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It promises coverage at “pennies a day.” But is this 45 year old company any better than the rest?
Get a quote if…
You want several options for insuring your children.
Pick something else if…
Your main focus is college savings.
Life insurance isn’t something any of us want to think about. But making the decision to invest in your future and the future of those you love is an important one. After all, the earlier you purchase a policy for yourself or your family, the lower your lifetime premiums tend to be.
Gerber is just one company focused on covering the people you love through multiple options for, as its advertising suggests, “just pennies a day.” We break down what it offers, what you can expect and potential drawbacks with this big-name insurer.
As for the company itself, Gerber Life Insurance Company is an accredited business with the Better Business Bureau, which gives it an A+ rating. A.M. Best also awards Gerber Life Insurance with an A rating, which means the industry believes it has the financial standing to pay out claims far into the future.
A.M. Best
A
What types of life insurance coverage does Gerber 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 Coverage ranges from $25,000 to $150,000 with a guaranteed premium over terms of 10, 15, 20 and 30 years, with payments as low as $8 monthly.
Whole life insurance 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.
Guaranteed life insurance Whole life insurance designed for applicants ages 50 to 80 with guaranteed acceptance with no medical examination required. Select coverage from $5,000 to $25,000.
Accident protection insurance Offers cash benefits in the event of accidental death or a policy-covered injury as a result of an accident, with coverage of up to $100,000 available and rates as low as $0.07 a day.
Gerber Life Grow-Up Plan Coverage of up to $50,000 available for children ages 14 days to 14 years. Monthly premiums are guaranteed for life, and coverage automatically doubles at 18.
Young Adult Life Insurance Whole life insurance designed for children ages 15 to 17 with cash-building coverage of up to $50,000. Coverage automatically doubles at 18 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.
What riders can I add to my life insurance policy?
A standard life insurance policy often covers the essentials, but it can expose gaps that don’t account for all you’d like covered.
Investing in a policy rider can helps you tailor your life insurance to fit your specific needs. Gerber’s website only mentions one rider:
Waiver of premium. Enables your coverage to continue uninterrupted if you become disabled and are no longer able to pay your policy. You can also use this rider during periods of pregnancy.
Does my child need a life insurance policy?
It’s a complicated question, because all parents want the best for their children in preparing them for adulthood.
But life insurance isn’t designed to protect the policyholder, exactly. Rather, it’s designed to provide for beneficiaries who rely on the policyholder — for instance, providing multiples of your salary to your children if you die unexpectedly to carry on your legacy.
Also, the 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. At that point, you can often convert them into individual policies.
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.
How do I get a low rate?
Gerber suggests that a clean bill of health is your best bet in securing a preferred rate. Any of the following lifestyle and health factors could reduce your potential of paying the lowest rates:
Tobacco or nicotine use
Weight over a specified guideline
High cholesterol level
High blood pressure
Pros and cons of Gerber
Gerber has a suite of policies to choose from, but there are some things to be aware of.
Pros
Many policies to choose from. Gerber’s many policies focus on protecting your little and not-so-little ones while potentially saving for the future.
Medical exams not required. A simple process often forgoes exams for those ages 18 to 50.
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 for extending your policy’s benefits to cover your children.
Only one rider mentioned on its website. While most insurers offer a range of policy add-ons to expand coverage, Gerber only advertises one: its waiver of premium.
Life insurance companies like Gerber
Gerber review 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, what with other products providing peace of mind and a stronger return on your investment.
How does Gerber protect my data?
Gerber collects your personal information in order to offer you products and services, manage your account and provide customer service. Your info is only shared with third parties that help run Gerber’s website and provide services on its behalf.
Gerber safeguards your data with the use of industry-standard encryption and firewall-protected servers.
How do I sign up?
Select the type of coverage you want — term, whole, guaranteed, accident protection or child life insurance — fill out the initial required fields and 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, next designate your beneficiary.
Finally, provide your payment method — either bank account draft or credit card — and then review and e-sign your documents.
If you’re approved for a policy, register your account online so you can 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.
More about Gerber
Gerber is in the business of babies, known for the iconic Gerber baby that appears on its products found in most grocery stores across the US.
But Gerber doesn’t just provide wholesome nutrition for your little ones. It also offers life insurance products for children and adults with a variety of available coverages and terms.
Formed in 1967, Gerber Life Insurance Company is a subsidiary of Gerber Products Company, headquartered in White Plains, New York. It provides insurance products across the US, Canada and Puerto Rico, with more than 3.3 million active policies in place.
What began as a life insurance product crafted to protect and safeguard young children, soon blossomed into a full product line of insurance policies designed for adults, children and even a specialized college plan for young adults.
In many cases, no medical exam is required to apply for Gerber life insurance, and you can easily get a quote for term and whole life policies online in minutes.
One of the largest insurers in the nation, Gerber’s policies can provide security and even college savings, depending on your plan. But you’ll want to watch for potential drawbacks before signing a contract.
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.
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.
Bottom line
Gerber’s strives to help parents raise happy, healthy children, starting with a line of baby products in 1927. Today, Gerber supports parents and children as they grow with a range of life insurance products focused on whole life policies. Other products include a term life plan and the Gerber Life Grow-Up Plan.
But before signing up with Gerber, you might want to first narrow down your goals. If you’re looking to build up cash value that you can use toward your child’s education, a savings or 529 plan designed for that purpose might reap bigger rewards.
If it’s to protect your children with a life insurance plan, look into whether your existing plan offers a child rider. Or compare your options for life insurance that do allow for them.
Frequently asked questions
Riders are add-ons that you can pay for to extend your policy benefits to cover children, unforeseen hardships and more.
Most plans offer at least the basics to cover gaps in coverage, with other insurers presenting a laundry list of extensions to tailor your plan to just the right coverage for what matters most.
Policy payouts are designed to cover a range of costs that include funeral expenses, outstanding debts, mortgage payments, college education and even everyday living expenses until your family is back on their feet.
Read the terms and conditions of your specific policy to learn whether your provider restricts the use of your payout.
This is a policy that builds cash value over time. Your provider sets aside a small amount of money from each premium payment that accumulates over the term or life of your policy. You can typically withdraw this accumulated cash value or even borrow against it, essentially lending from yourself.
Julia 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.
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