Gerber Life insurance review 2024
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At a glance
Bankrate's take
Policyholders who need term, whole or guaranteed life insurance and parents looking for a unique way to save for their child’s future might find Gerber Life Insurance as their company of choice.
- A+ (Superior) AM Best rating
- Unique grow-up and college plans for children
- No-medical-exam options for term policies
- Broad range of life insurance products
New
Gerber Life recently partnered with the company Fabric to offer term life insurance for families who prefer a digital experience. Also, in February 2024, Gerber Life Insurance Company received a notable upgrade from AM Best, a premier global credit rating agency. The Financial Strength Rating (FSR) for Gerber Life was elevated to A+ (Superior) from A (Excellent). This upgrade reflects Gerber Life’s robust financial stability and its ability to meet ongoing insurance obligations. The outlook for all these credit ratings is stable, signaling strong future performance expectations.
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Gerber Life insurance
Gerber Life offers a broad selection of life insurance solutions compared to many competitors. With policies available for children, adults and seniors, Gerber provides options across all life stages. The company's diverse product lineup includes term, whole and guaranteed issue life insurance to meet different needs and budgets. Unlike some insurers that have a narrower focus, Gerber can serve families just starting out, adults seeking temporary or permanent protection and older individuals who may struggle to qualify for coverage.
With options for all ages, from infants to seniors, and policies with guaranteed approval, Gerber's offerings stand out in accessibility and flexibility across all stages of life. While no one insurer is right for everyone, Gerber's range of policies can accommodate many life situations and preferences. Consumers looking for life insurance will find Gerber provides an extensive choice of policy types.
Gerber Life's life insurance offerings include:
- Term: Provides temporary coverage for a set period of time — usually 10, 20 or 30 years. Gerber offers term policies for adults up to age 70 in coverage amounts from $100,000 to $300,000. Term life provides affordable protection that is designed to expire after the end of the term. Once you know how long of a term you need, you may want to use a life insurance calculator to help you determine how much coverage you should purchase. Fabric by Gerber Life offers a digital and affordable term life insurance option, ideal for families with young children but beneficial for anyone. Coverage ranges from $100,000 to $5,000,000, with prices starting at an advertised $7.86 per month. Term lengths are between 10 and 30 years. The application process is fully digital and can take about 10 minutes, with an instant decision possible due to automated underwriting. While Gerber Life's traditional term policies focus on providing straightforward coverage, Fabric by Gerber Life stands out with its digital convenience and higher coverage limits.
- Permanent: Those looking for coverage that lasts for their entire life may want to consider Gerber’s whole life options.
- Whole life for children: Gerber's Grow-Up Plan is a cash value whole life product providing $5,000 to $50,000 of coverage for children aged 14 days to 14 years that doubles at age 18 when the child assumes ownership for no extra cost.
- Whole life for teens: Gerber offers a cash value whole life product you can purchase for your 15- to 17-year-old. At age 18, the coverage doubles at no charge. At age 21, your child becomes the policy owner.
- Whole life for adults: Adults aged 18-70 can apply for up to $300,000 in whole life coverage that builds cash value. The policy will never expire or go up in price as long as premiums are paid.
- Guaranteed: For seniors between the ages of 50 and 80, Gerber Life offers guaranteed issue whole life insurance. Seniors may qualify for between $5,000 and $25,000 in life insurance without health questions or a medical exam. Coverage begins as soon as the application is approved and the first payment is made. Signing up for premiums to be automatically handled through Easy Pay may save you up to 8 percent. This policy also comes with a graded death benefit, so if you die in the first two years in a non-accidental death, your beneficiary receives the premiums paid, plus 10 percent interest, not the full death benefit payout. This product is designed for older adults who may have trouble qualifying for other types of life insurance.
Pros and cons of Gerber Life life insurance
When considering Gerber Life for your life insurance needs, weighing the benefits and drawbacks can be helpful. Here are some key points to help you make an informed decision:
Pros
- Term life does not require a medical exam for those under 51 years old who are seeking less than $100,000 in coverage.
- For many applicants, the company boasts a policy approval time of about a minute.
- Life insurance for children and seniors offered.
Cons
- No mobile app for policy management. Some competitors like Bestow and Ethos provide a streamlined digital experience via mobile apps.
- Policyholders who prefer a digital experience may want to choose Fabric by Gerber Life, which only offers term policies.
- No universal policies are available.
- Not included in J.D. Power’s 2023 U.S. Individual Life Insurance Study.
Gerber Life insurance riders
Insurance riders are optional add-ons that can be added to a Gerber Life insurance policy to expand or customize the coverage. Riders work as amendments to the base policy and may come at an additional cost.
- Child life insurance rider: Adding a child life insurance rider to your existing Gerber Life term life insurance policy will provide life insurance coverage for your child for the duration of your policy.
- Guaranteed insurability rider: The Gerber Life Grow-Up Plan includes a guaranteed insurability rider at no additional cost. This rider allows the policyholder to increase their life insurance coverage at certain ages or after certain life events (like marriage or childbirth) at standard adult rates, regardless of their medical history or risk factors.
- Waiver of premium rider: This feature is available for Gerber Life Whole Life policies and waives premium payments if the policyholder becomes totally disabled before age 60. This rider ensures that the insurance coverage remains active without requiring payments during the disability period, providing financial relief and maintaining the policy's cash value growth. This benefit is also available for homemakers and applies during periods of pregnancy. The cost of adding this rider depends on factors like the policy's benefit amount and the policyholder's age at the time of purchase.
Gerber Life customer satisfaction
Third-party ratings can provide valuable insights into their financial strength and customer service when evaluating life insurance companies. For financial strength, Gerber Life has an A+ (Superior) rating from AM Best, indicating that the company has historically paid out claims and met its financial obligations. However, J.D. Power did not include Gerber Life in its 2023 U.S. Individual Life Insurance Study. This absence suggests that potential policyholders may want to conduct additional research to fully understand the customer experience with Gerber Life.
Gerber Life insurance customer complaints
The National Association of Insurance Commissioners (NAIC) provides valuable insights into customer satisfaction by tracking the number of complaints received about insurance companies. The NAIC assigns a complaint index based on these complaints relative to the company's market share, with a baseline of 1.00 indicating an average number of complaints for the industry. Scores above this baseline suggest more complaints than expected, while scores below indicate fewer complaints.
For Gerber Life, the complaint index for its individual life insurance product has fluctuated over the past few years but remained above the industry average, indicating a higher-than-expected number of complaints. Potential customers may want to consider this trend when evaluating the overall service and satisfaction levels of Gerber Life.
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Whole life insurance combines life insurance with an investment component.
- Coverage for life
- Tax-deferred savings benefit if premiums are paid
- 3 variations of permanent insurance: whole life, universal life and variable life include investment component
Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time.
- Fixed premium over term
- No savings benefits
- Outliving policy or policy cancellation results in no money back
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Compare Gerber Life with other insurers
While Gerber provides extensive options across life stages, taking the time to explore different options can help you find the right policy. Every insurer has strengths and weaknesses. Shopping around allows you to weigh factors like price, financial stability, customer service and specific policy features. Here are a few alternatives to consider:
Gerber Life vs. Corebridge Financial
Another life insurance option, Corebridge Financial (formerly American International Group, or AIG), offers term and permanent coverage with great policy options, including guaranteed issue whole life insurance for seniors.
Learn more: Corebridge Financial Insurance review
Gerber Life vs. Mutual of Omaha
Like Gerber Life, Mutual of Omaha offers term and permanent life insurance for all age groups, including accident protection insurance. It also offers universal life insurance, whereas Gerber Life does not.
Learn more: Mutual of Omaha Insurance review
Gerber Life vs. State Farm
State Farm won our 2023 Bankrate Award for best term life insurance company, thanks in part to its customer satisfaction and coverage options. It also earned the number one spot for overall customer satisfaction in the J.D. Power 2023 U.S. Individual Life Insurance Study. This company could be excellent for policyholders who value top-notch customer service.
Learn more: State Farm Insurance review
Our insurance editorial team includes licensed agents with decades of combined experience, and we used our intimate knowledge of the industry to conduct this in-depth Gerber Life insurance review.
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Is Gerber Life a good insurance company?
With licensed insurance agents on staff, Bankrate takes pride in providing accurate, relevant information to help you make educated decisions regarding your insurance needs — that’s why we’ve used our expert lens to review more than 100 insurance companies.
Based on our extensive Gerber Life insurance review, this company might be an attractive option, but it depends on your needs. Suppose you are a parent looking for a unique way to invest in your child’s college education. In that case, you may want to explore the Gerber Life Insurance College Plan. Additionally, Gerber Life’s Grow-Up Plan may be an easy way to secure your child (or grandchild) a children’s life insurance policy. However, if you want to purchase universal life insurance, you must shop elsewhere since Gerber Life doesn’t offer this type of policy. In the end, the best way to find out if Gerber Life is a good fit for you may be to request a quote.
What are real-life customers saying about Gerber Life?
To provide a clearer picture of the customer experience with Gerber Life, we've sourced real-life takes from two popular online platforms: Reddit and Trustpilot. These forums offer a space for candid discussions and personal anecdotes, giving potential customers insight into what they might expect from Gerber Life's services. While Reddit fosters a broad range of discussions, including user experiences with insurance companies, Trustpilot often hosts detailed personal narratives and opinions, providing depth to the understanding of a company's service quality.
Reddit reviews
Reddit forums didn't offer specific insights into interactions with Gerber Life's life insurance policies for adults. Instead, many forum discussions predominantly focused on whether Gerber Life products for children are worth it, with users sharing their opinions and experiences. This feedback can still be valuable for potential customers. Hearing parents' opinions on why they do or don't think the kids' policy is a good choice provides firsthand experience, helping you understand the pros and cons from real users. Additionally, many forums offered insight into alternative investment options that some parents believe might be a better use of money, broadening your perspective on the best financial choices for your family.
Trustpilot reviews
Trustpilot offered a little more clarity into the process of applying for a policy, as well as, offered more positive takes on the company. Here’s what users had to say:
*The quotes and citations included on this page have been verified by our editorial team and are accurate as of the posting date. Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate.
Gerber Life company details
If you need to get in contact with Gerber Life, here are a few ways to do so:
- Customer service: 1-800-704-2180
- Term life sales: 1-866-503-4480
- Whole life sales: 1-800-425-7542
- Guaranteed life sales: 1-866-503-4481
- Website: gerberlife.com
- Mailing address: 445 State Street, Fremont, MI 49412
State availability
Gerber Life provides plan options in all 50 states, but availability depends on the product(s) you choose. More information on availability by state is detailed on the company’s website.
Gerber Life tools and benefits
The Gerber Life College Plan stands out from competitors as a combined adult life insurance policy for the parent and a savings plan for the child. The policy will pay out the benefit of $10,000 to $150,000 at term maturity, which the child can then use for college expenses or any other expenses.
For parents who are risk-averse or are more comfortable with guaranteed growth, the Gerber Life College Plan may be a good option. The policy provides 10- or 20-year term life insurance for the parent, which will pay out if the parent passes away during the term. But if the policy reaches maturity, the money is provided to the child in a lump sum. Though it can be used for education, there is no limit to what the money can be used for, which may make it more flexible than a 529 college savings plan.
The following options are also available through Gerber:
- Accident protection insurance: Accident protection insurance offers coverage for disabling injuries or death and is available for adults between ages 18 and 69. It does not require you to complete a medical exam or health questions to qualify. You and your spouse can apply for $50,000 to $250,000, or up to $500,000 combined, in coverage with on- and off-the-job 24-hour protection.
- Free wills: Fabric by Gerber allows you and your spouse to quickly create a will online and make it legally binding.
- Financial planning app available on Google Play or the App Store: Access your financial goals, will, life insurance policies and more on the company’s app.
- No-medical-exam application: Fabric by Gerber uses an automated underwriting program to expedite the application process.
- Accelerated death benefit rider: Pay for end-of-life care or final expenses if you’re diagnosed with a terminal illness.
Frequently asked questions about Gerber Life
