As with most Gerber Life Insurance Reviews, we cover the strengths and weaknesses of the products offered by the Company. However, the goal of this review is to help you, the consumer, decide if Gerber is the right fit for you. The main focus will be on Gerber life insurance for adults. You can visit our Gerber Grow Up Plan review for more on Gerber life insurance for children.
Review of Gerber Life Insurance
About Gerber Life Insurance Company
Gerber has been around for nearly 80 years and as of May 2016, A.M. Best awarded Gerber Life with an A rating (3rd best). This is an excellent rating from the premier rating agency in the life insurance marketplace.
Gerber currently has assets under management of more than $2 billion with the majority of the company’s portfolio in high-quality investments. Gerber is a financially strong company that will be able to meet the needs of its customers when the company is called upon to pay
Gerber Life Insurance Review
This Gerber Life Insurance Review focused on Gerber life insurance for adults contains many pros for the company. The fact is, Gerber has an excellent product for those who fit the unique niche of needing this type of guaranteed issue whole life insurance policy. While it is not for everyone, there are millions of people that this product is ideal for and who now can sleep soundly knowing their final expenses are covered.
Final Expense Insurance you can count on
- Gerber Life is an excellent life insurance carrier. With a strong balance sheet and a solid brand name, this is a company you can trust to provide your beneficiary with the necessary funds to cover your burial costs.
Gerber Guaranteed Issue Life Insurance
This policy contain the following benefits:
- Whole Life Insurance that builds cash value
- Guaranteed Issue
- Face Amounts up to $25,000
- Fixed Premium Payments
- Whole life insurance means that the life insurance will last your whole life. There is no expiration. As long as you make the premium payment your policy will remain in force for the duration of your life.
- Builds Cash Value: A portion of the funds from your premium payment will go to a cash account that can be borrowed against. Gerber has also said that the cash value can be used to pay premiums for a period of time. This can be a vital tool if you are on a budget and are hit with extra expenses one month and cannot pay your premium. Instead, you can simply call the company and ask that your cash value be applied towards your premium payment.
- Policy can only be cancelled by the owner: Gerber cannot cancel the policy. The only way the policy ends is if the owner stops making premium payments.
- No Medical Exam: Guaranteed issue means just that—issue is guaranteed. Some companies have coined it “guaranteed acceptance“. As long as you fall into the general age and state parameters you qualify. There are no medical exam hoops to jump through. Everyone can qualify for this product as long as you fall into the age range. That means if you have cancer, heart disease, Alzheimer’s, Parkinson’s, or some other serious disease, you will still be approved.
- No Health Questions: Along with no medical exam there are no health questions when applying for Gerber’s guaranteed issue life insurance. You are under no obligation to divulge any of your past or present health conditions.
- Available for ages 50-80
- Face amounts range from $5,000 up to $25,000. Since the average cost of a funeral ranges around $7,000 to $10,000 depending on your state and locale, you should consider something in that range. Also take into account inflation, which will depreciate your dollars and raise the cost of funerals down the road.
- All premiums are fixed for the life of the policy. Whatever you are paying from day 1 is what you will be paying into the future.
- Buyer beware: there are guaranteed issue and simplified issue products available where the premium increases every five years. Not so with Gerber—what you lock into is what you will pay for the life of the policy—guaranteed! Because the last thing anyone wants is an increasing premium that becomes too much to pay as you age—exactly when you need the policy the most.
Sample Gerber Life Insurance Payments
Sample rates are based on Gerber guaranteed life insurance quotes for a male. Rates are subject to change.
Any good Gerber Guaranteed Issue Life Insurance Plan Review will need to point out a couple negatives. The negatives should not keep you from getting the burial insurance or final expense life insurance you need but the following are two things you should be aware of.
- Graded Death Benefit: All guaranteed issue life insurance comes with a graded death benefit. This is an internal protection device that protects the company from someone signing up for life insurance who is on or near their death bed.
- A graded death benefit limitation provides that if the insured dies from natural causes in the first two years of the policy the beneficiary will receive all premiums paid plus 10%. If the insured dies due to an accidental death, the full face amount will be paid. After the 2 year anniversary there is no longer a limitation and the full face amount will be paid no matter the cause of death, including suicide.
- It should be noted that a “Graded Death Benefit” is not unique to Gerber’s Guaranteed Issue Life Insurance Plan. In fact, graded death benefits are common to most if not all guaranteed life insurance products. Additionally, it should also be noted that Gerber’s graded death benefit, is one of the “better” graded death benefits when compared to other guaranteed issue products.
- Price: Guaranteed issue products are priced higher than other hybrid life insurance products, termed simplified issue life insurance, where a few health questions are asked and/or a background check is run on the medical information bureau. But for client’s who can only qualify for guaranteed issue, Gerber has some of the cheapest guaranteed issue life insurance in the marketplace.
We supply an alternative in this Gerber Guaranteed Issue Life Insurance Plan Review to open the eyes of our potential clients to the myriad of choices available. Therefore, the alternative would be to make sure you apply with an agency such as TermLife2Go that can shop around for the best final expense insurance company for you based on your unique health and lifestyle.
It may be that Gerber is the best company for you. However, there might be a better option that you are unaware of. Therefore, in order to get the best company that fits your specific need give us a chance to talk with you and determine what your best choices are. This is how you can get the best life insurance rates tailored specifically to you. Then you can make the final decision once you have all the information in front of you.
Our primary goal is to help you secure the coverage necessary so that you can get on with your life with the peace of mind knowing your family will not be left with unnecessary financial hardship due to your advanced planning.
So, what are you waiting for? Give us a call today or visit our Instant Life Insurance Quotes page and see what we can do for you!
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