Gerber Life Insurance Company Contracting

Since 1967, Gerber Life Insurance Company has provided quality life insurance, especially for young families on a limited budget. As an affiliate of the Gerber Products Company, "the baby food people", the two companies share a common goal: to help parents raise happy, healthy children.

Gerber’s mission is to be the company parents and grandparents trust to help achieve financial security and protection at every stage of life. By providing affordable, industry-leading juvenile life insurance, and life, accident and Medicare supplement insurance for adults.

These are Gerber's current policies and state availability for 2018.

Accident Expense

Gerber Accident Protection 24 Hour AD&D

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Issue ages 18 to 69 in all states except in CO and FL, issue ages 19 to 69 in CO and FL (Age last birthday).

Face amount: $50,000 to $250,000 (state variations apply).

Optional coverage: Spouse and Child (state exclusions and variations may apply); spouse benefit may not exceed the maximum face amount available for their age. Issue age for children is 0 to 17 years. Coverage ends when the child turns 26. Maximum coverage on a child is the lesser of 20% of the primary insured coverage or $25,000. Coverage amounts for all children applied for must be equal. Coverage on children is not available in CO and FL.

Expiry/Maturity Ages: Age 80 (except in CO, FL and MA where there is no age for termination). 

Medicare Supplement

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Select from Plan A, F, G, Select F or Select G, and Base policy and riders; may vary by state. Plans are available pre-65 due to disability in some states. There is no waiting period for pre-existing conditions, coverage begins immediately.

Gerber’s current administrative practice is not to adjust rates for 12 months from the effective date of coverage. 

Whole Life

Gerber Guaranteed Issue Whole Life

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Issue ages 50 to 80 (Age last birthday).

Face amount: $5,000 to $25,000, ($15,000 Maximum in SD).

Guaranteed Issue Whole Life is issued in all states except MT.

Two-year Graded Death Benefit limitation: if death occurs within the first two policy years for any reason other than an accident, all premiums shall be paid to the beneficiary, plus 10% interest on earned premiums. If death is due to accidental causes, the full death benefit will be paid. 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. If the insured dies by suicide within two years from the Issue Date (one year in ND), the only amount payable will be the premiums paid for the policy plus 10% interest on earned premiums, less any debt against the policy. Exclusions and limitations can vary by state.

Gerber Grow-Up Plan

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Whole Life Insurance for Children and Grandchildren ages 14 days to 14 years (Age last birthday). The Grow-Up Plan is available in all states. In AZ, CA, CT, DE, DC, FL, NY, ND, SD and WA requirements vary somewhat. Face amount: $5,000 to $50,000. Death Benefit: Full face amount less any outstanding loan and interest due. All death benefits will be paid as lump sum. Underwriting Classes: Standard and Substandard.

Guaranteed Purchase Option Rider is available to all policies that are issued standard underwriting class. Regardless of Health, Occupation, or anything else, the insured child or grandchild has the guaranteed right to purchase extra insurance as an adult.

At age 18, the Grow-Up plan policy amount doubles automatically with no increase in monthly premium. As the adult policy owner, the insured child or grandchild will have up to four opportunities to buy additional insurance at age milestones: Ages 21, 25, 30, 40; when getting married, or at the born/adoption of a child. Guaranteed Purchase Options can be exercised up to 4 times and the maximum amount of life insurance is up to 10x the original face amount.

The Grow-Up Plan offers optional payment protection at an additional cost. The Payment Protection Option Rider on the policy owner covers all premium payments if the policy owner becomes totally disabled or dies before the child’s 21st birthday. The rider is available for purchase while the owner is between the ages of 18 through 50 and the insured child is no older than age 18 (Age last birthday). 

Gerber Life College Plan

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The Gerber Life College Plan is available in all states. State requirements may vary somewhat. The College Plan is an individual endowment policy.  

Issue ages (Age last birthday): Pay to Maturity ages 18 to 60; 5-Year Payment ages: Female 18 to 75, Males 18 to 70; and Single Pay ages 18 to 75. Maturity Policy will mature in years 10 to 20 (including any year in between) depending on duration selected by the Insured.

Face amount: $10,000 to $150,000 at issue. Cash Value: Fixed and guaranteed. Death Benefit: Full face amount less any outstanding loan and interest due will be paid as lump sum to beneficiary if death occurs before policy matures. Underwriting Classes: Standard and Substandard.

Additional Policy Rider permits the policy owner to purchase one additional endowment policy each year for up to four years after the effective date of the original policy at the same insured age as the original policy; must be the same person for all policies; must be for the same or smaller face amount as the original policy, and must have the same duration as the original policy. This rider available for standard policies, limitations and exclusions apply.

The money from the policy can be used for any purpose, not just college expenses.  

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