![]() ![]() You can apply online for this children’s whole life insurance policy, for between $5,000 and $50,000 in coverage for a child at least 14 days old. As long as you pay your premiums, you’ll be eligible to borrow against the cash value of your policy with an interest rate of 8%. Medical exams are only necessary for applicants ages 51 and older applying for more than $100,000 in coverage. Premiums stay level for the life of the policy. With the Gerber Life Whole Life Policy, you can apply for $50,000 to $300,000 in coverage online or up to $1 million by phone. Whole life insurance is much more costly than term life coverage. These policies build cash value over time, and no matter when you die, your beneficiaries will receive a death benefit as long as you’ve paid your premiums. At the end of the term, you also have the option to renew your policy without a medical exam.Īs its name implies, whole life insurance is designed to provide coverage for the duration of your life. While applicants age 51 and older applying for more than $100,000 in coverage will need to get a medical exam, most other customers can apply online without an exam (for coverage up to $300,000). Note that you’ll need to call for a quote for coverage amounts greater than $300,000. ![]() Premiums are fixed for the duration of the term. With the Gerber Life Term Life Plan, you can apply for between $100,000 and $1 million in term coverage with a 10, 20, or 30-year term. ![]() Term life policies don’t typically build cash value, but they’re much cheaper than permanent life insurance policies. Many adults use term life insurance to protect their families during a period when they have financial obligations, such as paying off a mortgage or saving for college. With term life insurance, your beneficiaries only receive the death benefit if you die within the specified term, which is typically between 10 and 30 years. NAIC Complaint Index (averaged over three years) While Gerber Life’s rating is very good, many other life insurance companies have superior financial strength ratings (A+ and A++). We typically don’t recommend any insurance company that doesn’t score in the A bracket. This is important because when an insurance company gets a good grade from AM Best, it means the provider has the financial stability to reliably pay claims in the future. Gerber Life Insurance has an A (Excellent) financial strength rating from AM Best, an independent rating agency focused on the insurance industry. The Gerber Life complaint index is low, in line with most of the top life insurance companies we review who maintain a complaint index of well under 1.0 each year. That means that Gerber Life had fewer complaints than expected over a three-year period given the company’s size. We also measured its NAIC complaint indexes over three years, resulting in Gerber receiving an average NAIC complaint index of 0.47. Gerber Life had a complaint index of 0.33 in 2023. The lower the complaint index, the better. A complaint index lower than 1.0 means the company received fewer complaints than expected, while an index greater than 1.0, means it received more than expected. An index of 1.0 indicates the company received the number of complaints expected for a company its size. The National Association of Insurance Commissioners (NAIC) collects data on complaints against insurance companies and creates a “complaint index” so consumers can get a quick idea of how many complaints an insurance company receives. ![]() Many other companies offer coverage well into the millions, even without requiring a medical exam. Low coverage limits: You will need to call Gerber Life to be approved for a death benefit greater than $300,000, and the highest death benefit you can get is $1 million.Of the 32 companies we collected term life insurance quotes for, Gerber’s was the second most expensive across all age groups. Very expensive term coverage: Gerber charges more than double what many other insurance providers charge healthy applicants, and almost triple what the most affordable insurers charge-which could undo any discounts the company offers.Automatic payment discount: You can save up to 10% on your monthly premiums by enrolling in automatic deductions from your account.Child life coverage doubles at 18: Gerber Life automatically doubles the death benefit on its policies for kids and young adults when the child reaches age 18 without a rise in premiums.Quick decision: It’s possible to get a decision instantly if you qualify for coverage without a medical exam or if you’re applying for a guaranteed issue policy.Many customers will qualify for no-medical-exam life insurance for up to $300,000 in coverage. Easy to apply for coverage: Gerber Life makes it easy to submit your application for most policy types online. ![]()
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