Gerber is just one of those brands you grow up with. You ate the baby food, maybe fed it to your kids, or even your grandkids. However, Gerber is more than just strained carrots in a jar. They are actually a leading provider of life insurance policies in the United States. Let’s take a look at what you can gain from their life insurance coverage, and what to know about this safety net for you and your loved ones in general.
About Gerber Life
While you may be familiar with Gerber as a canning company, they have staked their claim in the insurance marketplace. Gerber Life Insurance was created as a subsidiary of the core food group, providing coverage for children and adults alike. The Gerber Life brand writers policies in all 50 states, as well as Puerto Rico and Canada. These life insurance coverage options are marketed as providing for the financial future of children. The goal of these products was designed to allow parents the ability to leave behind something of cash value to kids upon their passing.
Gerber offers types of life coverage products not just for children, but for adults as well. Their juvenile products are definitely at the heart of Gerber’s mission, basically helping parents start coverage in a budget-minded way from when their child may even be a newborn. Gerber also has a toe in the health coverage market with an accident insurance plan. Their insurance products usually break down into two plans: the Gerber Life Grow-Up Plan and the College Plan.
What to Know About Life Insurance
Life insurance coverage breaks down into two common forms: term life and whole life. Term life policies provide coverage for a certain period of time, and then the policy expires. Gerber, for example, will offer a simple term life policy, requiring no medical exam. The term of the coverage usually runs from ten to 30 years, guaranteeing a death benefit to your beneficiary so long as the premium is paid on that policy. Whole life, or permanent life insurance, provides lifelong coverage at locked-in premium rates. The plan also includes a cash accumulation account that can be borrowed against if needed.
Certain insurance carriers will have applicants answer certain health questions to get an assessment of their medical history. Without a medical exam, an entire life policy or permanent policy could end up costing a bit more. Certain behaviors are deemed high-risk for life insurers, such as tobacco, alcohol, and drug use. Certain occupations are also considered high risk and may lead to larger premium rates.
Gerber Life Plans
Gerber’s flagship plan, the Gerber Life Grow-Up Plan, is a whole life insurance policy designed to allow parents to purchase lifelong coverage at the same low premium. Children can obtain coverage that they can carry with them as policyholders into their adult years. The Grow-Up Plan can be purchased for kids anywhere from 14 days to 14 years old. At 18, the coverage automatically doubles with no premium increase, and at 21, the child takes over the policy so long as the premiums are paid.
The Gerber College Plan is an insurance policy that doubles as a college savings fund. The plan allows parents to choose a monthly premium amount that won’t increase over time while selecting a maturity date for the policy. Also known as an endowment life policy, the plan will pay out either at the maturity date or upon the death of the policyholder. This guarantees payout as long as premiums are paid. The truth is that there is a litany of insurance policies on the market, but Gerber Life will gladly give you peace of mind.