Gerber Life Insurance: Cmfg Life's Trusted Partner For Families

Gerber Life Insurance Company, an affiliate of the Gerber baby food company, offers life insurance policies for children, teens, young adults, adults, and seniors. On the other hand, CMFG Life Insurance Company underwrites TruStage life insurance products, which are exclusively marketed to credit union members. While both companies operate in the life insurance space, the information provided does not explicitly indicate if Gerber is part of CMFG Life Insurance.

Gerber Life Insurance offers policies for children, teens, young adults, adults and seniors

Gerber Life Insurance offers a range of life insurance plans for individuals and families, catering to different age groups, including children, teens, young adults, adults, and seniors. Here is a detailed overview of their insurance offerings:

Gerber Life Insurance Plans:

Child Life Insurance:

Gerber's Grow-Up Plan is a whole life insurance policy designed for children. Parents, grandparents, or legal guardians can purchase this plan for children aged 14 days to 14 years. It offers lifetime coverage starting at $5,000, with premiums as low as $1 per week. The coverage amount doubles automatically when the child turns 18, and the policy remains in the child's name until they turn 21.

Young Adult Life Insurance:

Gerber offers a whole life insurance plan for young adults aged 15 to 17. This plan provides $5,000 to $50,000 of permanent coverage, which builds cash value over time. The rates remain fixed for the duration of the policy, and the coverage amount doubles when the insured individual turns 18, without any increase in premiums.

Adult Life Insurance:

Gerber provides adult life insurance options, including the Family Plan Term Life and Family Plan Whole Life. These plans offer coverage amounts ranging from $50,000 to $2,000,000, with locked-in premium rates. The Family Plan Whole Life insurance also builds cash value over time and can cover the policyholder's spouse and children.

Senior Life Insurance:

Gerber's Guaranteed Life Insurance is a whole life insurance plan designed for adults aged 50 and above. It offers coverage amounts ranging from $5,000 to $25,000, with guaranteed acceptance regardless of health. This plan does not require a medical exam or lengthy health questionnaires, making it accessible to seniors. The policy builds cash value, which can be borrowed against if needed.

College Plan:

Gerber's College Plan combines adult life insurance protection with a savings plan for college. It is an endowment life insurance policy with fixed payments and guaranteed growth. The payout can be used for college expenses or any other purpose. The plan guarantees a payout of $10,000 to $150,000 when the policy matures.

In summary, Gerber Life Insurance provides a comprehensive range of life insurance options tailored to meet the diverse needs of individuals and families at various life stages, ensuring financial protection and security for loved ones.

Gerber Life Insurance is an affiliate of the Gerber baby food company

The company offers juvenile and family life insurance products, as well as medical insurance to small and medium-sized businesses. They are perhaps best known for their Gerber Life Grow-Up Plan, which provides whole life insurance coverage for children. This plan is available for children between 14 days and 14 years of age, and parents, grandparents, and legal guardians can apply. Gerber Life also offers an endowment life insurance policy, which acts as a savings plan for a child's college tuition while also providing coverage for the parent or guardian.

In addition to these plans, Gerber Life provides Accident Protection Insurance, which is available to applicants between the ages of 19 and 69 without the need for a physical exam or medical questions. They also offer a College Plan, which combines adult life insurance protection with a way to save for college expenses.

Gerber Life Insurance was previously owned by Nestlé, under the Gerber Products Company unit, but was sold to Western & Southern Financial Group in 2018 for $1.55 billion. The Western & Southern Financial Group now licenses the Gerber trademark from Nestlé.

Gerber Life Insurance offers a College Plan as an alternative to a traditional college savings account

Gerber Life Insurance is an affiliate of the Gerber baby food company, although the two are financially independent. Gerber has been providing life insurance since 1967 and offers policies for adults and children.

The Gerber Life Insurance College Plan is an alternative to a traditional college savings account. It is an endowment life insurance policy with fixed payments and guaranteed growth. The plan provides a safe, secure, and easy way to help pay for college, with the added benefit of adult life insurance protection.

Here's how the plan works:

Monthly Payments:

The Gerber College Plan allows customers to choose a fixed monthly payment amount that fits their budget. The longer the plan term, the lower the monthly payment. For example, a $10,000 plan may have monthly payments of $35 over 20 years or $435 over 10 years.

Guaranteed Growth:

The College Plan grows in value over time and is not impacted by the stock market. This means that, regardless of economic fluctuations, customers can expect their plan to grow.

Flexible Payout:

Upon maturity, customers are guaranteed to receive a payout of $10,000 to $150,000, depending on the chosen plan. This payout can be used for college expenses or anything else. The money is not restricted to college-related costs, giving families flexibility.

Adult Life Insurance Protection:

The College Plan also provides adult life insurance protection. If something happens to the policyholder before the plan matures, the full benefit amount will be paid to their beneficiary. This life insurance benefit offers peace of mind and financial protection.

While the Gerber College Plan offers guaranteed growth and flexibility, it's important to consider other options for saving for college. Traditional college savings accounts, such as 529 plans, offer tax advantages and higher potential returns. Additionally, the earnings from the Gerber College Plan are taxable, and the investment earnings may not keep pace with college tuition inflation. Therefore, it's essential to weigh the benefits of the Gerber College Plan against other savings alternatives to make an informed decision.

Gerber Life Insurance has an AM Best financial strength rating of A (Excellent)

Gerber Life Insurance is an affiliate of the Gerber baby food company, although the two are financially independent from one another. Gerber Life Insurance has been in the business of providing life insurance since 1967, with a focus on children and young parents. The company offers a range of insurance products, including term, whole, and guaranteed issue life insurance, catering to diverse needs and budgets.

In February 2024, Gerber Life Insurance received an upgraded rating from AM Best, a leading global credit rating agency. The Financial Strength Rating (FSR) was elevated from A (Excellent) to A+ (Superior). This upgrade is a testament to Gerber Life's robust financial stability and its ability to meet ongoing insurance obligations. AM Best's rating reflects Gerber Life's balance sheet strength, adequate operating performance, neutral business profile, and strong enterprise risk management.

The improved rating from AM Best, a specialist in insurance industry credit ratings, underscores Gerber Life Insurance's growing financial strength and creditworthiness. This recognition reinforces the company's position as a trusted provider of life insurance for individuals and families.

Gerber Life Insurance's broad selection of insurance solutions caters to customers across all life stages, from infants to seniors. The company's range of policies includes term life insurance, whole life insurance, and guaranteed issue whole life insurance. With its diverse offerings, Gerber Life Insurance provides flexibility, accessibility, and financial protection for individuals and families alike.

In summary, Gerber Life Insurance's AM Best rating of A (Excellent) prior to its upgrade underscores the company's strong financial footing and ability to meet its obligations. The subsequent upgrade to A+ (Superior) further bolsters the company's reputation as a reliable and stable provider of life insurance products.

Gerber Life Insurance offers Accident Protection Insurance

Accident Protection Insurance is available to anyone aged 18 to 69, with no medical exam or health questions required. Your acceptance is guaranteed regardless of health or occupation, and your monthly premium will never increase as long as premiums are paid. The coverage amount ranges from $50,000 to $250,000, which can help cover medical expenses, lost wages, and more. You can also purchase additional coverage for your spouse, ranging from $25,000 up to the same amount as your own coverage.

The application process for Gerber Life's Accident Protection Insurance is quick and easy, taking just minutes to complete. Once the first payment is received, your coverage starts immediately, and your benefits are locked in for life.

Gerber Life Insurance is an affiliate of the Gerber baby food company but operates as a financially independent entity. The company has been providing life insurance since 1967, focusing on children and young parents. They offer a range of insurance products, including whole life insurance, guaranteed life insurance, and accident protection insurance, to meet the diverse needs of individuals and families.

Frequently asked questions