For most people, the name Gerber brings to mind visions of jars of baby food in the supermarket aisle. However, Gerber also offers life insurance for babies, young adults, seniors and anyone in between. Gerber Life Insurance is an affiliate of Gerber Products Company, which produces baby food. Gerber Life Insurance has provided insurance since 1967 and states its goal is to help families raise happy, healthy children. Gerber Life Insurance offers five different insurance plans, each geared at people in a certain stage of life.
Gerber Life Insurance’s Grow Up Plan
The Grow Up Plan is a whole life policy designed for healthy children between the ages of 14 days and 12 years. When the child turns 21, the face value of the Grow Up Plan doubles in amount. Because rates are locked in from the start, it is the same childhood rates at twice the coverage. The plan also accumulates cash value as long as premiums are paid. After 20 years, the cash value is equal to or greater than 100 percent of the premiums paid.
Gerber’s Young Adult Whole Life Insurance Plan
This insurance policy is designed for young adults aged 13 through 17. The policy rates do not increase yearly and remain the same as long as the policy is owned. Even if health complications, or other factors, arise that would cause some life insurance companies to deny coverage, the child will have the option to buy more coverage at ages 21 and 28.
Gerber’s 10 Year Term Life Insurance Policy
Gerber’s 10 Year Plan is for adults aged 18 to 59 and offers a budget-geared way for them to ensure their families can cover basic expenses if the circumstance requires. The rates are fixed for the 10-year period, meaning the premiums will not change for that 10-year time space. After 10 years, you can choose to renew the policy for another 10 years, and you may continue to do so without a physical until age 75. Or you can convert your coverage to a Whole Life policy until age 70, without a medical exam.
Gerber’s 20 Year Term Life Insurance Policy
The 20-year plan gives adults ages18 to 49 extra coverage during a time period when their financial responsibilities are usually at their peak. Most people qualify without a medical exam. The policy is at a fixed rate and does not increase over the 20-year period. After the 20 years, you can choose to renew your policy at the premium for your age at that time. Your option to renew without a physical is guaranteed until age 65. Or you can convert your coverage to a Whole Life policy at age 65, without a medical exam.
Gerber’s Burial Expense Plan
Funerals can, and do, cost thousands of dollars and unless financial preparations are made prior to someone passing away, the family could end up paying for burial expenses. The Burial Expense Plan is for adults between 50 and 75 and offers guaranteed cash benefits insurance in amounts of $7,000, $5,000 or $3,000. The Burial Expense Plan can be borrowed against or cashed in later on, and it builds cash value as it matures.
By Virginia Zignego