stock market and is designed to pay $10,000 to $150,000 once the coverage matures and the insured’s child is ready to go to college.
Gerber Life Insurance Riders
A rider is additional coverage that goes beyond the basic terms of a life insurance plan.
It’s best not to ignore these considerations, according to the Insurance Information Institute, especially when features such as guaranteed insurability aren’t part of a policy by default.
One of the major uses of a rider is to add a child to an insurance policy, though Gerber urges adult policyholders to think twice about using this option, as dedicated policies that cover minors make up one of the company’s major coverage areas.
As for the other riders available from Gerber Life, the options vary depending on the type of policy in question and include the following:
- Guaranteed Purchase Option Rider: This feature of the Grow Up Plan allows policyholders to expand their coverage at significant dates in their lives, without having to prove anything about their health.
- Payment Protection Option Rider: Also attached to the Grow Up Plan, this rider is designed to cover premium payments if the policy owner dies or suffers a permanent disability. The covered child’s premiums are funded until age 21.
- Accelerated Death Benefit: Whole life and term life coverage from Gerber receive an Accelerated Death Benefit Rider at no additional cost. Policyholders can request a one-time advance if they are diagnosed with a terminal illness and expect to live 12 or fewer months. The benefit can offset medical costs or other expenses, and may reach up to 50% of the total death benefit.
Gerber Life Insurance Discounts
Unlike other types of insurance, such as home and auto policies, life insurance providers offer fewer upfront discounts that provide immediate savings on premiums.
The III recommends a few methods of saving on policies, including shopping around for ideal premiums and sticking with providers that have solid financial strength ratings from the leading agencies.
Though the flashy savings opportunities associated with other insurance types are typically absent from life insurance, there are differing rate categories based on lifestyle details – for instance, people who keep up healthy exercise and don’t partake in risky habits such as smoking may qualify for discounted policies.
The III suggests that making health-focused changes and choices could result in discounts.
Gerber Life does promote a few ways to save money as a customer. For instance, the insurer offers a prescription savings card for CVS Caremark pharmacies.
Gerber Life Insurance Financial Strength
Choosing an insurance company based on financial strength and stability is one of the best ways to ensure that provider will be able to meet your coverage needs.
In fact, this is No. 1 on the III’s list of criteria for selecting a life insurer, alongside the presence of riders and investments, service responsiveness, and state license status.
The three major agencies that rate financial strength do so on different systems, and it pays to learn how each of these works.
In a move that may make it tough to compare Gerber Insurance with other insurers, the company only lists a rating from one of the three oversight bodies – AM Best.
That rating is an A, the third-highest mark available from the agency and generally a strong marker of financial strength.
Gerber’s website contains multiple references to its AM Best rating.
- Underwriter: Gerber Life Insurance Company
- Marketshare: 0.37%
- Premiums Written: $478,226,507
- Standard & Poor’s Financial Rating: N/A
- Moody’s Financial Rating: N/A
- AM Best Financial Rating: A
Gerber Life Insurance Reviews and Customer Service
Previous customer experiences provide a way to judge an insurer in addition to overall financial strength or coverage options.
An organization that has a long history of taking care of its policyholders is generally more likely to continue in a positive vein.
You can use information from a company’s local Better Business Bureau branch or the National Insurance Commissioner’s Association to create a composite picture of its trustworthiness.
Gerber Life has an A+ score from its headquarters’ nearest BBB branch, which indicates it is generally responsive to customer queries and concerns.
On the other hand, the company is not accredited by the BBB.
Customer reviews collected by the BBB average 1/5 stars, the lowest possible rating, though with only 12 pieces of feedback represented, the sample size is small.
The company has reached out publicly to the dissatisfied reviewers to resolve their situations, alongside 87 complaints over the past three years and 36 in the past year.
As for the company’s NAIC complaint ratio, Gerber Life has a score of 0.54.
That sub-1 number indicates Gerber Insurance deals with fewer upheld consumer complaints per capita than the average company, as the median for a given year is set at 1.
There were 12 complaints lodged against Gerber in 2018, according to the NAIC.
Gerber Life Insurance Phone Number & Contact Information
- Homepage URL: https://www.gerberlife.com/
- Company Phone: (800) 253-3074
- Headquarters Address: 445 State St, Fremont, MI, 49412