Maybe you have stumbled upon a Gerber baby food life insurance commercial or brochure sent to you. Besides the baby food and other child-related products, Gerber is also heavily involved in the Life Insurance industry.
When seniors start planning for the costs associated with the end of one’s life, the numbers can be shocking. For a traditional service, the costs can range from $8,000 – $12,000. This is when a senior final expense life insurance policy can take the financial burden off of loved one’s shoulders.
Gerber Life Insurance Review
The Gerber Company has been around since 1928 and is known as one of the best burial insurance companies in the industry. For over 90 years, Gerber has been a staple in the family care business.
It wasn’t until 1967 that this company offered a Gerber Baby Life Plan.
The Gerber Family Products Company is a separate affiliate from its life insurance division.
Gerber Life Insurance Company Details
- Established: 1967
- A.M. Best Financial Rating: A (excellent)
- Headquarters: White Plains, New York
Gerber Insurance has seven policies in total:
- Guaranteed Acceptance
- Young Adult
- Term Life
- Whole Life
- Accidental Protection
For this article, we will be reviewing the details of the Guaranteed Acceptance plan from Gerber.
Gerber’s Guaranteed Acceptance Life Insurance For Seniors
Gerber senior life insurance is designed for adults 50 – 80 years of age who have had severe health conditions in the past. Regardless of health, this guaranteed acceptance plan will approve everyone because there are no medical questions asked. This plan is available to everyone fifty to eighty.
Gerber’s Funeral Insurance Quick Facts
- Age Eligibility: 50 – 80
- Coverage Amount: $5,000 – $25,000
- State Availability: 49 states & DC (excluding MT)
- Medical Exam: No
- Health Questions: No
- Waiting Period: 2-years
- Permanent Coverage: Yes
- Builds a Cash Value: Yes
- Smoking Rates: No
No Health Questions
The best feature of this policy, and all other guaranteed acceptance life insurance, is no health questions. The proposed insured needs to sign their name, which is essentially the only stipulation of Gerber Life final expense insurance. They need to be legally able to sign and enter into a contract.
The trade-off with this plan is a two-year waiting period for coverage. This means if the proposed insured were to pass within two years of the policy issue date, the beneficiary would receive all the paid premiums back plus ten percent.
Ten percent is much more than you would receive if your money were sitting in a bank account. If you want immediate funeral insurance coverage, you need to look elsewhere.
Price and Coverage Never Change
This is a simplified issue whole life product, which means there are no medical exams, and it comes with price and coverage lock. You can rest assured knowing that as long as you pay your monthly premiums, your death benefit will be the same in year 30 as it did in year 1.
This is a huge benefit when looking for a product that gives you peace of mind and certainty. With this guarantee, your family and loved ones will be able to celebrate your life and not have to take on the financial burden of your final expenses.
If you need to secure a no medical question plan, the great news is guaranteed issue life insurance by Gerber is extremely competitive in the market. It even has better rates than AARP Burial Easy Acceptance Plan.
Gerber Guaranteed Issue Rate Chart
Gerber life insurance prices offer extremely competitive rates for individuals looking for a guaranteed final expense life insurance plan.
Below is a $10,000 Gerber Life Insurance rate chart. You can also use the quote calculator on this page to compare rates from other carriers and death benefit amounts.
$10,000 of Coverage
Should I Apply for the Guaranteed Acceptance Plan From Gerber?
This product is for someone who has had major health conditions or recent surgeries. This includes but is not limited to:
- Assistance with activities of daily living
- Bone marrow transplant
- Cancer (presently)
- Congestive heart failure
- Heart attacks
- Organ transplant
- Stroke (within the past 12 months)
- Taking Oxygen (sleep apnea not included)
If you have had any of the major health concerns above, this Gerber Life final expense insurance product is recommended.
Many insurance companies offer guaranteed acceptance plans, but just a few have truly great products. Gerber’s guaranteed issue is a wonderful option to use.
What Other Final Expense Plan Options Do I Have?
There are three other types of burial life insurance policies for adults intended to cover burial and other final expenses. Each plan tier requires a different level of health standards that the applicant must qualify for.
Level: This plan is designed for the healthiest of applicants. If you can answer “no” to a wide variety of medical questions, this will be your best option. Included with this product are immediate protection and the lowest premiums on the market.
Graded: Offering a partial death benefit in the first two years, a graded plan is a good option for seniors who may have had past medical concerns. This plan asks more lenient health questions but comes with a two-year waiting period.
Modified: With a standard two-year waiting period, this plan is not your best option. Even if you can medically qualify, typically, a highly rated guaranteed issue option, like the Gerber life plan, will be a better financial decision.
Common Questions About Gerber Whole Life Insurance For Seniors
Below are the most common questions about the Gerber Guaranteed Acceptance Plan and the insurance company in general.
What is Gerber Burial Insurance?
The Guaranteed Acceptance plan asks no medical questions and approves anyone. In exchange for the policyholder’s monthly premium, the carrier will guarantee three benefits. Your premiums will never increase, coverage will never expire, and the plan will build a cash value that you can borrow from.
Can I Buy Gerber Senior Life Insurance for Grandparents?
A loved one can buy a burial life insurance policy for their grandparent or parents; however, there are a few steps to take to make sure the contract is valid. The insured will need to be a part of the application process. This means they will need to sign their name and agree to coverage being taken out on them. A third party with an insurable interest can pay for the policy, but they cannot take out coverage without the insured’s permission.
Is Gerber Life Insurance Worth It?
Asking no medical questions and guaranteed acceptance, the Gerber Burial Insurance Plan is a top option for anyone with a serious or complicated medical history. Acting as one of the cheapest no-medical question options on the burial insurance market, this product is a great choice. The only other guaranteed acceptance plan that rivals Gerber insurance is from AIG.
Does Gerber Offer Term Life Insurance for Seniors?
Gerber term life insurance for seniors is available. However, you will need to take a medical exam if you are over the age of 51. Coverage starts at $100,000 and can go up to $300,000. You will not be eligible for initial term coverage after the age of 70.
What is the Gerber Life Insurance Rating?
Holding an A rating from AM Best, you can trust this insurance company to pay the death benefit to your beloved beneficiary. The money will be paid out quickly, typically within a week of Gerber receiving the death certificate and claim.
How Good is Gerber Life Insurance?
Depending on your previous medical history, Gerber adult life insurance with guaranteed acceptance could be the best plan for you. However, if you have a simple medical history, you can receive an immediate coverage plan at a cheaper rate from another insurance company.
How Much is Gerber Life Insurance a Month?
The average cost for coverage will differ based on age, gender, and the policy amount. People pay an average of $50 to $100 a month based on these factors. The more coverage that is taken out, the higher the monthly premiums will be. Females will pay less than males. This is due to many factors, including the life span of females, which makes the risk lower to cover.
How Does Gerber Money-Back Guarantee Work?
Allowing applicants a 30-day free look, the purchaser has time to make sure the policy is right for them. If the insured no longer wants the coverage in the first 30 days of the plan, Gerber will refund the policyholder all premiums paid and cancel the funeral insurance policy.
Can You Cash Out a Gerber Life Insurance Policy?
With every monthly payment made, a portion will go towards the cash value. Over time this amount will grow and can be borrowed from if the policyholder chooses. For Gerber’s senior burial insurance, only a portion of the total death benefit can be accessed, not the entire amount.
Is Gerber Life Insurance Legitimate?
This company is an American staple, dating back to 1967. Gerber life insurance payout reviews are very favorable. With an A financial rating, you can be assured that Gerber will promptly pay its financial obligations.
How Do I Get Gerber Insurance Coverage?
There are two ways to purchase coverage for Gerber Life Insurance Products. Whichever insurance agent you choose, it is important to understand the plan will have the same features and cost the same amount of money.
Directly From Gerber: You can log on to gerberlife.com or call the phone number on a Gerber life plan commercial. This will allow you to purchase your policy directly through their customer service representatives. Typically this is a streamlined process that can be accomplished in a short time period.
Independent Agency: It can seem like the simple choice to “cut out the middle man” and work directly with the insurance company. However, a highly respected independent agency has access to many companies and can most likely find a better fit for you than a single guaranteed plan option.
Why Should You Work With Willamette Life?
Willamette Life is an independent agency specializing in funeral insurance. We have access to multiple carriers and will find the applicant the best product for their individual needs. When you work with us, there are no pushy sales tactics. Our only goal is to help you and your family find the best option to cover your burial and cremation costs.
a. The Gerber Life Insurance review for seniors shows that the Guaranteed Acceptance plan is a good option for adults with terminal or chronic medical conditions.
b. If you have a limited medical history, you will qualify for a more economical plan with immediate coverage.
c. Working with an independent insurance agency like Willamette Life is the best way to qualify for the most suitable policy that meets your specific needs.
Call Willamette Life at 844-576-0019
I’m the owner and founder of Willamette Life Insurance. Willamette Life specializes in Final Expense Insurance. We compare prices with different insurance carriers while finding the perfect match for your health and budget. This company was started to help educate the public on why Final Expense Insurance could be a great option for them and their family. We strive to be friendly, informative, and always have the client’s best interest as our top priority. Everything in this article is my own professional opinion and experiences I have had during my time in helping clients.