Maybe you have stumbled upon a Gerber baby food life insurance commercial or brochure that was 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 burial insurance policy can take the financial burden off of loved ones’ shoulders.
Gerber Life Insurance Review For Seniors
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.
- Established: 1967
- A.M. Best Company Financial Rating: A
- Headquarters: White Plains, New York
Gerber has seven insurance policies in total:
- Guaranteed Acceptance
- Young Adult
- Term Life
- Whole life
- Accidental Protection
For the purpose of this article, we will be reviewing the Guaranteed Acceptance Plan. If you are interested in a full review of all Gerbers products, there are great resources available.
Gerber senior life insurance is designed for adults 50-80 years of age who have had severe health conditions in the past. This plan for funeral insurance, regardless of health, will approve you as there are no medical questions asked.
Gerber’s Funeral Insurance Quick Facts
- No medical exam
- Two year waiting period from the policy issue date
- No health questions
- States that coverage is available: 49 states (not MT)
- Age Eligibility: 50 – 80
- Coverage amount: $5,000 – $25,000
- Tax-free lump-sum
- Premiums are locked in
- Coverage is locked in
- 30-day free look period
No Health Questions
The best feature of this product is that it does not ask about your health. The proposed insured needs to sign his or her name, which is the only stipulation of this Gerber Life final expense insurance.
The trade-off with this plan is a two year waiting period for coverage. This means if the proposed insured was to pass within two years of the policy issue date, the beneficiary would receive all the paid premiums back plus 10 percent.
10 percent is much more than you would receive if your money were sitting in a bank account. If you want immediate 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 on year 30 as it did in year 1.
This is a huge benefit when you are 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 quote 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 these major health concerns, this Gerber Life final expense insurance product would be 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 Plan Options Do I Have?
There are three other types of burial life insurance policies for adults that are built to cover end-of-life expenses. Each plan tier requires a separate level of health standards that the applicant must be able to 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.
Gerber Whole Life Insurance For Seniors: Frequently Asked Questions
Below are the most common questions asked 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 can be borrowed against.
Can I Buy Gerber 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.
Are the Gerber Life Plan Options Good?
Asking no medical questions and guaranteed acceptance, the Gerber Burial Insurance Plan is a top option for anyone with a serious medical history. Acting as one of the cheapest no medical question options on the burial insurance market, this product is a great choice.
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 coverage once you turn 70 years old.
What is the Gerber Life Insurance Rating?
Holding an A rating from A.M. Best, this insurance company can be trusted to pay out the death benefit to your beloved beneficiary. The money will be paid out quickly, typically within a week of receiving the death certificate.
How Good is Gerber Life Insurance?
Depending on your previous medical history, Gerber adult life insurance 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 that is taken out. 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 Borrow from Gerber Life Insurance?
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.
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 the financial obligation will be paid in a timely manner.
How Do I Get Coverage?
There are two ways to purchase coverage for Gerber Life Insurance Products. Whichever option 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 logon 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 that are most likely a better fit for you than a single guaranteed plan option.
Why Willamette Life?
Willamette Life is an independent agency specializing in Funeral Insurance. We have access to multiple carriers and will be able to 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 financial option to cover your final expenses.
a. The Gerber Life Insurance Review for seniors showed us that the Guaranteed Acceptance plan is a good option for adults with terminal or chronic medical conditions.
b. If you have a less severe medical history, you will qualify for a more economical plan with immediate coverage.
c. Working with Willamette Life will guarantee that you find the best final expense insurance for your financial circumstances.
Call us 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.