Gerber Life Insurance Review 2022
- Financial Strength A
- BBB Rating A+
- Coverages 4/5
- Discounts Variable
- Support Phone, Email, Fax, e-service
- User Ratings NAIC 0.68
- Availability Everywhere except New York
- Pricing Affordable
Are you planning to buy a life insurance policy? If yes then Gerber Life Insurance is a good choice. However, before you make your decision do remember to read this review and a couple of other Gerber Life Insurance reviews online, to make an informed decision.
About the Company
Gerber Life Insurance Company has been in the insurance business since 1967. Serving clients for over 53 years, the company is dedicated to offering clients of all ages, budget-friendly life insurance plans, so that they can have excellent financial protection in situations where they need it the most.
The company is also a member of the Western and Southern Financial Group. It was formed in Michigan and is now headquartered in White Plains New York. The company has a net worth of $52 billion. They currently have a team of 500 employees dedicated to serving the best insurance policies according to their needs and budget. Gerber Life Insurance is a good option for accident protection and to help save for college and other monetary expenses for children.
How We Reviewed?
To create this review, we analyzed various aspects and factors related to Gerber life insurance company. The website of the company is user-friendly and responsive. It loads fast, is easy to navigate, and provides valuable and comprehensive information to users. Therefore, when you browse through the site, you are most likely to find all answers to your questions.
Apart from that, we assessed the Gerber life insurance rating, financial strength, and customer reviews. All of these sources of information helped us develop this review in a transparent manner.
Where is it Available?
It serves all states except for New York. So, if you live anywhere other than New York, you can benefit from their packages and policies.
Gerber Life Insurance Coverage Options
Gerber life insurance offers a variety of coverage options. You can easily find Gerber life insurance for adults, seniors, and babies. Gerber is among the few companies that offer coverage for children. These policy plans are curated to provide them with protection in case of an accident and to also build cash value to pay for their college and other expenses.
Gerber Life Grow-Up® Plan
This is a whole life insurance protection plan that is designed to last a lifetime. You can buy it for your kids or grandchildren if they are between the ages of 14 days and 14 years old. In this plan, the cash value continues to grow at a guaranteed rate over the years. Thus, after the child turns 25 years old, the cash value of the policy should equal or be greater than the amount paid in premium.
Please note that the policy will be in the policy owners name until the child turns 21. Upon turning 21, they shall become policy owners, and have the option to purchase additional coverage without any medical exam. Moreover, they can buy insurance for between $5000 and $50,000. Also, a $25,000 policy turns into a $50,000 policy without any spike in premiums.
Term Life Insurance
Gerber term life insurance length extends for 10, 15, 20, and 30 years. The coverage range is between $25,000 and $150,000. You can apply for term life insurance without a medical exam if you’re under 50 or want death benefits up to $100,000. If your financial needs or requirements change over time, you have the flexibility to convert your term life insurance policy into a whole life insurance policy. Furthermore, you can renew your policy for a five-year term at the same health rating if you come to the end of your policy term and only need a few more years of coverage.
Whole Life Insurance
This coverage is for adults. It provides death benefits ranging between $25,000 and $150,000. The policy allows you to benefit from a waiver of premium life insurance riders. It will help you maintain good coverage but without paying premiums if you’re disabled for more than six months.
You can apply for a life insurance policy without undergoing a medical examination if you’re under 51 and your coverage is less than $100,000.
Guaranteed Life Insurance
Also known as the final expense coverage, the guaranteed life insurance is offered to individuals between 50 and 80 years old. Not only are applicants guaranteed approval, but they can also build cash value with time. They have the flexibility to buy coverage from $5,000 to $25,000. This policy is primarily designed to provide coverage for death expenses like burial costs, medical bills, and also, outstanding loans if any.
This insurance coverage is designed to cushion your expenses in case of accidental disability or death. The coverage range available is between $20,000 and $100,000. It can help pay for lost wages as well as cover out of pocket medical costs. You are guaranteed approval if you are above 19 and under 69 years of age. You don’t need a medical or physical exam, and more importantly, rates never increase.
Gerber Life College Plan
This is a two in one easy plan. It helps you pay for college and ensure adult life insurance protection at the same time. Simply stated, it provides a safe, easy, and secure way to pay for college with the added benefit of adult life insurance. The value of this policy grows over time and is not impacted by fluctuations in the stock market. Furthermore, you are guaranteed payments of $10,000 to about $150,000 when the policy reaches maturity, and if you have been paying the premiums on the policy. This is a great way to give your child a head start in life and enjoy the peace of mind that you have adequate finances to pay for their college.
Gerber Life Insurance Pricing
When you read different Gerber life insurance reviews online, you’ll see that most of them agree that Gerber offers transparent pricing. And we couldn’t agree more. The company truly excels in this domain.
What we would like to highlight here is the amazing Gerber life insurance quote facility. Unlike other companies, the company provides instant online quotes. All you have to do is answer some simple questions to get a quote right away.
Moreover, the company also suggests ways to bring your premium and rates down such as maintaining a healthy routine. These suggestions include:
- Keeping your blood pressure and cholesterol level in control
- Avoid smoking
- Maintain normal weight
- Exercise regularly
Here’s an estimate of monthly premiums that non-smoking adults of different age groups looking to buy a term life policy worth $ 150,000 for a term of 20 years are likely to pay.
Gerber Life Insurance Discounts
Although there are no particular discounts like bundle offers except for the college plan that we’ve discussed above, you can receive discounted premiums if you choose to set up automatic billing. Moreover, they also offer coupons which you can use to get discounts on their policies.
Customer Satisfaction and Financial Strength Review
In terms of financial strength, Gerber Life Insurance Company is stable and strong. Gerber life insurance AM Best rating is A, which is considered excellent. Also, though it is not accredited by the Better Business Bureau (BBB), Gerber Life Insurance company is graded A+.
If you look at the customer satisfaction rate, the company received 68 complaints in 36 months. Out of the total complaints received, 45 of the complaints are centered around their services while ten of them focused on collections and billing. However, the NAIC complaint ratio is 0.68. This shows that they have a low number of negative reviews and a high customer satisfaction rate.
Although you can find this section in different Gerber Life Insurance reviews, we’d like to mention it too because we think that Gerber has truly earned a high satisfaction rate based on its superior customer support service.
You can reach out to Gerber Life Insurance representatives in different ways—phone, email, and fax. You can call on 1-800-704-2180 from Monday to Friday from 8 am to 7 pm (ET) and Saturday 9 am to 5 pm (ET) or fax them on 231-928-3078.
If you wish to email them, simply log on to their website and click on the email us option given on the footer of the site. You will be directed to a page where you will have to submit some personal details. Once filled, press the submit button, and their representative will contact you within five days.
They also offer e-service. Thus, you can access and view your policy plans online too.
Ease of Buying and Claims Handling
You can easily select a plan on their website to get started. If you need assistance with policy selection you can contact their representative to discuss your policy needs and to guide you to your best option.
The claim handling process is variable because of the different products that they offer. However, the basic steps include calling on 1-800-628-0560. Once you call them, request a life insurance claim form. Next, submit all the insurance claim, filled forms, and correspondence to Gerber Life Insurance Company at the address given below:
Life Claims Processing Unit
445 State Street
Fremont, MI 49412
Comparison with Competitor
Let’s take a look at Gerber Life Insurance vs. Globe Life Insurance. Although both companies have been in the business for a long time, in terms of financial stability Globe Life Insurance is stronger. The company was rated A+ by AM Best while Gerber Life Insurance was rated A. But if you see the coverage range, Gerber Life Insurance has a higher limit of $50,000 while the coverage amount for Globe Life Insurance is $30,000.
Pros & Cons
- Flexibility to convert term life insurance into a whole life insurance policy
- No medical exam
- Coverage for all age groups children to seniors
- Countrywide offering except for NY
- Universal life insurance missing
- Services not available in New York
We can now conclude that Gerber Life Insurance is a financially strong insurance service provider with a high customer satisfaction rate and excellent customer support service. The company offers a variety of coverage options suitable to people of all ages—children, adults, and seniors alike. Before you make your decision, it is advisable to read a couple of other Gerber Life Insurance reviews.
Is Gerber Life Insurance legitimate?
Yes. It is legitimate. They have been in business for more than 53 years. It’s a name you can trust.
Can I cash out my Gerber Life Insurance?
Yes. You can borrow from the cash value. However, this is only as long as you pay your premiums with a policy loan.
What's the point of Gerber Life Insurance?
It protects you, and your family, who may depend on you for financial support.
Can Gerber Life Insurance be used for college?
Yes, they have a specific Gerber life college plan to help children pay for college.
What is the age limit for Gerber Life Insurance?
There is no limit. They offer plans to people of all age brackets from children to seniors.
What exactly is the Gerber Grow-Up Plan?
Review the coverage section to get details regarding the Gerber grow-up plan.