Gerber Whole Life Insurance Review

Gerber offers whole life policies designed for children, adults and seniors. These are usually higher-priced than term policies, but offer level premiums for the duration of the policy and build cash value. The company also offers a few other types of coverage, including accidental death and dismemberment insurance and final expense policies.

Gerber’s most popular product is the Gerber whole life policy, a whole life policy for children that guarantees lifetime coverage and builds cash value in the process. It can be purchased by parents, grandparents or legal guardians and is typically offered between the ages of 14 days and 18 years. At age 18, the policy’s coverage amounts double and the child becomes the policy owner for no additional cost. This policy can also be used to pay for life accomplishments like a down payment on a car or college tuition.

Understanding the Gerber Whole Life Policy

Whole life policies are more expensive than term policies, but they offer guaranteed acceptance without a medical exam or health questions and provide permanent coverage with a fixed monthly premium that does not increase with age. Over time, these policies also build cash value and can be borrowed against.

While most of Gerber’s life insurance offerings have positive reviews, it is important to consider the pros and cons of a whole life policy before purchasing one. Many consumers report that their money would be better spent on a 529 college savings plan instead of this type of investment. Consumers should also keep in mind that these policies do not earn a high return on investment and are more likely to lose value over time.