Gerber Life Insurance most of the time focuses on children’s life insurance plans but it also offers adult or other insurance policies from other affiliated life insurance providers, including riders coverage. The Gerber Life Insurance Company was originally established in 1967, it is now a part of Western & Southern Financial Group. Gerber Life insurance company has more than $63 billion of life insurance coverage in force. It offers a lot of life insurance products and maintains a good AM Best rating that indicates very strong financial strength. The company is head-office in White Plains, State of New York.
In addition, the company has a strong NAIC (National Association of Insurance Commissioners) Complaint index score; there are enough negative customer service reviews on sites such as the BBB (Better Business Bureau) to indicate customer service issues. Gerber is best known for its children’s life insurance policies, but it also offers a variety of policies for men of all ages. The Gerber life insurance policies available in 50 states with Washington D.C..
Gerber Life Insurance is known for its children’s life insurance policy. In addition the company offers a variety of life insurance policies, depending on age.
Gerber Life Grow-Up Plan
Gerber’s insurance primary offer is the Grow-Up Plan for children’s 14 and under. It is a whole life insurance plan that is designed for parents, grandparents and legal guardians, who want to start a future strong financial footing for kids.
The life insurance plan coverage premium ranges start with $5,000 and highest to $50,000. It originally covers a large amount that doubles on the kid’s eighteen birthday without an impact on the premium rate.
The child becomes the policyholder in age of 21 and can do one of two options:
Continue the insurance policy and add additional coverage at the early adult rate, without being denied policy coverage.
Complete the policy coverage and get the accumulated saving cash value.
You can take cash value loans are also available while the coverage policy is in force, at an interest rate of 8%.
Not requiring a medical test report for kids to get life insurance coverage, but you will fill up a health questionnaire. Most children get applied coverage, but Gerber claims that less than 2% of children are denied policy coverage and 75% of children’s life insurance policy applications are approved within seconds.
Monthly premiums rate vary by policy coverage amounts, but you can save the highest 10% value by registering in Easy Pay.
Gerber Life Grow-Up Plan for v Young Adult
If you miss the 14 year cut-off plan for the Grow-Up Plan, then you can still enroll your 15 to 17 year old in Gerber Life insurance’s Grow-Up Plan for young adults.
The mechanics of this plan are in effect similar to the Grow-Up Plan:
All parents can purchase $5,000 to $50,000 in coverage for their children’s life insurance.
The coverage premium amount will double at 18 and when the kids turn 21.
All joined children can choose between continuing policy coverage or surrendering the coverage for the cash value.
This policy coverage is only available on the mobile phone.
Gerber Life Insurance College Plan
As an alternative of a traditional college savings plan, Gerber Life insurance offers this combination coverage plan that accepts you to save for a children’s college while also offering adult life insurance policy protection.
When the life insurance plan holds out maturity, your kids will get a guaranteed premium payment between $10,000 or $150,000, depending on the policy coverage you choose. And if a few things happen to you before it ends, your heiress gets the total pay at that time.
Notably, the premium money doesn’t have to go toward a variety of college expenses. Your child can spend the money for whatever they need.
The life insurance policy plan value grows over time. Although it’s separate from the market for performance, Gerber Life insurance says the growth premium rate varies.
Gerber Life Insurance Term Plan
Gerber life also offers a conventional life insurance term plan for people between the ages of 18 to 70. Terms life insurance plan can be 10, 20 or 30 years, that policy coverage may amounts ranging from $100,000 to $300,000. Some individuals may be eligible for up to $1 million biggest policy amount.
Most of the cases, there is no medical exam to get policy coverage. But, anyone who is 51 or older eligible for $100,000 or more in premium coverage is required for a medical exam.
You can apply online through your phone and you can save up to 10% off monthly premiums with automatic payments through Easy Pay. Gerber term life insurance premiums stay the same during the duration of the policy coverage. When the policy coverage ends, you can renew your term life insurance policy, if you want to still run your coverage, but policy premiums may likely increase. In addition the premium rates start as less than $15.42 a month for a life insurance policy, the minimum coverage level.
Gerber Whole Life Insurance Plan
If you want a buy life insurance policy that doesn’t end, you can apply for Gerber whole life insurance policy coverage. It builds cash value that you can borrow against at an 8% premium interest rate. The policy plan coverage amounts can start with $50,000 or $300,000.
Some individuals’ policies may be eligible for $1 million that higher limit, whether you will have to call to qualify before. The policy plan is available to individuals who are 18 to 70 years old.
Gerber Life Insurance Guaranteed Policy Plan
Gerber Life Insurance Guaranteed policy plan is available to individuals 50 to 80 years old. The insurance plan did not require a medical exam and no health questionnaire hassle. It is a guaranteed life insurance policy, so you can be eligible for the coverage to meet the basic eligibility requirements of the plan.
Gerber’s Guaranteed Plan is a whole life insurance policy coverage that is available to $5,000 to $25,000 in coverage. Because of the little coverage premium amount, this policy is primarily very helpful for covering life old age medical costs or burial costs. As a whole life policy, it does gather cash value from the initial policy plan starting years.
Typically, in most of the life insurance plans for old men, the Guaranteed plan has a graded death benefit that means your heiress won’t receive the coverage full payout if you pass away during the first two years of the life insurance policy plan. They will only receive the equivalent of the premiums amounts you’ve paid to the last date of your life with 10% interest.
Gerber Life Accident Protection Insurance
Gerber Life insurance company also offers an Accident Protection Insurance plan. The accidental death and dismemberment life insurance policy plan offers between $50,000 to $250,000 in a whole life coverage or it’s up to $500,000 combined policy coverage plan for spouses. You can purchase a life insurance policy for $50,000 in coverage and provide for as little as $62 per year.
AD & D policies are different from life insurance policy coverage. These life insurance policies can cover out lost pocket liability medical expenses and lost wages. If you suffer an accidental disabling injury or loss of limbs or eyesight from the body. In addition It can also provide a good benefit to beneficiaries if you die in a qualifying accident.
Daniel Jack is a senior finance and insurance writer and analyst at The US Pedia. For more than 8 years, he has been helping consumers learn about the finance, insurance and banking related. Daniel enjoys translating the complexities of insurance into easy-to-understand advice and tips to help consumers make the best choices for their needs. He completed his MBA (Master of Business Administration) from the University of Chicago.
