Gerber Life Insurance offers policies to people of all age groups. Markedly, some of its policies allow you to receive coverage without a medical exam. So to find out if one of their policies is right for you, read our review of Gerber Life Insurance.
Gerber Life Insurance Overview
Gerber Life Insurance Company has operated for over fifty years. At the present time, it has $52 billion of life insurance in force with 3.6 million policies for individuals in North America.
Gerber Life Insurance Types
Gerber Life offers different policies. With this in mind, we discuss the details of each below.
Gerber Life’s Grow-Up Plan
The Gerber Life Grow-Up Plan is a whole life insurance policy that you can buy for children within the ages of 14 days to 14 years. Specifically, a parent, grandparent or legal guardian can buy $5,000 to $50,000 worth of coverage for a child. That coverage amount will automatically double when the child reaches 18.
Furthermore, the policy requires no medical exam, but you must complete a health questionnaire. Gerber Life says it rejects less than 2% of the policy’s applicants for medical reasons.
The child eventually becomes the policy holder at 21. At this point, they can choose to continue paying premiums at standard adult rates for their age. Or they could rather end the coverage and receive the accumulated cash value.
Also, premiums can start from as low as $3.70 a month. The policy helps build cash value over time and enables the child to buy extra coverage as an adult. Additionally, it lets you collect a cash value loan at 8% interest.
Young Adult Plan
Gerber Life’s Young Adult Plan targets people ages 15 to 17. Similarly, parents, grandparents and permanent legal guardians can apply for coverage.
Just like the Grow-Up plan, it gives whole life insurance coverage from $5,000 to $50,000 with the coverage amount doubling at age 18. However, the coverage you must purchase the policy by phone.
Gerber Life College Plan
Gerber Life positions its Gerber Life College plan as an alternative to the traditional college savings account for saving money for a child’s college education.
They also say the plan can guarantee how much a plan’s owner will have after 10 to 20 years (if the premiums are paid). Gerber Life says the guarantee for payouts is from $10,000 to $15,000 when the policy matures.
However, note that withdrawals from the plan are taxable. The rate of return on cash value also depends on the policy, its duration and the billing frequency.
Gerber Life’s Whole Life Insurance
A whole life insurance policy works by covering you throughout your life without a change in rates, as long as you pay the monthly premium.
Gerber Life’s Term Life Insurance
Term life insurance works by providing level rates for a certain period or term. It’s typically the cheapest type of life insurance. Gerber Life offers terms of 10, 20 or 30 years for people ages 18 to 70. Coverage amounts vary from $100,000 to $1 million.
In many cases, a life insurance medical exam isn’t required to obtain coverage, but you do need to answer several questions about your health. You must undergo a medical exam if you’re at least age 51 and are applying for $100,000 or more in coverage.
Gerber Life’s No-Exam Life Insurance
Also, two of their policies for adults provide no-exam life insurance options.
- Gerber Life’s term policy
- Gerber Life’s guaranteed life insurance
Gerber Life Insurance Riders
A life insurance rider is an added coverage feature or benefit, usually at extra cost. Gerber Life’s riders depend on the policy you buy.
- Guaranteed Insurability Rider. It gives your child the opportunity to buy additional coverage when they’re an adult without taking a medical exam. This is included in the Gerber Life Grow-Up Plan at no extra cost.
- Waiver of Premium Rider. This rider can be added to a Gerber Life Whole Life policy and eliminates the requirement of premium payments if you become permanently disabled (as defined by the rider).
Buying Gerber Life Insurance
The policies are available directly from the company, either online at their website or over the phone.
Furthermore, you can also file insurance claims by calling the customer service at (800) 628-0560 to request a claim form and instructions.