Gerber Life Insurance’s 2 Policies: Term & Whole Life Insurance!
In 1967, the Gerber Products Company established Gerber Life Insurance Company, which is presently a part of the Western & Southern Financial Group. Gerber Life offers standard insurance policies and also has specific plans designed for children. In some cases, ownership of these child plans may be transferred to the child once they turn 21 years old, depending on the specific plan.
Furthermore, Gerber Life provides an accident protection insurance plan that pays out a sum of cash in the event of accidental death or a covered disabling injury caused by an accident.
Gerber Life Insurance Company provides:
- Both Term and Whole life insurance policies.
- These insurance are available for both adults and children.
- Certain whole-life policies offered by Gerber Life may double in value once the insured individual reaches the age of 18.
- The company provides a graded death benefit for guaranteed life policies.
Gerber Life’s Life Insurance Policies: Coverage, Features, and Costs:
Gerber Life offers various life insurance policies, including a term life policy and multiple whole-life options for adults and children. The term life policy offers coverage up to $1 million, while coverage for whole life policies varies. The standard whole-life policy has a limit of $300,000, but higher coverage amounts may be available to eligible individuals. The guaranteed life policy offers maximum coverage of $25,000 but does accumulate cash value over time.
Gerber Life’s whole life insurance plans come with unique features, such as the Gerber Grow-up plan that doubles in value when the insured child turns 18, and the College Savings Plan which combines life insurance with a savings component for higher education.
Like any insurance product, the cost of Gerber Life’s policies varies based on factors like the plan, policy type, coverage amount, and the applicant’s insurability. In the event of the insured’s death, the death benefit would be paid out and could be used for expenses such as funeral costs, debt repayment, and future living expenses. It’s important to note that non-fatal accidents are not covered under these policies.
Two types of Gerber Life Insurance policies and plans:
Gerber Life Insurance offers a variety of life insurance policies and plans, including both term life and whole life options. Unlike many other insurers, Gerber’s policies are available for both adults and children.
1. Term Life Insurance Policies of Gerber Life Insurance
Gerber Life Insurance offers temporary coverage through their term life insurance policies, which end after a set amount of time. The available terms are 10, 20, or 30 years, and if the insured passes away during this time, a death benefit is paid out. Coverage typically ranges from $100,000 to $300,000, but eligible applicants may qualify for up to $1 million in coverage. It’s important to note that if the policy expires and the insured is still alive, there is no payout.
Compared to permanent options like whole life insurance, term life insurance policies tend to be less expensive. Most applicants won’t need to undergo a medical exam to qualify for Gerber’s term life insurance policies, with the exception of those who are 51 or older and applying for more than $100,000 in coverage. At the end of the term, policyholders have the option to renew without a physical exam, although the premium will be impacted by age. Once a premium is set, it’s guaranteed to remain the same for the life of the policy.
2. Whole Life Insurance Policies of Gerber Life Insurance
Gerber Life Insurance offers five different whole life insurance plan options for customers. The standard whole life insurance option provides a coverage range of $50,000 to $300,000, and it does not require a medical exam for approval. Applicants must be between 18 to 70 years of age to apply.
The guaranteed life policy, however, offers less coverage ranging from $5,000 to $25,000. It provides guaranteed acceptance for applicants between the ages of 50 and 80 and does not require a medical exam or the completion of any health-related questions.
Gerber Life also offers two unique whole-life insurance plans for children, the Gerber Life Grow-Up Plan and the Gerber Life Young-Adult Plan. The Grow-Up Plan offered by Gerber Life Insurance provides coverage ranging from $5,000 to $50,000. Additionally, the coverage amount doubles when the insured child reaches 18 years of age. The Young-Adult Plan provides coverage in the same amount as the Grow-Up Plan but is exclusively available to individuals aged 15 to 17.
The Gerber Life College Savings Plan is a whole life insurance plan that provides a payment of $10,000 to $150,000 when the policy matures. Policyholders can use the payout for college expenses or for any other purpose they see fit. All of these whole life insurance plans build cash value over time and last until the policyholder’s death.
How to Purchase Life Insurance of Gerber Life Insurance?
To purchase a life insurance policy from Gerber Life Insurance, you will first need to complete an application form. The application will require you to provide personal information about the individual you want to insure, whether it’s yourself or your child. The information that you may need to provide when applying for a life insurance policy from Gerber Life includes, but is not limited to:
- Tobacco and alcohol use
- Desired coverage amount
If your policy requires a medical examination, it will need to be completed before the application can be approved. Once your application is approved, you will need to pay your premium to activate the policy. If you keep up with your premium payments, the policy will remain in effect until the end of the term or until the insured person passes away.
Gerber Life Insurance offers various life insurance policies, including term and whole life options for adults and children. Gerber Life’s policies come with unique features such as the Gerber Grow-up plan and College Savings Plan that provide coverage and savings for education. The cost of these policies varies based on factors such as plan type, coverage amount, and the applicant’s insurability. Gerber Life Insurance policies can be purchased by completing an application form and paying the premium. Overall, Gerber Life Insurance provides a range of options for those seeking life insurance coverage.
To know more about Gerber Life Insurance: Click Here!