Last Updated: February 2020
This is a review of Gerber’s Guaranteed Issue life insurance product.
Below you will find information on Gerber’s history, ratings, and an overview of their guaranteed issue policy. You’ll also be able to compare Gerber to other life insurance companies to find out if they are right for you.
After helping 100’s of people purchase Gerber life insurance policies, this is our review.
- Gerber Life Insurance History and Ratings
- Gerber Guaranteed Issue Life Insurance Product Overview
- Gerber Guaranteed Issue Life Insurance Rates
- Other Guaranteed Life Insurance Options
- Compare Gerber to Other Life Insurance Companies
Life Insurance is Boring. Let’s Get To The Root Of It! Here are the key takeaways…
With Gerber’s guaranteed issue life insurance, a 50-year-old female can get $10,000 in coverage for $28 per month. A 50-year-old male can get the same policy for $38 per month. Gerber Life Insurance Company has an A.M. Best rating of “A” (excellent). Their guaranteed issue policy is one of the best in the industry.
Gerber Life Insurance History and Ratings
Gerber Life Insurance has been around since 1967.
Gerber Life Insurance Company is a financially separate affiliate of the Gerber Products Company, “The Baby Food People,” a name that’s synonymous with family care since 1928.
Here are the ratings for Gerber Life Insurance Company:
- A.M. Best: “A” (excellent) rating
- Affordability Index: 7.5
- Ease of Applying: 9.8
- Customer Service: 9.5
- COMDEX Ranking: N/A
A.M. Best is the industry benchmark for financial strength in the life insurance industry. The other three metrics are based on a number of factors including our industry knowledge of Gerber compared with other companies. The COMDEX ranking is a composite score that considers A.M. Best and other top ratings agencies.
Learn more about our process for reviewing life insurance companies here.
Gerber Guaranteed Issues Life Insurance Product Overview
Here are some features of the guaranteed life insurance plan from Gerber Life Insurance.
- Available for adults ages 50-80
- No health questions to answer
- No medical exams required
- Guaranteed coverage from $5,000 to $25,000
The Graded Death Period is 2 Years
Gerber’s guarantee to accept all applicants age 50 to 80 is made possible by a graded death benefit limitation. It applies to the first two years of coverage when the policy is issued.
If death occurs within the first two policy years for any reason other than an accident all premiums plus 10% interest shall be paid to the beneficiary. If death is due to accidental causes within the first two policy years, the full death benefit will be paid to the beneficiary. After the two-year Graded Death Benefit period, if the insured dies for any reason the full face amount of the policy shall be paid to the beneficiary.
This waiting period of full coverage is typical with all guaranteed issue life insurance companies.
Coverage is Limited to $25,000
The main disadvantage of any guaranteed issue plan is the limit on the amount of coverage that you can buy. Most insurance companies, like Gerber, will only allow you to purchase around $25,000. For many families, that’s not enough life insurance protection.
Guaranteed Issue Policies are More Expensive
You should only purchase guaranteed issue life insurance as a last resort. Many people searching for guaranteed issue life insurance can actually qualify for other less expensive policies with a dozen or so health questions.
Consider other no exam plans and burial insurance policies. While these are sometimes still graded policies (meaning they have a 2-year waiting period before full benefits are paid out), many people with health complications can qualify for these.
There is nothing wrong with purchasing a guaranteed issue policy, but if you qualify for another type of policy, it will likely be cheaper.
Gerber Guaranteed Issue Life Insurance Rates
Below you will find sample monthly premiums for males and females for different amounts of coverage.
Keep in mind that rates are guaranteed to never go up and your coverage amount will never go down as long as you make your premium payments. Also, there are small discounts for paying annually, typically 3%-5%, but it ranges.
Rates for Females
| Age | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|
| 50 year old | $28 | $42 | $55 | $69 |
| 60 year old | $46 | $69 | $92 | $115 |
| 70 year old | $69 | $103 | $137 | $171 |
| 80 year old | $152 | $228 | $303 | $379 |
Rates for Males
| Age | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|
| 50 year old | $38 | $57 | $76 | $95 |
| 60 year old | $57 | $85 | $112 | $140 |
| 70 year old | $88 | $131 | $175 | $218 |
| 80 year old | $221 | $331 | $441 | $551 |
If you’re looking for more age specific rates, please fill out our instant quote form or give us a call. You can get a good idea of what to expect from the above sample rates though.
Notice just how much more expensive life insurance gets simply by waiting to purchase coverage.
The average cost of a funeral in the United States is around $10,000 and that’s what the majority of people are purchasing. They add on additional coverage only if they have existing debts they’d like to pay off.
Other Guaranteed Life Insurance Options
The Gerber guaranteed issue policy is not the only option for guaranteed acceptance life insurance. If your application has been declined in the past, there are still several options for affordable coverage that you can choose from.
MassMutual, AAA Life Insurance, and Mutual of Omaha also offer guaranteed acceptance policies.
Every insurance company is different, and all of them have different medical underwriting. You are going to get different rates depending on the company that you choose.
Compare Gerber to Other Life Insurance Companies
Gerber Life is considered to be one of the best life insurance companies on the market today, though there are many other great options to look into before you make your final decision. We have reviewed over 50 life insurance carriers and agencies to help you compare rates and find the right company for your specific needs.
Here are a few other guaranteed acceptance life insurance companies to consider.
- AAA Life Insurance
- MassMutual Guaranteed Acceptance Life Insurance
- John Hancock
