We’ve done the research and the Gerber Life Insurance Company is one of the best guaranteed acceptance life insurance carriers available. Is the Gerber Life one of the top life insurance companies for you? Let’s find out and learn about the advantages and disadvantages of their guaranteed issue life insurance product.
Gerber Life Insurance Company
Review Summary
Gerber Life is frequently known for their life insurance plans for children, but Gerber also sells small whole and term life insurance policies for grownups. Gerber Life is one of the biggest national insurers.
Gerber Guaranteed Issue Life Insurance Review
Gerber’s Guaranteed Issue Life Insurance is a final expense life insurance policy. It provides shoppers with final expense coverage for an affordable premium. Let’s look at some of the specifics.
Gerber Life Guaranteed Issue Life Insurance
Look, funerals in this day and age can cost upwards of $10,000 or more. It can be hard for your family to pay these costs, particularly during such a troublesome time. Besides final costs, there might be additional expenses to deal with, like:
- Hospice costs
- Uninsured medical bills
- Outstanding debts of the deceased
These expenses can add up quickly. Keeping an extra set of cash on hand can reduce the strain on your loved ones.
Sadly, Social Security only offers $255 for death benefits. There are alternative choices available, though.
Gerber Guaranteed Issue Life Insurance Sample Quotes [Graded Benefit]
Let’s start out with some rates, because everyone wants to know how much coverage will cost.
Gerber Guaranteed Issue Life Insurance pricing samples below are based on Lifetime coverage with a Level Benefit. Samples are based on male Monthly Rates. Rates are subject to change and should be used for comparison only
| Age | $10,000 | $15,000 | $25,000 |
|---|---|---|---|
| 50 | $44.09 | $65.68 | $108.85 |
| 60 | $63.89 | $95.38 | $158.35 |
| 70 | $247.32 | $148.32 | $246.58 |
| 80 | $111.08 | $370.52 | $616.91 |
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What is Gerber Guaranteed Issue Life Insurance?
There are many life insurance types for shoppers to choose from and a Guaranteed Issue life insurance policy is one of them. Gerber’s Guaranteed Issue Life insurance is designed for people between 50 and 80 years old who haven’t received approval for regular life insurance coverage.
Policyholders can select a life insurance payout amount that ranges between $5,000 and $25,000.
Looking for other options? Read more about $25000 term life insurance and see if it’s a better fit for your situation.
The coverage that Gerber’s Guaranteed Issue Life Insurance provides is whole life insurance. Assuming the premium is paid, the policy’s coverage won’t ever expire. Included in these policies is a cash value component that lets the holder accumulate tax-deferred savings. The holder can access this cash through a withdrawal or loan if needed.
Be mindful that, if the insured passes away, any cash value with a balance that remains unpaid will be subtracted from the death benefit.
Federal income tax doesn’t have to be paid on the death benefit obtained by the beneficiary. Therefore, your beneficiary can use the whole death benefit amount to pay off debt, final expenses, or other fees as needed.
Gerber Guaranteed Issue Life Insurance Advantages
The following benefits are contained in this policy:
- Cash Value: Whole life insurance that establishes cash value
- Guaranteed issue: No health questions
- Premiums: Fixed premium payments
- Face Amounts/Issue Ages: $5,000 to $25,000
- Issue Ages: 40 to 80 years old
- Age Last or Age Nearest: Age last birthday
- Product Availability: Available in all states except AR & MT
What Makes This Carrier/Product Sweet:
Here are some additional areas where Gerber excels:
- Brand recognition
- Up to 8% discount on quoted rates if you choose ACH
- Credit cards accepted
Whole Life Insurance
Wondering if whole life is right for you? Let’s look into why a whole life insurance plan might be the right fit.
- Time: Whole Life Insurance will never expire as long as you pay your premiums.
- Cash Value: This whole life plan accumulates Cash Value. Some of the funds from your premium payment will be placed in a cash account that you can borrow against. Gerber claims that, for a duration, the premiums can be paid with the cash value. This can be an important tool if you’re on a budget, are charged additional costs at some point, and are unable to pay your premium. In such circumstances, you can contact the organization and request to have your premium paid using your cash value.
- Cancellation: Only the Owner Can Cancel the Policy: Gerber can’t cancel the policy. The policy only ends when the owner no longer pays the premium.
Guaranteed Issue
There are some key advantages to guaranteed issue life insurance:
- Lack of Medical Exam: This is a No medical exam life insurance policy. No exams are required. Anyone can qualify for this product assuming they fall into a specified age range. You’ll be approved even if you’re diagnosed with a serious disease or illness.
- Zero Health Questions: You won’t be asked any questions about your health during the guaranteed issue life insurance application process. You don’t have to give any information about previous or preexisting health issues.
- Available for those between the ages of 50 and 80.
Gerber Guaranteed Issue Life Insurance Disadvantages
Gerber’s guaranteed issue life insurance policy isn’t perfect. There are some disadvantages to their life insurance policy.
However, these disadvantages are so significant that you shouldn’t secure life insurance coverage.
With that said, here are a few things to understand about the Gerber life insurance product:
- Price. The Gerber Guaranteed Issue life insurance policy may not be the lowest rate. Depending on your age and the amount of coverage you’re seeking, there might be another company with a better rate. Term life insurance is usually less expensive, but you need to qualify for term as it isn’t a GI policy.
- Graded Death Benefit. Often times people want life insurance who are very ill and in the last years of their life. Life insurance companies protect themselves by offering life insurance, but with a Graded Death Benefit. Graded Death Benefits means that if the insured individual should die during the policy’s first couple of years for any reason besides an accident, the beneficiary of the policy will receive all premium payments, as well as 10% interest. Out of all life insurance organizations, this ranks as one of the highest. However, if death happens as a result of an accident, the death benefit policy’s total amount will be paid. After a couple of years, if the insured passes away for any reason, the policy’s full-face amount will be paid out to the beneficiary of the policy.
- Graded policies are not unique to Gerber. This is a common feature with Guaranteed Issue life insurance with all companies.
Additional Gerber Policy Benefits
On top of the tax-deferred cash value accumulation and death benefit, the Gerber Guaranteed Issue Life insurance policy provides benefits for policyholders, including:
- Coverage That’s Guaranteed – No matter what health state you’re in, you won’t be rejected for coverage assuming you are a legal resident or an American citizen between the ages of 50 and 80. As such, Gerber simplifies the application process. There aren’t any medical exams to take, nor do you need to provide answers for any health queries. After the policy kicks in, the insurance policy can’t cancel it, only the owner of it can.
- No Increases in Premiums – It is simple to budget for these policies since premiums are guaranteed to never increase. This can be beneficial for people living on a budget.
In addition to the benefits of the policy, a trusted and quality organization additionally enforces the plan. For over 40 years, life insurance has been offered by Gerber Life Insurance Company, an affiliate of the Gerber Products Company that is financially separate.
The Best Guaranteed Issue Life Insurance Policy
You’re probably like most and want to know who offers the best guaranteed issue life insurance policy? There is no “Best” life insurance company for every shopping situation.
However, we analyzed and put together our Top 10 Final Expense Companies for you. We’ve reviewed dozens of companies like Nationwide, Liberty Bankers Life, AAA Life and ING Reliastar to name a few. We’ve done the work so you can understand the pros and cons of each.
It will depend on several factors such as your age and the amount of insurance you’re wanting.
You never know what’s going to happen in life. Fortunately, Gerber’s Guaranteed Issue Life Insurance policy can aid in covering unanticipated costs that arise during troublesome times.
Final Expense Insurance You Can Rely On
Gerber Life is an outstanding carrier for your life insurance needs. With a powerful brand name and a balance sheet, this is an organization you can depend on to give your beneficiary the required funds to cover your burial expenses.
Thanks for reading our post, Gerber Guaranteed Issue Life Insurance Review. Please leave a comment or question below.
To learn more about life insurance, make sure to visit our page Life Insurance 101 or find out how much you may end up paying for coverage on our Life Insurance Rates by Age page.
Gerber Life Insurance Company Details
Name(s): Gerber Life Insurance Company
Address:
1131 Mamaroneck Ave.
White Plains, NY 10605
Phone: 800-704-2180
Website: gerberlife.com
Ratings: A.M. Best (A), Standard & Poor’s (A), Comdex (80)
