There can be any number of reasons for the purchase of a life insurance policy. These can include having the assurance that loved ones will be able to go on financially in the event of the unexpected, 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 is important that you ensure that you are moving forward with the right type and amount of protection.
It is also highly recommended that you take a close look at the insurance carrier in order to determine whether it is strong and stable financially and that it has a good reputation for paying out its policyholder claims. One life insurer that fits these criteria is Gerber Life Insurance Company.
The History of Gerber Life Insurance Company
Gerber Life Insurance Company has been offering 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 the United States, as well as in Canada and Puerto Rico. Today, this company has more than $45 billion of life insurance in force and more than 3.3 million policies under management. Gerber Life Insurance Company is headquartered in White Plains, New York.
Ratings and Better Business Bureau Grade
Due in large part to its financial strength and stability – as well as 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).
In addition, while Gerber Life Insurance Company is not an accredited company through the Better Business Bureau (the BBB), the company has obtained a grade of A+ from this entity. This is on an overall grade scale of A+ to F.
Over the past three years, Gerber Life has closed out a total of 83 customer complaints through the Better Business Bureau, of which 24 of these have been closed within the past 12 months. Of the total 83 customer complaints, 51 of them had to do with the company’s products and/or services. Another 17 of these were related to the company’s advertising and/or sales issues, ten were related to billing and/or collection issues, and the remaining five complaints had to do with delivery issues. There are also currently (January 2018) eight customer reviews regarding Gerber Life Insurance Company that are posted on the Better Business Bureau’s website.
Guaranteed Issue Life Insurance Products Offered Through Gerber Life Insurance Company
Gerber Life offers a long list of different life insurance options to choose 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 (those who are between the age of 50 and 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 – as well as 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 offers both death benefit coverage, as well as a cash value component.
The cash that is in the cash value portion of the policy is allowed to grow and compound on a tax-deferred basis over time. This means that there is no tax due on the gain of 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 remain in force throughout the lifetime of the insured – provided that the premium is paid.
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 coverage, the amount of the coverage – as well as the amount of the premium – will be locked in for the entire life of the policy.
- Whole Life Insurance – Whole life is a form 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 are allowed to grow tax-deferred. This money may be either borrowed or withdrawn by 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 can happen to anyone at any time. 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 physical examination 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, as well as 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 can help.
We are an independent life insurance brokerage, and we work with numerous life insurance carriers in the marketplace. This means that we can provide you with an unbiased look at the policies and the premiums that are available to you. In order to get started, all you have to do is just simply take a moment to fill out the quote form on this 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 expert on your side can make the life insurance application process easy. So, contact us today – we’re here to help.