The Gerber Grow-Up Plan and Life Insurance are most suitable for Seniors and those with pre-existing medical conditions. It is also good for simplified issue and guaranteed acceptance of whole life insurance.
This is because it provides good rates for coverage with limited underwriting. However, for child insurance, saving for college, and term life insurance coverage, find another company. This is so because the value grows very slowly and it has limited death benefits.
This insurance is not for people who want fully underwritten or simplified issue term life. If you will have a problem passing a medical test due to ill health, some insurers give no medical exam term policies with more death benefits. You can search them out. Gerber has one of the best rates for simplified issue policies.
Gerber’s best policies include the followings:
Gerber Life Grow-up Plan;
insurance for children between 14 days and 14 years It has level premiums and builds cash value with some difference:
- Firstly, only when the child turns 21 that the parent can stop being the policy owner. Only then can the child decide to buy additional coverage without any health assessment.
- Secondly, you can buy only between $5,000 and $50,000 of Grow-up plan insurance for your child. The policy’s death benefit will double if your child reaches 18 years old. A $25,000 becomes $50,000 without any rise in premiums.
It is noteworthy that the Grow-up Plan’s cash value grows at a guaranteed rate over time. After 25 years, it becomes equal to or greater than all the amounts you have paid in premiums. The money you get here may not even be enough to cover wedding expenses. It takes 3 to 4 years before getting any cash value since early premium payments pay the insurer’s fees. If you decide to cancel your policy, you get nothing in return.
Many parents who do not like this type of coverage simply buy a child rider on their life insurance policy. A child rider is less expensive and can cover all your children with a single premium. It is better than getting multiple Gerber Life Grow-up plans for each of your children.
Gerber Life Young Adult Plan
This is very similar to the Grow-UP Plan but for people between 15 and 17 years. It is also more expensive than the Grow-up plan but every other feature is the same as it.
Gerber Life College Plan
This is an endowment life insurance policy. It builds cash value at a guaranteed rate and has premium levels like the whole life insurance policy. This endowment lasts only for a few fixed years. If you die within the coverage period, your beneficiary will get the entire face value of the policy. But if you live longer than the period, you will get the policy’s face value which is equal to the cash value. The face value is usually between $10,000 and $150,000. They are priced based on your health.
This endowment life insurance is called Gerber’s Life College Plan as they assume you will use the policy’s proceeds to pay for your child’s education. But it has some differences from other college saving alternatives. They include:
- You can choose to use the proceeds anyhow you choose.
- Endowment life insurance is not considered by colleges in financial aid calculation.
- The premiums are not stated tax-deductible.
- You cannot choose how your cash value is invested, but the policy’s value at maturity is guaranteed.
- It does not also have all the other benefits of life insurance policies.
Gerber Term Life Insurance
This offers between $25,000 and $150,000 of coverage. It does not demand any medical exam if you are under 50 or want a death benefit of up to $100,000. The term length varies from 10, 15, and 20 to 30 years. If you want to, you can change it to a whole life insurance policy. If you still live till the end of your premium, you can renew for an additional 5-year term at the same health rating but once you reach 65, you cannot continue.
Gerber Guaranteed Acceptance Life Insurance
This is for seniors from 50 to 80. Gerber gives them guaranteed acceptance of whole life insurance. With this, you can build value and have level premiums. However, its death benefits are from $5,000 to $25,000. There is also a 2-year waiting period that if you pass away for any reason apart from accident, the full death benefit won’t be paid. Your beneficiaries will get the sum of premiums paid and 10% interest on it. Gerber gives better rates than other insurers for this product. This type of insurance is more expensive than a lot of other insurance policies. If you have a serious pre-existing health condition like cancer, kidney failure, or any other illness, consider this.
Gerber Accidental Death and Dismemberment Insurance
This provides benefits to your family if you pass away in an accident or become disabled. It is less expensive than traditional life insurance. Her rate for this type of insurance is low especially for old people or those with health problems. The death benefit is restricted to $100,000. This insurance is for people between 19 and 69 years old.
However, based on the severity of the accident, Gerber pays different amounts of money, the standard procedure for AD & D insurance. The breakdown is below:
- Firstly, if you lose 2 limbs, both eyes or an eye and a limb, you will get 100% of your death benefit.
- If you lose one eye, one foot, or one hand you get 50% of your death benefits.
- If you pass away, your family will get your entire death benefits.
Gerber Life Customer Review
They get low negative reviews from customers. It is among the best life insurance companies in the United States.