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
$10,000 to $300,000
Depends on policy
Medical Exam Required
|Term lengths||10, 20 or 30 years|
|Riders||Accelerated death benefit rider, Guaranteed insurability rider, Payor benefit rider, Waiver-of-premium rider|
|Medical exam required||Depends on policy|
|Available states||Not all plans available in NY|
|Issue age||Not listed|
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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.
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.
What affects my rates with Gerber?
While Gerber doesn’t disclose any specifics on its website, any of the following lifestyle and health factors could lower your chance for paying low rates:
- High blood pressure
- High cholesterol level
- Tobacco or nicotine use
- Weight over specific height-to-weight ratio
How do I sign up?
- Choose the type of coverage you want and fill out your state, age, gender and email. Click Get a Free Quote.
- View your list of quotes. If you’re happy with one, select it and click Apply Now.
- Navigate your way through the application, giving your contact and personal info and answering medical questions.
- After answering the questions, designate your beneficiary.
- Last, provide your payment method — either bank account draft or credit card — then review and e-sign your documents.
I’ve signed up. What happens next?
If you’re approved, register your account online to take advantage of Gerber’s eServices. You can set up automatic payments, update your contact information, change your beneficiary and more.
What types of life insurance does Gerber Life offer?
Most Gerber plans are whole life policies that can build cash value, though you’ll find a small term life policy in the mix.
Gerber has one term life option with coverage ranging from $25,000 to $300,000, terms for 10, 20 or 30 years and payments from $15.42 monthly.
Gerber offers a traditional whole life plan with coverage up to $150,000 and guaranteed premiums. Its plans also build cash value that you can borrow from at 8% interest. Its whole life plans include:
- Gerber life grow-up plan. Coverage up to $50,000 available for children from 14 days to 14 years old. Monthly premiums are guaranteed for life, and the coverage doubles at 18 years old.
- Guaranteed life. Whole life insurance designed for those between 50 and 80 years old with guaranteed acceptance, no medical exam required. Choose coverage from $5,000 to $25,000.
- Gerber Life college plan. Rolls life insurance and college savings in one plan, plus a guaranteed $10,000 to $150,000 payment when the policy matures. If the policyholder dies, the beneficiary gets the full policy benefit.
- Young adult life. Cash-building whole life insurance designed for children from 15 to 17 years old with coverage up to $50,000. Coverage automatically doubles at 18 years old with no premium increase.
Does Gerber offer burial insurance?
Yes. Gerber’s guaranteed life insurance functions as a burial insurance policy. Open to seniors ages 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 offer the best protection, even if the plan includes a college savings feature. Generally, you’ll get a better return with the compound interest from a high-interest savings account or state-sponsored 529 plan.
Plus, typical adult life insurance offers children’s riders that extend your benefits to the little people in your life until they reach 25 years old. At that point, you often can convert them into individual policies. It’s worth checking out life insurance with 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 mentions a few riders, based on which policy you choose:
- Accelerated death benefit. This free add-on pays up to 50% of your benefit before death if you’re diagnosed with a terminal illness.
- Guaranteed insurability. Also called a guaranteed purchase option, this add-on lets you buy additional insurance with certain events in your life like getting married or having a child. It’s available on the grow-up policy and doesn’t require a medical exam.
- Payor benefit. Also referred to as the payment protection option, this grow-up plan add-on covers payments if the policyholder can’t pay premiums due to disability or death. This benefit pays monthly premiums up to the person insured’s 21st birthday.
- Waiver of premium. This add-on lets you continue coverage uninterrupted if you become disabled and can’t pay for your policy. You also can use this rider during periods of pregnancy.
Gerber reviews and complaints
Gerber Life Insurance Company is accredited with the Better Business Bureau with an A+ rating, as of October 2020. AM Best also awarded Gerber Life Insurance an A rating, showing that it has the financial standing to pay claims in the foreseeable future. And customers on various review sites say that Gerber’s online application is easy to navigate.
However, Gerber settled a lawsuit in August 2020 for over $1 million due to claims violations and payout delays. Initially, claimants were denied accidental death and dismemberment (AD&D) claims for their children and were asked to provide unnecessary or redundant documentation, delaying the claims process.
Some claimants sued to receive benefits. Since the lawsuit centered around issues with its death and dismemberment policies, you might think twice before choosing an AD&D policy with Gerber.
Pros and cons of Gerber
- Easy quote tool. Gerber’s online quote tool gives sample rates in less than five minutes. Instead of running multiple term life quotes, Gerber shows you all the coverage and term options at once.
- Medical exams not required. You likely won’t need a medical exam to get coverage if you’re between 18 and 50 years old.
- Not your best savings option. Its dual life and college savings plan sounds easy. But if you’re saving for your child’s college, you might see better return on investment with a high-yield savings account or 529 plan.
- A child rider might provide the same protection. Instead of buying a separate policy, your current life insurance policy may let you extend benefits to cover your children.
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