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Gerber Life Insurance Review 2022 – Forbes Advisor

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Gerber Life’s term life insurance

Term life insurance provides level rates for a certain period or term. It’s typically the cheapest type of life insurance. A term life insurance payout can be used by your family to replace your income, pay off a mortgage or fund college educations.

Gerber Life offers terms of 10, 20 or 30 years for people ages 18 to 70.

Coverage amounts vary from $100,000 to $1 million. In many cases, a life insurance medical exam isn’t required to obtain coverage, but you do need to answer several questions about your health. You must undergo a medical exam if you’re at least age 51 and are applying for $100,000 or more in coverage.

Related: Best term life insurance companies

Gerber Life’s whole life insurance

A whole life insurance policy can cover you throughout your life without a change in rates, as long as you pay the monthly premium. In addition, a whole life policy can build cash value.

At Gerber Life, coverage amounts for whole life insurance range from $50,000 to $1 million. Coverage is available to people ages 18 to 70.

Gerber Life insurance allows the holder of a whole life policy to borrow against the cash value if the monthly premiums are paid. The interest rate for a policy loan is 8%. A policy loan can affect the policy’s cash value and death benefit.

If premium payments are up to date, the policy will never expire and the premiums will never rise.

Related: Best life insurance companies with cash-value policies

Gerber Life’s guaranteed life insurance

Regardless of health history, Gerber’s guaranteed life insurance offers coverage for people between ages 50 and 80. An applicant does not need to undergo a medical exam or fill out a health questionnaire.

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With coverage amounts of $5,000 to $25,000, Gerber’s guaranteed issue life insurance is mainly designed to cover final expenses, such as burial costs, medical bills and small unpaid debts.

The premiums only change if you increase coverage or increase the frequency of payments.

Since this is whole life insurance, the policy builds cash value over time. A policyholder can take out a loan against the cash value at an interest rate of 8%. If you cancel the coverage, you receive the policy’s available cash value (minus any surrender charge).

Gerber Life’s guaranteed life insurance does come with a graded death benefit. This restricts the death benefit paid if the policyholder dies of a non-accident cause (such as illness) during the first two years of the policy. The beneficiary will receive all premiums paid, plus 10%. The death benefit will be paid in full after the two-year period expires.

Gerber Life’s No-Exam Life Insurance

Two of Gerber Life’s policies for adults provide no-exam options.

  • Gerber Life’s term life policy provides coverage from $100,000 to $300,000. You must go through a medical exam for this policy only if you’re age 51 or older and are applying for more than $100,000 in coverage.
  • Gerber Life’s guaranteed life insurance also does not require a medical examination. It’s available to people between age 50 and 80, but its coverage falls short of that available from a term life or traditional whole life policy. Coverage amounts for Gerber’s guaranteed life insurance are $5,000 to $25,000.

Gerber Life’s Accident Protection Insurance

Gerber’s accident protection insurance is not life insurance. Rather, it’s an accidental death and dismemberment insurance policy that provides a payout in case of death or a disabling injury caused by an accident covered by the policy.

A policy payout can go toward medical expenses, lost wages and other costs related to the death or injury. Coverage amounts range from $25,000 to $250,000. Benefits and rates are locked in as long as the premiums are paid.

No medical exam is required, and no health questionnaires need to be filled out. Coverage is available to people ages 18 to 69, regardless of health status or occupation.

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