Gerber Life Insurance Company, a subsidiary of the Gerber Products Company, was founded 1967 with a mission to provide quality life insurance products for individuals and families. Although the company is more recognized by its life insurance products for babies and toddlers, Gerber Insurance also offers affordable life insurance for consumers at any age.
Gerber Insurance is currently licensed to offer their life insurance products throughout the United States, Puerto Rico, and Canada. They currently have more than $45 billion of life insurance in force which translates to 3.3 million policies.
Gerber Life’s Ratings
Gerber Insurance enjoys very high rating levels with multiple rating services. A.M. Best, probably the most well-known insurance rating service has awarded Gerber Life Insurance an “A Excellent” rating which means the company will have no difficulty paying its insurance claims or meeting other obligations in the future. Gerber also received an “A+” rating from the Better Business Bureau.
Guaranteed Issue Gerber Insurance
Gerber’s Guaranteed Issue Life Insurance policy has become one of the most popular final expense products with independent agents across the country. Since this is guaranteed issue life insurance, health issues do not interfere with the policy being issued and individuals can purchase coverage very late in life. This product from Gerber Life Insurance is a particularly good solution for seniors who have health issues and need enough insurance to pay for final expenses. There are four key features with Gerber Guaranteed Issue Life Insurance:
Whole Life Insurance
- Lifetime Coverage: When you purchase whole life insurance, you are getting an insurance policy that will remain in force your entire life as long as the periodic premium is paid.
- Cash Value: Your Gerber Guaranteed Issue whole life policy will build cash value over time because a portion of your premium payment will be diverted to a cash account that earns interest. Policyholders have the ability to access the cash in their policy by taking policy loans, or they can use the money to pay their periodic premiums as long as there are sufficient funds available.
- Non-Cancelable: Policyholders can have peace of mind that their coverage will remain in force during their lifetime because the company cannot cancel the policy unless the premiums are not paid. This means that if you become very ill or must live in a nursing home, the company cannot cancel your policy.
- Non-Medical Underwriting: Since this final expense policy is guaranteed issue, applicants do not have to undergo a medical exam or blood and urine tests that are required for traditional life insurance. As long as an applicant falls within the established age range, a policy will be issued.
- Health Questions: Even though there is no medical exam requirement, no questions about your health will be asked by the insurer.
- Eligible Ages: Any individual that is age 50 to 80 will qualify for
Gerber’s Guaranteed Issue Life Insurance.
Available Face Amounts (Death Benefit)
- The face amounts available for policyholders range from a minimum of $5,000 up to $25,000 which should be sufficient to cover the cost of a funeral, burial, and other final expenses.
Guaranteed Level Premiums
- Once your policy is issued, your periodic premiums will remain the same throughout the life of the policy. Premiums are never affected by getting older or becoming seriously ill. Once your periodic premium is established, it cannot change.
Sample Rates for Gerber Insurance – Guaranteed Issue
Even with all of the previously mentioned features and benefits, Gerber Guaranteed Issue Life insurance provides very competitive rates among the top ten life insurance companies.
Here, we have listed Gerber’s insurance rates for a male of various ages.
In every one of these age and coverage categories, Gerber will come up in the top five most competitive insurance premiums.
Graded Death Benefit
Just like other guaranteed issue life insurance policy, the Gerber Life Insurance Guaranteed Issue policy has a graded death benefit. The graded death benefit contains caveats in the policy that allows the insurer to make a profit while offering coverage to an unknown risk. Gerber’s caveats are as follows:
- If the insured should die within the first two years of the policy, the death benefit will be equal to 110% of all premiums paid into the policy. If death is the result of an accident, the full death benefit will be paid. After the policy’s second anniversary, the full death benefit will be paid for death from natural causes or accidental death.
- When you compare the guaranteed issue life insurance policy to a traditional life insurance policy, the premiums are significantly higher since the company is agreeing to insure an unknown risk.
When to Consider Gerber Guaranteed Issue Life Insurance
Consumers should keep in mind that guaranteed issue life insurance is typically the most expensive and therefore should be the policy of last resort. If because of your age or health issues you find you cannot qualify for fully underwritten or simplified issue life insurance, Gerber Guaranteed Issue Life Insurance is going to be your most affordable choice.