Gerber Guaranteed Issue Life Insurance Review

Last updated: March 7th, 2018

Senior man by minibus with wheelchair lift

There can be any number of reasons to apply for life insurance. These can include having the assurance that loved ones will be able to go on financially in an unexpected tragic situation, as well as providing a means of payment for one’s funeral and other final expenses.

Although many people can qualify for life insurance protection, there are cases where an applicant may be turned down due to his or her age or health, or even because they have what is considered to be a risky occupation.

A guaranteed issue life insurance policy can provide an avenue for life insurance protection – even if someone has been turned down for life insurance in the past. However, before purchasing a guaranteed issue policy – or for that matter, any life insurance coverage – it’s essential that you apply for the correct policy and financial protection.

I also recommend that you take a close look at the insurance carrier in order to determine whether it has a history of being financially stable and is consistent in paying claims of the policyholder.  Gerber Life Insurance Company definitely fits this mold.

The History of Gerber Life Insurance Company

Gerber Life Insurance Company has represented saving and protection products since 1967. For more than 50 years, this company – which is affiliated with Gerber “the baby food company,” has been a staple in both children’s and adult’s life insurance coverage options.

The primary mission of Gerber Life Insurance Company is to “be the brand that parents trust to help the achieve financial security and protection for their families.” Gerber is known for offering affordable term and permanent life insurance coverage – including guaranteed issue life insurance that provides coverage, regardless of an applicant’s health condition.

Gerber Guaranteed Issue Life Insurance Review

Gerber Life’s products are sold throughout North America. Today, this company has more than $45 billion of life insurance premiums in effect and more than three million policies under management. Gerber Life Insurance Company is headquartered in White Plains, New York.

Ratings and Better Business Bureau Grade

Thanks to its sound and stable financial history – in addition to the timely payment of claims to its policyholders – Gerber Life Insurance Company, has earned a rating of A from A.M. Best Company (as of May 2017).

Though Gerber Life Insurance Company does not have accreditation from the Better Business Bureau, the BBB has given Gerber an A+ grade.

Gerber’s history of closing out complaints is outstanding, and through the last three years it has completed closings of 83 complaints. Of the total 83 customer complaints, 51 of them had to do with their insurance products and/or customer services. Another 17 of these were related to the company’s advertising or sales issues, ten were related to billing services and collection issues, and the remaining five complaints dealt with delivery issues. There are also currently (January 2018) eight customer reviews regarding Gerber Life Insurance Company that are posted on the Bureau’s web page.

Guaranteed Issue Life Insurance Products Offered Through Gerber Life Insurance Company

Gerber Life offers a long list of separate life insurance options to select from. And, while some of these can require the applicant to undergo a medical examination in order to qualify for the coverage, the company does offer guaranteed issue options.

Typically, these policies are purchased by seniors (age of 50 to 80) to provide loved ones with a way to pay for costly final expenses. Today, the average cost of a funeral in the United States – including related costs, such as a burial plot and headstone, and a memorial service – can exceed $8,500. With that in mind, having live insurance proceeds to rely on can provide survivors with financial peace of mind.

The Gerber Life Guaranteed Life Insurance Plan offers whole life insurance protection. This form of permanent life insurance coverage provides death benefit and accrual of cash value.

The cash increases with compound interest on tax-deferred basis over time. Which eliminates the tax penalty for retrieving these funds unless or until they are withdrawn. So, the longer an individual owns his or her policy, the more cash value the plan can accumulate.

If an applicant for this coverage is between the age of 50 and 80 years old, they are guaranteed to be accepted for the plan – regardless of their health history or condition. In addition, there are no lengthy questionnaires to complete on the application for coverage, nor is there a medical examination required. This means that there is no need to meet with a paramedical professional and submit a blood and urine sample.

A coverage amount of between $5,000 and $25,000 may be chosen. Once approved, the Gerber Guaranteed Issue Life Insurance Plan will be permanent throughout the lifetime of the insured – assuming you continue to pay the monthly premium.

Because there is no medical underwriting required for this policy, approval can take just days (or possibly even just hours), as versus weeks – or months – that it can often take for a traditionally underwritten life insurance plan to be approved.

Other Products and Services Available

In addition to its Guaranteed Issue Life Insurance Plan, Gerber Life Insurance Company also offers other types of life insurance coverage, both for children and for adults. These include the following:

  • Term Life Insurance – Term life insurance offers death benefit coverage, without any type of cash or savings build up. Because of that, term life insurance will oftentimes be an affordable option for those who need life insurance protection. Gerber Life offers term life insurance for coverage lengths of 10 years, 15 years, 20 years, and 30 years, with death benefit options that range from $25,000 up to $150,000. Once an applicant has been approved for this plan, the face value and monthly premium are locked in for the length of the policy..
  • Whole Life Insurance – Whole life is a type of permanent life insurance coverage. Here, the insured is covered with a guaranteed amount of death benefit protection. These policies allow the applicant to choose a death benefit from $25,000 up to $150,000. There is also a cash value component where the funds can grow tax-deferred. This money is available to the policyholder for any need that he or she sees fit. Provided that the premium continues to be paid, a whole life insurance plan will remain in place. This is the case, regardless of the insured’s rising age, as well as if the insured contracts an adverse health condition in the future.
  • Accident Protection – Accidents are always unexpected. Oftentimes, when an accident occurs, it can cause a great deal of financial difficulty for loved ones. An accident protection insurance policy can provide funds that can ease this pain. These plans from Gerber Life Insurance Company offer between $20,000 and $100,000 in accidental death protection coverage. And, an insured and his or her spouse can be pre-approved for up to $200,000 in combined coverage (as long as both spouses are between the ages of 19 and 69 at the time of application). This coverage will take effect immediately upon applying for it – and there is no medical exam necessary for policy approval.

Gerber Life Insurance Company also offers the Gerber Grow Up life insurance plan for children. This is a whole life insurance policy that provides death benefit protection, it also builds cash value that can be used for college expenses or any other want or need.

This plan offers between $5,000 and $50,000 of life insurance coverage, and it can be applied for any time between the child/insured’s age of 14 days to 14 years. In addition, the amount of the coverage doubles automatically when the child turns age 18.

How to Get the Best Premium Rate on Guarantee Issue Life Insurance Coverage from Gerber

Finding the best premium rate on guarantee issue life insurance coverage is important, as you want to ensure that this type of protection is within your budget. If you’re looking for affordable premium rates on Gerber Life Insurance Company’s Guaranteed Issue Life Insurance Plan – or any plan, for that matter – we would love to help.

As an independent life insurance brokerage, we represent numerous life insurance carriers across the country. This gives us the opportunity to show you with an unbiased look at the policies and the premiums that are available to you. In order to get started, we’d love for you to take a minute to complete the form on the right side of our page.

If you have any additional questions and you’d like to speak with one of our life insurance experts, please feel free to reach out to us directly via phone, toll-free, by calling 1-888-552-6159. Having an agent on your team can make the life insurance application process easy. So, call us – we’re available to help.

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Doug Mitchell

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