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Gerber Life Insurance review 2020
Gerber offers some of the cheapest rates for families and children.
finder.com's rating: 3.5 / 5
★★★★★
- Get a quote if… You want several options for insuring your children.
- Pick something else if… Your main focus is college savings.
18 to 70
Issue Age
$10,000 to $300,000
Coverage
Depends on policy
Medical Exam Required
Details
| Free quote | Online |
|---|---|
| Policy options | Term, whole |
| Term lengths | 10, 20 or 30 years |
| Monthly cost | $15.42/month |
| Claim methods | Phone, Mail, Online |
| Available states | Not all plans available in NY |
| Customer support | Phone, Email, Online |
| Riders | Accelerated death benefit rider, Guaranteed insurability rider, Waiver-of-premium rider |
Expert review
Review by
Julia Cameron
julia.cameron@findercrew.comJulia Cameron is a writer and editor who has experience in finance, mergers and acquisitions, content marketing and immigration law. She has a passion for interior design and an affinity for Old Florida, where she lives with her family.
Expert review
Gerber specializes in permanent policies that are designed to support parents and children as they grow, at an affordable rate. You can access info easily on Gerber’s website, and run a quote in less than five minutes.
You’ll have a wide variety of no medical exam policies, but if you’re looking to build up cash value that you can use toward your child’s education, a savings or 529 plan might reap bigger rewards.
What types of life insurance coverage does Gerber Life offer?
The majority of Gerber’s plans are whole life policies, offering life insurance with the ability to build cash value, though you’ll find a small term life policy in the mix.
Term life insurance
Gerber has one term life option with coverage ranging from $25,000 to $300,000 with terms of 10, 20 and 30 years, and payments as low as $15.42 monthly.
Whole life insurance
Gerber offers a traditional whole life plan with coverage of up to $150,000 with guaranteed premiums and the potential to build cash value over the life of the policy that you can borrow from at 8% interest. It also offers specialized whole life plans, which are:
- Guaranteed life insurance. Whole life insurance designed for applicants 50 to 80 years old with guaranteed acceptance, and no medical exam required. Select coverage from $5,000 to $25,000.
- Gerber life grow-up plan. Coverage of up to $50,000 available for children 14 days old up to 14 years old. Monthly premiums are guaranteed for life, and coverage automatically doubles at 18 years old.
- Young adult life insurance. Whole life insurance designed for children 15 to 17 years old with cash-building coverage up to $50,000. Coverage automatically doubles at 18 years old with no monthly premium increase.
- Gerber Life college plan. Rolls life insurance and college savings into one plan that offers a guaranteed $10,000 to $150,000 payment on policy maturity. If anything happens to the policyholder before the maturity date, a beneficiary receives the full benefit.
Does Gerber offer burial insurance?
Yes. Gerber’s guaranteed life insurance plan functions as a burial insurance policy. Open to seniors aged 50 to 80, you can purchase a policy worth $5,000 to $25,000 — and your beneficiaries can use the funds to cover your funeral, burial and end-of-life expenses.
Is a child’s life insurance policy worth it?
A life insurance policy for your child may not be the best way to protect your little ones, even if the plan offers a college savings component. Generally, you’re better off taking advantage of the compound interest that comes with a savings or state-sponsored 529 plan.
Plus, a typical adult life insurance plan offers children’s riders that extend your benefits to the little people in your life, covering them under one policy sometimes until they reach 25 years old. At that point, you can often convert them into individual policies. It’s worth checking out life insurance options that include child riders to score the most value.
What riders can I add to my policy?
Gerber’s website doesn’t give much info about policy add-ons. However, it does mention a few riders available, dependent on which policy you choose:
- Waiver of premium rider. This add-on allows you to continue coverage uninterrupted if you become disabled and are no longer able to pay your policy. You can also use this rider during periods of pregnancy.
- Guaranteed insurability rider. Also called guaranteed purchase option rider, this add-on is available on the grow-up policy and allows you to buy additional insurance at certain events in your life, without having to take a medical exam. For example, when you get married or have a child.
- Payor benefit rider. Also referred to as the payment protection option rider, this grow-up plan add-on covers premium payments if the policy holder can’t pay premiums due to disability or death. Monthly premiums can be paid up to the insureds 21st birthday.
- Accelerated death benefit rider. This free add-on allows you to receive up to 50% of your death benefit if you’re diagnosed with a terminal illness.
How much does Gerber Life cost?
Using Gerber’s online quoting tool, we pulled sample rates for a $150,000, 20-year term policy based on a healthy, nonsmoking man and woman.
| Age | Man | Woman |
|---|---|---|
| 20 | $27.13 | $20.88 |
| 30 | $32.25 | $25.63 |
| 40 | $49.88 | $38.88 |
| 50 | $91.25 | $66.00 |
Pros and cons of Gerber
Pros
- Easy quote tool. Gerber’s website offers a quote tool that presents sample rates in less than five minutes. Instead of running multiple term life quotes, Gerber shows you all coverage and term options in one quote.
- Medical exams not required. You likely won’t have to take a medical exam to be approved for coverage if you’re between 18 and 50 years old.
Cons
- Not your best savings option. Its dual life and college savings plan sounds easy. But if saving for college is your main concern, you’ll likely see a better return on your money with a high-yield savings account or 529 plan.
- A child rider might provide the same protection. Instead of taking out a new life insurance policy for your child, your existing life insurance policy likely allows you to extend your policy’s benefits to cover your children.
Compare life insurance companies like Gerber
Gerber reviews and complaints
Customers say that Gerber’s online application is easy to navigate. They’re also happy with its affordable, high-quality insurance products that provide peace of mind for the future. At least a few Redditors question whether life insurance combined with college savings is a sound financial decision, with other products providing peace of mind and a stronger return on your investment.
As for the company itself, Gerber Life Insurance Company is an accredited business with the Better Business Bureau, which gives it an A+ rating. AM Best also awards Gerber Life Insurance an A rating, which means the industry believes it has the financial standing to pay out claims in the foreseeable future.
How do I sign up?
- Select the type of coverage you want, fill out your state, age, gender and email, then click Get a Free Quote.
- You’ll then be presented with a list of quotes. If you’re happy with one, select it and click Apply Now.
- Navigate your way through the application, providing your contact and personal info, and answering questions about your medical history.
- After answering the questions, designate your beneficiary.
- Finally, provide your payment method — either bank account draft or credit card — and then review and e-sign your documents.
I’ve signed up. What happens next?
If you’re approved for a policy, register your account online to take advantage of Gerber’s eService features. You’ll be able to do things like set up auto payments, update your contact info, change your beneficiary and more.
How do I file a life insurance claim with Gerber?
Gerber doesn’t offer the ability to start a life insurance claim online. You must call and speak with one of its insurance agents by calling 80-628-0560, weekdays 8 a.m. to 7 p.m. ET and Saturdays 9 a.m. to 5 p.m. ET.
Claim forms require details that include:
- The deceased’s full name and personal details
- Birth, marriage or other life event dates for all beneficiaries
- A copy of the death certificate
Frequently asked questions about Gerber
Life insurance ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.