![]() ![]() It’s designed to work as a hybrid of life insurance and a college savings vehicle. Gerber Life College Plan: Gerber’s College Plan policy acts like whole life insurance-with fixed premiums and predictable cash-value accrual-but is technically an endowment contract with a defined maturity date. A similar policy called the Gerber Young Adult Plan is available for teenagers and has most of the same features, but the premiums are predictably higher. And, because the policies accrue cash value that earns interest, they can also serve as a long-term savings vehicle. Thus, the Grow-Up Plan allows a child to lock in a lifetime of fixed-premium whole life coverage at low premium rates. Then, at 21, the insured former child takes over legal ownership of the policy and has a contractual right to purchase supplemental coverage with no additional underwriting. When a child insured under a Gerber Grow-Up policy reaches age 18, the coverage amount is doubled. ![]() A parent, grandparent, or legal guardian must apply on the insured child’s behalf. Gerber Grow-Up policies are available for kids starting at two weeks and continuing through age 14, with available coverage limits ranging from $5,000 to $50,000. Gerber Grow-Up Plan: Gerber’s most well-known policy is its whole life policy for children. Life Insurance Policies Offered by Gerber Life. Accidental Death & Dismemberment Insurance.Although BBB’s website does show several consumer complaints, the National Association of Insurance Commissioners reports that, compared to other similarly sized companies, Gerber receives fewer than average complaints. Gerber Life is not accredited by the Better Business Bureau but does presently have an A+ rating with BBB. The company has around $50 billion in life insurance policies currently in force. The consistently strong score means that, in general, Gerber Life is financially stable and secure, with little risk of being unable to meet its policy obligations. Best, the third-highest score available, for 17 consecutive years. Gerber Life has held an A rating from A.M. Quotes can be obtained fairly easily on Gerber Life’s website. Gerber Life sells its policies directly to the public-typically without the involvement of any local insurance agents. Gerber Life’s marketing materials focus on providing affordable life insurance for all family members-and on the ease with which new applicants can obtain coverage. Gerber Life does, though, write policies for most ages, including final-expense coverage for seniors. Although Gerber Life was indeed founded by the well-known baby food manufacturer, the company is now part of the Western & Southern Financial Group and pays Nestle (the current owner of Gerber Products) for the right to use Gerber-related intellectual property in its marketing.Įven under its current ownership, Gerber Life continues to promote a family and child-friendly orientation and is probably best known for its life insurance policies for children. Based in New York, Gerber Life Insurance Company has been issuing life insurance policies since 1967. ![]()
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