Gerber Products Company originally founded Gerber Life Insurance in 1967. Gerber Life Insurance has provided quality life insurance for middle-income families for over 50 years. Currently, Gerber Life provides life insurance policies for children, adults, and seniors in all 50 states.
Gerber Company History and Highlights
Gerber Products Company was founded in 1927 to help improve children’s nutrition and diet. The primary goal was to “help baby.” In the same way, Gerber Life Insurance was founded as another way to “help baby.” When Gerber Products Company founded Gerber Life Insurance in 1967, the focus was on providing families with excellent financial protection for their children.
Gerber Life has grown and developed a varied life insurance portfolio, joining forces with other major life insurance players. In 2018, Gerber Life became a member of Western & Southern Financial Group Inc., one of the leading life insurance groups in the world. At the end of 2021, Gerber Life had $62 billion of life insurance across 3.7 million policies, making Gerber Life a prevalent choice for family life insurance policies.
Gerber Plans and Riders
Gerber Life Insurance offers various life insurance options for adults, children, and financial planning needs.
Term Life Insurance
Gerber Life’s term life policy is a temporary policy aimed at young adults and young families.
Features of this plan include:
- Terms of 10, 20, or 30 years
- Coverage ranges between $100,000 and $300,000
- Quick application and decision
- Most cases require no medical exam
- Policy renewal without medical exam
Whole Life Insurance
Gerber Life’s whole life policy provides coverage for the duration of your life and builds cash value over time. As long as the policyholder pays the premiums, beneficiaries will receive a death benefit.
Features of this plan include:
- Applicants must be 18 to 70 years old to apply
- You can borrow against the policy’s cash value
- Coverage ranges from $50,000 to $300,000
- Most cases require no medical exam
Guaranteed Life Insurance
Gerber Life’s guaranteed life insurance is a whole life insurance policy that covers medical bills, funeral costs, and outstanding debt.
Features of this plan include:
- If between the ages of 50 and 80, you’re guaranteed acceptance
- No medical exams or lengthy questionnaires
- The policy builds cash value
- Coverage ranges from $5,000 to $25,000
- Graded death benefits
Accident Protection Insurance
Gerber’s accident protection insurance is a guaranteed policy that offers an immediate cash benefit in the event of accidental death or disabling injury.
Features of this plan include:
- Availability for adults between 18 and 69
- Coverage ranges from $50,000 to $250,000
- Level premiums
- No medical exam
- Can purchase coverage for your spouse
Gerber Life Grow-Up Plan
The Gerber Life Grow-up Plan is a whole life insurance plan that adults can purchase for their children or grandchildren.
Features of this plan include:
- Can purchase for children 14 days to 14 years old
- Coverage ranges between $5,000 and $50,000
- It builds cash value
- Coverage doubles when the child turns 18
- Level premiums (premiums don’t change)
Gerber Life Young Adult Plan
If your child is between 15 and 17, you may qualify for the Gerber Life Young Adult Plan instead of the Gerber Life Grow-Up Plan. It is the same plan and offers the same features. This policy is only available by phone.
Gerber Life Insurance College Plan
Gerber’s Life Insurance College Plan is a permanent life insurance policy that builds cash value and matures after several years. After the plan matures, the child receives a payout, which can cover the cost of college. If the policyholder dies before the policy matures, the beneficiary still receives the payout.
Features of this plan include:
- Steady growth for the cash value
- Coverage ranges from $10,000 to $150,000
- Covers college but isn’t limited to college expenses
- Guaranteed coverage once approved
Riders and Benefits
- Guaranteed purchase option rider
- Payment protection
- Accelerated death benefit
- Disability waiver of premium
Ratings, Reviews, and Complaints
According to NerdWallet, Gerber Life Insurance only receives a three-star rating out of five. The reason for a low rating was that Gerber had more than the expected number of complaints compared to the industry standard rating. However, Gerber’s 2021 NAIC complaint index rating is .70, below the industry average. This rating means Gerber has fewer complaints than expected for its size and industry.
Meanwhile, Consumer Affairs gives Gerber Life a four-star rating. This rating is based on genuine consumer reviews.
Third-Party Financial Strength Ratings
Why Principled Life Trusts Gerber
Principled Life trusts Gerber Life Insurance Company not just because it has a high financial strength rating but also because Gerber Life is an A+ BBB business with over 50 years of experience in the insurance industry. The recent partnership with one of the strongest life insurance groups in the world and its steady success indicate that this company has a stable outlook for the future. It also provides various life insurance policies to support families on a budget across all 50 states, which makes it affordable and accessible.
