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Gerber Life Insurance Review
Gerber Life is geared toward families, with policy options for children starting at just 14 days old as well as policies for teens, adults, and seniors. It has an excellent financial strength rating from independent agency A.M. Best, meaning it has the capital to back all of its policies.
Gerber is a good option for parents looking to buy child life insurance and for adults and seniors with minimal coverage needs — anyone who needs more than $300,000 in life insurance coverage (Gerber’s maximum limit) should choose another company. See our review of the best life insurance companies to explore other recommendations.
The Life Insurance Factors We Analyzed
Gerber Life isn’t included in J.D. Power’s Life Insurance Study, which is our go-to source for gauging customer satisfaction. However, Gerber did receive an above-average number of customer complaints in 2018, according to the National Association of Insurance Commissioners (NAIC), meaning you may not have the smoothest experience when dealing with the insurer.
That said, Gerber does take some of the headache out of shopping for insurance. Its website is informative and easy to navigate; it’s full of information about life insurance, planning for college, and more. You can also get quotes for all of its life insurance products online, something that very few insurers offer — usually online quotes are limited to term life insurance.
Coverage and rider information
Customers who choose Gerber have a variety of policy options. Gerber offers whole life insurance for children, adults, and seniors and adult-centric term life insurance that can last 10, 20, or 30 years. Coverage ranges from $5,000 to $300,000, depending on the policy type. If you’re looking for a large-sized policy (because of multiple beneficiaries, extensive financial planning needs, or coverage needs, Gerber likely isn’t the right fit for you, though its smaller policies may make it a more affordable option.
Gerber’s child life insurance has some unique perks. For example, coverage automatically doubles at age 18 and can last the child’s whole life. Children’s whole life coverage also accrues cash value that the insured can borrow from later in life if needed. These kinds of policies might be a good option for parents looking to set up a long-term financial plan for their children.
One of the biggest perks is that Gerber does not require adults under age 51 or those applying for less than $100,000 in coverage to take a physical exam to apply for life insurance; instead, customers answer a few basic medical questions on their application to help the company set rates. If you’re looking for less than $25,000 in coverage, Gerber also offers Guaranteed Life Insurance, which boasts guaranteed coverage for people age 50 to 80 without the need for an exam.
Life insurance coverage features
Gerber Life Insurance Overview: Financial Strength, Availability, and History
Gerber Life was founded in 1967 and has provided life insurance for customers of all ages for 50 years. While it is not rated by all three of the independent financial strength rating agencies we look at, it does earn an A rating from A.M. Best, which specializes in insurance — meaning Gerber is financially stable enough to pay out on claims. Gerber’s parent company, Western and Southern Financial Group, also has high financial ratings, so Gerber has a strong outlook.
- In business since: 1967
- S&P Global financial strength rating: N/A
- Moody’s financial strength rating: N/A
- A.M. Best financial strength rating: A
- States served: 50 plus Washington, D.C.
All information accurate as of January 6, 2020.
The Bottom Line
Life insurance shoppers looking for a simple policy will appreciate the way Gerber Life has structured its plans. It’s especially good if you’re looking for flexible child life insurance, a moderately sized adult life insurance policy, or a small-sized whole life policy with no medical exams. However, if you need more than $300,000 in coverage or appreciate consistently good customer service, Gerber isn’t the right company for you. We always recommend pulling quotes from a few different companies before buying a policy; try starting with our review of the best life insurance companies to explore some other good options.
Gerber Life Insurance FAQ
Gerber Life is a good life insurance company, although it’s not among the top life insurers. While it has good financial strength ratings, it isn’t rated by J.D. Power and receives more than the average number of customer complaints.
Gerber Life offers term and whole life insurance for children and adults, serving those as young as 14 days old. Most plans don’t require a medical exam, and seniors age 50 to 80 with minimal coverage needs can benefit from Guaranteed Life Insurance plan.
Gerber claims that it offers term life policies for as little as $15.42 per month, but your price could be much higher depending on your age and health. To find out what life insurance will cost for your specific profile, try pulling quotes from a few providers.
Unlike some other life insurance companies, Gerber Life doesn’t pay out dividends to its policyholders at the end of the year.
Whether or not you’ll need to take a medical exam depends on how much and which type of coverage you require. Gerber waives medical exams for most of its policies, although you may have to take one if you’re age 51 or older or applying for coverage greater than $100,000.
Gerber Life Insurance plans can be canceled. Depending on the policy, you may lose the premiums you paid. To cancel, call Gerber Life’s customer service line at 1-800-704-2180.
The Gerber Life College Plan is an endowment life insurance policy. Endowment policies are similar to whole life insurance — they have level premiums and build cash value. Unlike a whole life policy, an endowment policy’s coverage only lasts for a fixed number of years. If you pass away during the coverage period, your beneficiaries receive the entire value of the policy. If you live longer than the period of coverage, you receive the policy’s cash value.