Gerber Life is an incredible insurer that offers a diverse range of insurance plans that match different individual needs. In fact, it is one of the best whole life insurers as well as one of the best term life insurance companies. Gerber sells life insurance policies for children, young adults, adults, and elders. At the moment, the insurer writes life policies in all of the 50 states in the USA, and this includes Washington, D.C.
Gerber Life insurance policies are good choices for individuals who want lifetime coverage for their dependents, affordable premiums, or guaranteed issue coverage. Furthermore, this insurer is well known for having the financial strength to pay out claims. This means you can feel rest assured that you are purchasing a policy that can show up for you if you find yourself in an unexpected position.
In this blog, we will dive into Gerber life insurance, what it covers, the costs, and much more.
What Does Gerber Life Insurance Cover?
Gerber offers multiple life insurance policies for different life stages, such as options for children, adults, and seniors. And term life and accidental death insurance for adults and a college savings plan.
Whole Life Insurance:
Whole life insurance offers lifelong coverage and builds cash value over time, as long as premiums are paid. Below is what the Gerber’s whole life insurance policies include:
The Gerber’s Grow-Up Plan:
This grow-up plan is for children aged 14 and under. Parents, grandparents, and legal guardians can purchase it for their children. Coverage typically ranges from $5,000 to $50,000 and increases when the child turns 18. The child can buy more coverage as an adult without going through a medical exam.
Young Adult Plan:
For teens aged 15-17, this plan is held by their parents, grandparents, or guardians until the child turns 21. It offers $5,000 to $50,000 in coverage, doubling at age 18. This plan builds cash value over time, and you can only purchase it through the phone.
Gerber Life College Savings Plan:
This is a good alternative college plan that combines a college savings option with permanent life insurance, building cash value over 10 to 20 years. Payouts typically range from $10,000 to $150,000 at maturity. It can be used for college or other expenses. If the insured dies before maturity, the beneficiary listed on the policy receives the full death benefit.
Whole Life for Adults:
This is made available to adults aged 18-80. This policy offers $50,000 to $1 million in coverage. Policyholders can borrow against the policy at an 8% interest rate. However, this may affect the cash value and death benefit.
Guaranteed Life for Seniors:
Made to cover final expenses like medical bills and funeral costs. This policy is for U.S. citizens aged 50-80. It guarantees enrollment without the individual going through a medical exam or health questions, offering $5,000 to $25,000 in coverage. Premiums stay the same unless you decide to increase coverage or change payment frequency.
Term Life Insurance
Term life insurance covers you for a certain period of time and doesn’t build cash value, making it generally cheaper than whole life insurance, which lasts a lifetime.
- Gerber’s Term Life policy offers:
- Term Options: Policyholders can choose from 10, 20, or 30-year terms.
- Coverage Amounts: You can pick from $100,000 to $300,000 in coverage. You can also call the insurer to check if you qualify for more.
Typically, you only need to fill out an application to qualify, with no medical exam required, according to the Gerber official website. The exception is for people who are over 51 and want more than $100,000 in coverage.
If your term ends and you outlive the policy, you can let it expire or renew it without going through a physical exam. However, your premiums may increase based on your age at renewal. You can quickly purchase these policies through the Gerber Life website or mobile app via Fabric by Gerber Life, a part of Western & Southern Financial Group.
Gerber’s Accident Protection Insurance
This is an accidental death and dismemberment (AD&D) policy. It offers a cash benefit to your beneficiaries if you die in a covered accident. It also helps cover medical expenses and lost wages if you suffer covered disabling injuries such as losing a limb or eyesight. Check out the key details of this policy, which include:
- Eligibility: Available to anyone that is aged 18-69.
- No medical exam required: you won’t have to go through medical examinations or answer health questions.
- Coverage Amounts: You can choose between $50,000 and $250,000. You can also insure your spouse for amounts from $25,000 up to your coverage amount.
Keep in mind that AD&D insurance is not the same as life insurance. It only pays out for accidental death or injuries. It won’t cover if the policyholder dies not from natural causes or illness.
Gerber offers additional coverage options, or riders, to customize your life policy. They include the guaranteed purchase option rider and the payment protection option rider. You can visit the insurer’s official website to know more about these additional coverages.
How Much Does a Life Insurance Policy Cost from Gerber Life Insurance?
According to this insurer’s official website, its term life insurance policy premiums begin at 15.42 every month and won’t go up over time. However, keep in mind that the cost of Gerber life insurance policies will vary from individual to individual. And it may also depend on different factors such as your age, the length of the term, your health, and the coverage amount.
Although the plans offered by this insurer do not require a medical examination, there are certain situations where it may be mandated. This could result in the amount you will pay for coverage. Generally speaking, the healthier and younger you are, the better rates you will get for life insurance.
How to Purchase a Life Insurance Policy from Gerber
You can get free life insurance quotes on the Gerber Life official website. You just need to answer a few questions and fill out the online form. To purchase the policy of your choice, you can complete the application only or contact a representative.
Once you get approved for the policy, you will get to know within minutes. Gerber Life offers incredible discounts and may be a good option for people who want life insurance but want to avoid a medical exam.