Gerber Life Insurance
AM Best financial rating
A (Excellent)
NAIC complaint level
Average
Maximum coverage available
$1 million
What you should know
Known for its baby food products, Gerber has a life insurance offshoot that specializes in life insurance plans for children and young adults, but adults through the age of 80 can also get coverage. Most Gerber Life Insurance policies — including those for adults — are available without a medical exam, though people 51 and over may be subject to more scrutiny and less attractive benefits.
This Gerber Life Insurance review can help you determine if it’s right for you and your family.
More details
Life insurance policies offered by Gerber
- Children’s whole life insurance.
- Young adult whole life insurance.
- Adult whole life insurance.
- Adult guaranteed issue life insurance.
- Adult term life insurance.
Pros
- No medical exams required in many cases.
- Life insurance policies for children.
- Discounts available for Easy Pay (autopay).
- Excellent financial strength rating.
Cons
- Only two riders available (and for Grow-Up Plan only).
- Could get child coverage through another policy’s rider instead.
- Medical exams required for seniors wanting $100,000 or more.
- Graded death benefit for guaranteed life insurance policy.
- Term and whole life payouts may be capped at $300,000.
About Gerber Life Insurance
You probably know Gerber for its baby food — and logo with an adorable baby — but the Gerber Products Company established another successful business outside the culinary realm: life insurance. Originally established by the Gerber Products Company in 1967, Gerber Life is now a part of Western & Southern Financial Group.
Gerber Life has more than $63 billion of life insurance in force, offers a wide range of life insurance products and maintains a healthy AM Best rating that indicates solid financial strength. The company is headquartered in White Plains, New York.
Life insurance policies offered by Gerber
While Gerber Life is known for its children’s life insurance, the company offers many policies regardless of age.
Gerber Life Grow-Up Plan
Gerber’s hallmark policy is the Grow-Up Plan for kids 14 and under. This is a whole life insurance plan designed for parents, grandparents and legal guardians who want to start a child out on solid financial footing.
Coverage ranges from $5,000 to $50,000, and this original coverage amount doubles on the child’s 18th birthday without an impact on the premium.
At 21, the child becomes the policyholder and can do one of two things:
- Continue the policy and add additional coverage at the standard adult rate, without being denied coverage.
- End the policy and take the accumulated cash value.
Cash value loans are also available while the policy is in force, at an interest rate of 8%.
There’s no medical exam for children to get coverage, though you will need to fill out a health questionnaire. Most children get the requested coverage — Gerber claims that fewer than 2% of children are denied a policy and 75% of applications are approved in seconds.
Monthly premiums vary by coverage amounts, but you can save up to 10% by enrolling in EasyPay (autopay).
Gerber Life Grow-Up Plan – Young Adult
If you missed the 14-year cutoff for the Grow-Up Plan, you can still enroll your 15- to 17-year-old in Gerber Life’s Grow-Up Plan – Young Adult.
The mechanics of this plan are virtually identical to those of the Grow-Up Plan:
- Parents can purchase $5,000 to $50,000 in coverage.
- The coverage amount will double at 18, and when the child turns 21.
- The child can then choose between continuing coverage or surrendering the policy for the cash value.
This policy is only available over the phone.
Gerber Life Insurance College Plan
Instead of a traditional college savings plan, Gerber Life offers this combination plan that allows you to save for a child’s college while also offering adult life insurance protection.
When the plan reaches maturity, your child will get a guaranteed payment between $10,000 and $150,000, depending on the policy you choose. And if something happens to you before it matures, your beneficiary gets the full payout at that time.
Notably, the money doesn’t have to go toward college expenses. Your child can use the money for whatever they need.
The plan grows in value over time. Though it’s unrelated to market performance, Gerber Life says the growth rate varies.
Gerber Term Life Insurance Plan
Gerber also offers a traditional term life insurance plan for people between the ages of 18 and 70. Terms can be 10, 20 or 30 years with coverage amounts ranging from $100,000 to $300,000. Some individuals may be eligible for a higher coverage amount, up to $1 million.
In most cases, a medical exam is not required. However, anyone who is 51 or older applying for more than $100,000 in coverage may have to get an exam.
You can apply online or over the phone, and you can save up to 10% off monthly premiums with automatic payments through EasyPay. Premiums stay the same during the duration of the policy. When the policy expires, you can renew the policy if you still want coverage, but premiums will likely go up.
Rates start as low as $15.42 a month for the minimum coverage level.
Gerber Whole Life Insurance Plan
If you want a life insurance policy that doesn’t expire, you can apply for Gerber Life’s whole life insurance option. This policy builds cash value (after the initial policy years) that you can borrow against at an 8% interest rate.
Coverage amounts start as low as $50,000 and can go up to $300,000. Some individuals may be eligible for a higher limit ($1 million), but you’ll have to call to see if you qualify. The plan is available to individuals who are 18 to 70 years old.
The policy never expires as long as you keep up with your premiums. Even better, the premiums never go up, no matter how long the policy stays in force. Gerber Life sets premiums based on how old you are when the policy starts.
Gerber Guaranteed Life Insurance Plan
Gerber Life’s Guaranteed Life Insurance is available to individuals 50 to 80 years old. There’s no medical exam and no health questionnaire. Coverage is guaranteed, so you won’t be denied coverage if you meet the basic eligibility requirements.
Gerber’s Guaranteed Life Plan is a whole life insurance policy with $5,000 to $25,000 in coverage available. Because of the lower coverage amount, this policy is primarily helpful for covering burial costs or end-of-life medical costs. As a whole life insurance policy, it does accumulate cash value after the initial policy years.
Like many life insurance plans for seniors, this plan has a graded death benefit, which means your beneficiary won’t receive the full payout if you pass away during the first two years of the policy. Instead, they’ll only receive the equivalent of the premiums you’ve paid to date, plus 10%.
Gerber Life Accident Protection Insurance
Gerber Life also offers Accident Protection Insurance. This accidental death and dismemberment (AD&D) policy offers between $50,000 and $250,000 in coverage (or up to $500,000 combined coverage for spouses). You can purchase a policy with $50,000 in coverage for as little as $62 per year.
AD&D policies are different from life insurance. These policies can cover out-of-pocket medical expenses and lost wages if you suffer an accidental disabling injury (such as the loss of limbs or eyesight). It can also provide a benefit to your beneficiaries if you die in a qualifying accident.
Gerber Life Insurance riders
Rider availability may vary by state and policy type, but some Gerber Life Insurance riders include:
- Guaranteed purchase option rider (automatically included in Gerber Life Grow-Up Plans).
- Waiver of premium rider.
- Child life insurance rider.
- Accelerated death benefit (ADB) rider.
- Payment protection option (PPO) rider.
Who is Gerber Life Insurance best for?
Gerber Life’s primary appeal is to parents, grandparents and legal guardians who want to start their children or grandchildren off on the right foot financially. With a Grow-Up Plan, kids have a life insurance policy that:
- Locks in an affordable rate.
- Guarantees life insurance coverage that doubles at age 18.
- Builds a cash value that the policyholder can access while they’re alive.
- Provides guaranteed insurability when the child turns 21, regardless of occupation or health.
At 21, the child becomes the policyholder and can decide to continue the policy and purchase additional coverage at standard adult rates ( insurability is guaranteed). Or they can surrender the policy and claim the cash value.
While Gerber Life offers policies for adults, there may be better life insurance options available, with higher coverage amounts and customization options.
Gerber Life Insurance review FAQs
If a child is enrolled in a Gerber Life Grow-Up Plan, the life insurance coverage automatically doubles when they turn 18. For instance, a plan for $50,000 will grow to $100,000 at age 18, without an increase in the monthly premium.
Then at 21, the child becomes the policyholder and can buy additional coverage at standard adult rates. Coverage is guaranteed regardless of occupation or health. Alternatively, the child can surrender the policy and accept the cash value.
In most cases, Gerber Life does not require medical exams, though you may have to complete a health questionnaire. If you’re over 50, however, you could be required to complete a medical exam if you apply for more than $100,000 in coverage from a whole or term life insurance plan.
The exception for consumers over 50 is the Guaranteed Life Insurance Plan, which requires neither a medical exam nor a health questionnaire, regardless of age.
Many of Gerber’s life insurance policies build cash value, including both of its child insurance policies. Gerber’s term life insurance does not have cash value.
