Gerber life insurance is actually any policy that is sold by the “Gerber Life Insurance Company. Most of us think of it as a policy or babies for little kids, but it’s actually various insurances sold by the company itself. They offer several different types of policies for babies, kids, adults and even seniors.
Let’s take a look at the various policies offered by Gerber. We’ll briefly explain what each of them does, how much coverage you can get, and how it may help you.
What Types Of Plans Does Gerber Offer?
The Gerber Insurance company offers many different types of life insurance policies. They have plans for babies, kids and even grown adults. The most popular policies offered by them are The Grow Up Plan, College Plan, Term Life, Whole Life, Guaranteed Life Insurance Plan, and an Accident Insurance Plan. Each plan/policy meets different needs for the insured, and we will briefly go over each of them now.
What Is The Gerber Grow Up Plan?
This is a whole life policy. You can get it when your child is between 14 days and 14 years old. Both parents and grandparents can purchase this policy. An excellent feature of this policy is that the rate is locked in when you purchase it. When the child grows up (age 21), it can be transferred to him/her at that same locked in rate. It also accumulates a cash value. It is sold with policy limits of $5,000 to $50,000.
What Is The Gerber Life College Plan?
I actually like this plan. You can purchase this for college savings for your child. You can set the payment date for 10 to 20 years from the date that you buy it. On the specified payment date, you will receive the full amount to pay for your child’s college. Payments are made monthly, starting at $36 a month. On the maturity date, you will receive a lump payment of anywhere from $10,000 to $150,000. Of course the more you pay every month, the more the lump sum payment will be. It also has a death benefit where you would receive the lump sum if your child dies within the covered years.
What Is The Gerber Term Life Plan?
They sell a term insurance policy with a value of anywhere from $25,000 to $150,000. The minimum monthly payment is $8. If you keep the policy below $100,000, there usually isn’t a medical exam if you are less than 50 years old. You can buy a policy for a term of 10, 15, 20 or 30 years.
What Is Gerber Whole Life?
This is a whole life policy. The advantage of whole life is that you can maintain the policy, at the original price, for your whole life. Unlike term, it does not have an expiration date. As long as you keep making your payments, the policy will remain in effect. If you’re under age 50, and you are buying a policy with a limit of $100,000 or less, there usually isn’t a medical exam. The do have policies with a value of $25,000 to $150,000. This one also does build a cash value, which you can borrow against if you ever need to.
What Is The Gerber Guaranteed Life Insurance Plan?
You can only purchase this if you are between the ages of 50 and 80. There is no medical exam or questionnaire. The easiest way to understand this policy is to think of “burial insurance”/ It will help pay for your final expenses such as burial, medical and any debt that may be unpaid. You can buy a policy for between $5,000 and $25,000. You can even apply and get a quote from them online for this type of policy.
What’s The Gerber Accident Protection Plan?
This basically covers you in the event of an accidental death. You can purchase a policy for between $20,000 and $100,000. It is available for anyone between 19 and 69 years old. There is no medical exam, and you are covered as soon as you make your first payment. The benefits and rates are both locked in. This means that your benefits can never decrease, and your rate can never go up. It can also be used if you have a covered disabling injury. In this case, it could be used for lost wages, medical expenses out of pocket, etc.