In short, Gerber Life Insurance is an excellent company and is among our top 10 final expense insurance picks. However, it’s worth noting that it can sometimes be beneficial to shop around with an agency such as IBUSA, which can explore multiple final expense companies to ensure you get the best plan available.
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About Gerber Life Insurance
You may recognize the name Gerber from their famous baby food brand. But did you know that Gerber has also been offering top-notch life insurance for over 80 years? Founded in 1967, Gerber Life Insurance Company is a subsidiary of Western & Southern Financial Group, a Fortune 500 company.
Gerber Life Insurance has around $2 billion in assets and has earned a reputation as a reliable and trusted provider of life insurance. In addition to offering final expense insurance, they provide a range of other insurance products, such as term life insurance and whole life insurance.
As a company, Gerber has always been committed to the well-being of families. That’s why they offer a variety of insurance products to help families protect their loved ones’ financial futures. They pride themselves on providing personalized and attentive customer service to their policyholders.
While Gerber may be best known for their baby food, they have built a strong reputation in the insurance industry over the years. With their long-standing history and commitment to families, you can trust Gerber Life Insurance to provide the coverage and support you need. However, it’s always a good idea to shop around and compare different insurance options to find the best plan for your unique needs.
Gerber Life Insurance Ratings
As of April 2020, Gerber maintains an “A” rating with A.M Best Company, the premier third party ratings agency in the U.S.
Although not one of the top rated life insurance companies, an A rating is very respectable.
Pros of Gerber Life Insurance
Gerber Guaranteed Issue Life Insurance is designed to cover all of your final expenses. It is an adult life insurance policy that offers one of the only guaranteed issue options available in the marketplace.
If you are seeking a life insurance policy that can provide financial protection for your loved ones after you pass away, this policy may be suitable for you.
With face amounts of up to $20,000, Gerber’s Guaranteed Issue Life Insurance can offer your loved ones the necessary funds to pay for your final days, funeral, and burial expenses. This coverage can help ensure that your death does not cause financial hardship for your loved ones.
Gerber is a reputable insurance provider with a long-standing history in the industry. They offer a range of insurance products to help protect families and their financial futures. It’s always recommended to compare different insurance options and choose the policy that best suits your unique needs.
Final Expense Insurance
Gerber Guaranteed Issue Life Insurance is adult life insurance designed to cover all your final expenses. Gerber offers one of the only guaranteed issue life insurance policies in the marketplace.
If you are looking for a life insurance policy that can help you ensure your death will not cause your loved ones financial hardship, then this policy may be for you.
With face amounts of up to $20,000, Guaranteed Issue Life Insurance will offer your loved ones enough money to pay for your final days and/or your funeral and burial expenses.
Whole Life Insurance
Gerber Life Insurance’s whole life insurance policy has no expiration and will last as long as you make the premium payments. The benefits of Gerber is that it:
- Builds cash value; you can also use this cash value towards your payment in the future if you hit a cash crunch.
- The death benefit is guaranteed. Failing health won’t impact your policy; as you get older and your health declines, Gerber still cannot cancel your policy: only you can.
- Premiums are FIXED for the life of the policy.
Guaranteed Issue
There are many different types of life insurance policies. Gerber’s guaranteed issue policy requires no medical exam, and as the name suggests, the policy is guaranteed to be issued as long as you are a resident of the U.S. and fall into the required age categories.
You don’t have to stress or worry about whether or not you will be approved for the policy: you will!
With Gerber’s guaranteed issue whole life insurance policy you:
- Do not have to answer any health questions
- Do not have to take an exam
- Can apply between 50-80 years old
- Affordable burial insurance starting at $5,000
- Get up to $25,000 final expense insurance
- (Not available in MT)
Gerber Guaranteed Issue Life Insurance Quotes
The following sample rates are for informational purposes only and are in now way indicative of what you will pay. Sample guaranteed issue life insurance quotes are based on a male. Rates for females are less.
| Age | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|
| 50 Year Old | $38 | $57 | $75 | $94 |
| 60 Year Old | $56 | $84 | $112 | $140 |
| 70 Year Old | $87 | $131 | $174 | $218 |
| 80 Year Old | $220 | $330 | $440 | $550 |
Gerber Life Insurance: Potential Cons
It’s important for any review of Gerber Life Insurance, or any other life insurance company, to include potential drawbacks. While we have a positive opinion of Gerber Life Insurance, no company is perfect. So, what are the potential drawbacks of Gerber Life Insurance?
Although we have a favorable view of Gerber, there are a few things to be aware of. One limitation to their Guaranteed Issue Life Insurance is the graded death benefit, which can restrict the amount paid out if the policyholder passes away within the first few years of coverage. This is important to consider when selecting a life insurance policy, as the payout amount may not be what you originally expected.
Overall, Gerber Life Insurance is a reputable company with a long-standing history of providing insurance products to help protect families’ financial futures. However, it’s important to consider all aspects of the policy and potential limitations to determine if it’s the best fit for your unique needs.
What is a Graded Death Benefit?
Some companies offer burial insurance with no waiting period. Other companies offer final expense insurance with a waiting period, known as a graded death benefit.
A graded death benefit limitation means that for the first two years after issue, should you die of natural causes, your beneficiary will only receive the premiums paid along with an additional 10%.
This is not a lot, but if you were going to just leave the same money in a bank account, then you definitely wouldn’t get 10%. Most bank accounts give less than 1% interest, so 10% is a pretty good deal.
If you death is due to an accident, the policy pays 100% of the full death benefit. Your death benefit for natural causes will be 100% after 2 years.
If you have relatively decent health and do not have a terminal illness with a life expectancy of less than 2 years, then this is a good option. Even if you do have a terminal disease and the doctor has given you only 6 months to live, we all know that doctors are often wrong.
Many people who are given only 6 months to live wind up living for 1, 2, or even five years. If you do outlive your diagnosis, then your guaranteed issue policy will reach its full amount after 2 years. If you don’t make it the full 2 years, your beneficiaries will still do better than if you put the money in the bank.
Final thoughts…
Gerber Life Insurance has a strong reputation for providing reliable final expense insurance policies, and they may have the best option for some people. However, it’s important to remember that everyone’s situation is unique. While Gerber’s final expense policy may be a good fit for some, it may not be the best option for others.
To determine if Gerber’s final expense policy is the right choice, it’s crucial to look at all available options. This means exploring other insurance providers, comparing policies, and assessing which one best meets your individual needs.
Additionally, it’s important to consider any potential limitations or drawbacks of the policy. For example, the graded death benefit limitation mentioned earlier may not be ideal for some policyholders. It’s essential to weigh the pros and cons of each policy to make an informed decision.
By taking the time to research and compare different final expense insurance options, you can ensure that you select the policy that provides the best financial protection for you and your loved ones. Ultimately, while Gerber Life Insurance may have a top-rated final expense policy, it’s important to explore all options to make the best decision for your unique circumstances.
