Gerber Life Insurance Review
Life insurance is one of those things that everyone needs, but no one likes to talk about. When you’re young and have the luxury of thinking that you’ll live forever, life insurance doesn’t cross your mind. Marriage and kids often change that outlook, and you find yourself wondering “What will happen to my family if I die?” As we get older, “if” becomes “when,” and we want to be sure our families do not become saddled with financial burdens upon our passing.
The Gerber brand has been around for nearly 100 years, and Gerber Life Insurance provides policies throughout the United States, Canada and Puerto Rico. They have over 3.3 million policies in force, currently covering more than $45 billion in life insurance policies. The conservatively managed company strives to provide long-term growth and financial stability, with the majority of their portfolio being in high-quality investments. Their A.M. Best “A” (Excellent) rating attests to the strength of Gerber Life Insurance financial stability.
Pros
- Gerber Life Insurance offers policies to fit every budget
- Top ratings from A.M. Best and Better Business Bureau
- Guaranteed Life Plan with no health restrictions or medical questions for ages 50 to 85
Cons
- Shortened term life options if you smoked within the past year
Gerber Life Insurance Products
We named Gerber Life Insurance in our Best Life Insurance Companies Guide for offering great value. The company offers three types of life insurance coverage for adults and seniors: Term Life Insurance, Guaranteed Life Insurance and Whole Life Insurance. We’ve listed policy details below.
| Gerber Policy | Coverage and Terms |
|---|---|
| Term Life Insurance | – Coverage options range from $25,000 to $150,000 – Coverage periods: 10, 15, 20 or 30-year terms |
| Guaranteed Life Insurance | – Choose coverage from $5,000 to $25,000 – Available to anyone between the ages of 50 and 80 years old – No medical exams or health questionnaires required> |
| Whole Life Insurance | – Coverage for the rest of your life as long as premiums are paid – Builds cash value with each premium payment |
Gerber also offers life insurance for children. Legal guardians of a child can apply when the child is 14 days to 14 years old. Benefits of Gerber’s Child Life insurance policy include:
- Locked-in premiums
- During age 18, coverage doubles with no increase in cost. A $10,000 policy becomes $20,000
- Grow-Up Plan accumulates cash value as long as you pay premiums
- Option to keep the policy as an adult with the option of purchasing additional coverage
Gerber Life Insurance Costs
Term Life Insurance and Whole Life Insurance both require medical screenings and the rates depend on your health as well as your age, gender and some of your health habits. Whether you’re male or female, young or old, the most expensive life insurance risk factor is smoking. Any medical issue that reduces your life expectancy will always result in higher life insurance quotes. Conditions such as heart disease, diabetes, cancer, obesity, and pulmonary disease all have a most significant impact on how long you’ll live.
We pulled some sample rates using the Gerber Life Insurance calculator and listed the results below. These rates do not factor in any health conditions.
| Age | 20-Year Term | Guaranteed Life | Whole Life Insurance |
|---|---|---|---|
| 50 non-smoker | – $25,000 / $30.00 – $50,000 / $51.00 – $75,000 / $76.50 – $100,000 / $93.00 – $150,000 / $139.50 |
– $10,000 / $44.09 – $12,000 / $52.73 – $15,000 / $65.68 – $20,000 / $87.27 – $25,000 / $108.86 |
– $25,000 / $57.50 – $50,000 / $109.00 – $75,000 / $163.50 – $100,000 / $208.00 – $150,000 / $312.00 |
| 50 smoker | – $25,000 / $63.09 – $50,000 / $125.13 – $75,000 / $187.70 – $100,000 / $242.50 – $150,000 / $363.75 |
Same as non-smoker | – $25,000 / $97.25 – $50,000 / $184.00 – $75,000 / $276.00 – $100,000 / $352.00 – $150,000 / $528.00 |
| 60 non-smoker | – $25,000 / $51.00 – $50,000 / $82.00 – $75,000 / $123.00 – $100,000 / $140.00 – $150,000 / $210.00 |
– $10,000 / $63.89 – $12,000 / $76.49 – $15,000 / $95.38 – $20,000 / $126.87 – $25,000 / $158.36 |
– $25,000 / $98.25 – $50,000 / $186.00 – $75,000 / $279.00 – $100,000 / $355.00 – $150,000 / $532.50 |
| 60 smoker | – $25,000 / $98.64 – $50,000 / $195.95 – $75,000 / $293.93 – $100,000 / $375.90 – $150,000 / $563.85 |
Same as non-smoker | – $25,000 / $166.00 – $50,000 / $314.50 – $75,000 / $471.75 – $100,000 / $600.00 – $150,000 / $900.00 |
| 70 non-smoker | – $25,000 / $102.00 – $50,000 / $185.00 – $75,000 / $277.50 – $100,000 / $338.00 – $150,000 / $507.00 |
– $10,000 / $99.18 – $12,000 / $118.84 – $15,000 / $148.32 – $20,000 / $197.45 – $25,000 / $246.59 |
– $25,000 / $175.00 – $50,000 / $330.00 – $75,000 / $495.00 – $100,000 / $632.00 – $150,000 / $948.00 |
| 70 smoker | – $25,000 / $193.75 – $50,000 / $383.99 – $75,000 / $575.99 – $100,000 / $761.83 – $150,000 / $1,142.75 |
Same as non-smoker | – $25,000 / $295.75 – $50,000 / $557.50 – $75,000 / $836.25 – $100,000 / $1,068.00 – $150,000 / $1,602.00 |
| Age | 20-Year Term | Guaranteed Life | Whole Life Insurance |
|---|---|---|---|
| 50 non-smoker | – $25,000 / $22.00 – $50,000 / $36.80 – $75,000 / $55.20 – $100,000 / $67.00 – $150,000 / $100.50 |
– $10,000 / $34.47 – $12,000 / $41.18 – $15,000 / $51.24 – $20,000 / $68.02 – $25,000 / $84.79 |
– $25,000 / $48.75 – $50,000 / $93.00 – $75,000 / $139.50 – $100,000 / $179.00 – $150,000 / $268.50 |
| 50 smoker | – $25,000 / $53.81 – $50,000 / $99.95 – $75,000 / $149.93 – $100,000 / $182.07 – $150,000 / $273.10 |
Same as non-smoker | – $25,000 / $82.50 – $50,000 / $157.00 – $75,000 / $235.50 – $100,000 / $303.00 – $150,000 / $454.50 |
| 60 non-smoker | – $25,000 / $35.00 – $50,000 / $56.00 – $75,000 / $84.00 – $100,000 / $95.00< – $150,000 / $142.50 |
– $10,000 / $51.06 – $12,000 / $61.09 – $15,000 / $76.13 – $20,000 / $101.20 – $25,000 / $126.27 |
– $25,000 / $79.50 – $50,000 / $150.50 – $75,000 / $225.75 – $100,000 / $287.00 – $150,000 / $430.50 |
| 60 smoker | – $25,000 / $83.51 – $50,000 / $165.42 – $75,000 / $248.13 – $100,000 / $283.45 – $150,000 / $425.18 |
Same as non-smoker | – $25,000 / $134.25 – $50,000 / $254.50 – $75,000 / $381.75 – $100,000 / $485.00 – $150,000 / $727.50 |
| 70 non-smoker | – $25,000 / $72.30 – $50,000 / $120.80 – $75,000 / $181.20 – $100,000 / $230.00 – $150,000 / $345.00 |
– $10,000 / $75.53 – $12,000 / $90.46 – $15,000 / $112.84 – $20,000 / $150.15 – $25,000 / $187.46 |
– $25,000 / $130.75 – $50,000 / $250.00 – $75,000 / $375.00 – $100,000 / $479.00 – $150,000 / $718.50 |
| 70 smoker | – $25,000 / $166.34 – $50,000 / $305.78 – $75,000 / $458.67 – $100,000 / $581.90 – $150,000 / $872.86 |
Same as non-smoker | – $25,000 / $221.00 – $50,000 / $422.50 – $75,000 / $633.75 – $100,000 / $810.00 – $150,000 / $1,215.00 |
Gerber Complaints
Customers note that the application process for the Gerber Guaranteed Life Insurance is “fairly straightforward” and those who have the term or whole life policies share that there is always someone available to answer their questions completely during the application process. The Better Business Bureau rates Gerber Life Insurance an A+.
Most complaints we saw centered around not being able to get in touch with a representative when issues arise. People were frustrated with Gerber’s automated responses. Another common complaint is the amount of time it takes to receive a check either when a policy is surrendered or a loved one passes away.
Gerber Product-related Q&A
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What is life insurance?
Life insurance is a contract between an insurance company (insurer) and an individual (policyholder). The insurer guarantees the payment of a lump sum death benefit to beneficiaries named by the insured upon his or her death. Every policy is unique and may have riders included to streamline the policy to provide the insured’s desired coverage. -
What is whole life insurance?
Also called permanent or traditional life insurance, whole life policies provide coverage for the life of the insured. As the policy matures, it accumulates cash value and possibly tax-deferred interest. Policyholders can access the cash value without impacting their death benefit. -
What is term life insurance?
Term life insurance is a policy that guarantees payment of a death benefit during a specified term. Ten years, 15 years, 20 years and 30 years are the standard terms. If the insured dies during the policy term, the insurer pays the benefit. -
How much life insurance do I need?
There is no one-size-fits-all life insurance, and the amount of life insurance you need depends on multiple factors. Consider how much debt you carry, such as mortgages, loans and credit card bills. You will also need to carefully estimate the cost of your final expenses and how much money you want your dependents to have for support after you’re gone. -
How much should I factor in for funeral costs?
According to the National Funeral Directors Association (NFDA), last year, the average cost of a funeral and burial was $7,360. This amount doesn’t include the cost of a cemetery plot or a vault.
Conclusion
For the policyholder, life insurance is peace of mind that comes from knowing that your loved ones will have financial protection when you’re gone. A good life insurance policy can give them time to adjust to life without you without having to worry about how to pay for your funeral and how to pay the monthly bills. Gerber Life Insurance has been giving families peace of mind by offering reliable policies for decades.