Certain companies hold a gold standard level of brand recognition, and Gerber Life Insurance Company is definitely one of them. However, this brand recognition is not solely due to its impact in the insurance industry, but rather with its ties to infants.
Although you may only be thinking about baby food, bibs, and other knick-knacks for toddlers, Gerber does actually do a good amount of life insurance for both children and senior citizens. Here is our Gerber Life Insurance Review, which we hope you can see past what the brand is mostly known for.
Because the Gerber life insurance policies fit a small demographic, it may not be for you. However, if you’re looking for a guaranteed product (age 50 and over), or a product for your child, read on, as you might discover a great coverage option for you and your family.
Our Gerber Life Insurance Company Review
Just the name, Gerber, is highly recognizable and has been since the company’s inception in 1927 as a baby food company. To this day, the Gerber Products Company still provides canned baby foods of all kinds to infants and toddlers all around the country.
Started in Michigan by Daniel and Dorothy Gerber, the company has always had strong ties to children since the foundation was set by Dorothy making food for their own child. Moving forward to 1967, Gerber Life Insurance Company was founded as an extended way to assist parents and children, but in the way of life insurance products instead of food or clothing.
Gerber’s Financials and Ratings
Gerber Life Insurance Company is an “A” rated company with more than $33 billion dollars in assets in its short lifespan. Although it hasn’t been around nearly as long as other insurance companies, it boasts nearly 3 million policies all across the United States, Canada, and even Puerto Rico.
Gerber has been reviewed and rated an “A” by both A.M. Best and Standard and Poor’s, which gives it a modest Comdex rating. In combining the excellent ratings, the massive multi-billion dollar size, and the millions of in-force policies for both young and old, Gerber is one of the top life insurance companies in America for the guaranteed product line.
One thing to note, is the Gerber Life Insurance Company is a separate entity than the rest of Gerber you may know. For this reason, it’s important to understand the financial standing of one is not indicative of the other.
Life Insurance Products Available
There are several different products available through Gerber Life, but they are most specialized in permanent life insurance for both children and adults, and they are one of the few companies requiring no exams.
For children, they offer the renowned Gerber Grow-Up Plan. For adults, their most popular choice is the Guaranteed Life policy.
Gerber Grow-Up Plan
Anyone who has had a child has surely received information or pamphlets on this products, a permanent one which is both affordable and beneficial now and for years to come.
With up to $50,000 in coverage as soon as the policy begins, the death benefit will double once the primary insured attains age 18. More increases are available later in life, and due to the Whole life nature of the policy, there is cash value available for loan.
Guaranteed Life Insurance
Available once a person reaches age 50, and going as high as age 80, the policy allows as much as $25,000 in permanent coverage. There are no medical questions, no exams, and the insurance begins within days. There is a waiting period on this policy, however, of two years.
Prices of the policies are very, very comparable as well.
Gerber Life also has a variety of others, from term to whole, including accident, where applicable. Qualification varies.
More On Gerber
Working nationwide and beyond our borders, Gerber has maintained atop a premiere list of insurers with a slightly different marketing strategy than most.
Gerber continues to use direct mail marketing more than any other insurance company. From brochures in hospitals given to parents after the birth of their child all the way up to mailboxes of seniors looking for final expense life insurance, Gerber grows its policy base by using its branding.
Independent agents (like us) also have access to offer their guaranteed life insurance policies, as well as the children policies, too.
The Ward Group awarded Gerber Life Insurance Company as being named to one of their Top 50 Performing Life and Health Companies (2009), a very prestigious and elite award. Gerber has also had it’s ratings affirmed, giving the financial stability and forward outlook positive remarks.
Is Gerber Life Insurance A Fit For You?
As an adult, there are a few situations where we recommend Gerber.
- Your health is poor, or you’ve been declined for something else already.
- You’re looking for a minimal, easily accessible final expense type policy.
- You’re stacking more than one guaranteed product.
If your health is not great, and you’ve previously been declined or very heavily rated for a fully underwritten product, Gerber may be the simple way to get coverage. We also recommend you attempt fully underwritten first, assuming you require a certain amount of benefit above $25,000, in order to save costs.
If you don’t need more than $25,000, Gerber life insurance products for adults work great, and are affordable in comparison to other products from Colonial, Royal Neighbors, Forester’s and others. If you require more, you might take a look at ‘stacking’ policies, meaning getting more than one, so long as the price per thousand in total makes sense.
As a child, we really only recommend the Gerber Grow-Up Plan in select situations. Truthfully, if you want a whole life policy for a kid, we would opt for a company like New York Life, Northwestern, or Mass Mutual.
The other option, of course, is just adding on the child as a rider.
Our Final Thoughts on Gerber Life
At the end of the day, your personal situation is going to determine what policy is best for you, as well as what company is right to handle it.
A child would likely do much better off looking to one of the mutual companies mentioned above. However, a final expense policy from Gerber often makes sense in most states where it’s offered, as the price is very competitive and there are no other qualifications than age and amount.
Contact us if you have questions on whether Gerber is right for you and your family.
Gerber Life Insurance Company Summary
|Company Name (and Subsidiaries)||Gerber Life Insurance Company|
|Company Ratings||A.M. Best (A)|
Moody’s Investors Services (N/A)
Standard & Poor’s (A)
|Headquarters (Address, Phone, Web)||1131 Mamaroneck Ave.|
White Plains, NY 10605
|Policy Types Available||Term|