Gerber Final Expense Coverage and Benefits Explained

Gerber Final Expense coverage provides a guaranteed death benefit to your beneficiaries, regardless of the cause of death. This benefit can help pay off outstanding debts, funeral expenses, and other final costs.

Gerber Final Expense coverage is designed to pay out a tax-free benefit to your loved ones, which can help them cover the costs of your funeral, burial, or other final expenses.

The benefit amount is typically based on the policyholder's age and health status at the time of application. This means that younger and healthier individuals may qualify for larger benefit amounts.

Gerber's final expense coverage can be tailored to fit your specific needs and budget, allowing you to choose the coverage amount and premium that works best for you.

When choosing a final expense company, consider Gerber Life Insurance, which offers a guaranteed acceptance policy for individuals 50-80 years old.

Gerber Life Insurance has been in business for over 100 years, providing financial protection to families for generations.

Their final expense insurance policy has a maximum coverage limit of $25,000, which can help cover funeral expenses, medical bills, and other final costs.

Gerber Life Insurance offers a range of payment options, including monthly, quarterly, and annual payments.

Their policy has a 2-year contestability period, during which the insurance company can review the policy and potentially return the premium if the policyholder dies within that time frame.

Gerber Life Insurance has an A- rating from the Better Business Bureau (BBB), indicating a strong commitment to customer satisfaction and ethics.

Their customer service team is available to answer questions and provide support 24/7.

The company's financial strength is backed by its parent company, Western & Southern Financial Group, which has over $30 billion in assets under management.

Gerber Life Insurance's final expense insurance policy is designed to be easy to understand and affordable, with a simplified underwriting process that doesn't require a medical exam.

Final expense insurance is a type of permanent life insurance that covers funeral and burial expenses, as well as estate debts and administration costs.

It's often referred to as "burial insurance" or "funeral insurance", but technically, funeral insurance only covers funeral and burial expenses, while final expense insurance covers a broader range of costs.

The policy owner makes regular premium payments to the insurance company while living, and upon death, the insurer pays the policy's death benefit to the estate or designated beneficiary.

This ensures the estate remains liquid and funeral and burial expenses won't reduce the inheritance left for loved ones.

Gerber Life's final expense insurance is a guaranteed issue life insurance policy with no health questions or medical exams, and approval is guaranteed.

However, there is a two-year waiting period, and if the policyholder dies within the first 24 months, Gerber will only refund 110% of the premiums.

The policy will last the policyholder's entire life, and the rate will never increase, with a guaranteed cash value accumulation.

The cost of final expense insurance typically depends on age, gender, state of residence, and health, but Gerber Life burial insurance guarantees acceptance, regardless of health or tobacco habits.

Here's a sample premium table for Gerber Life burial insurance:

The Gerber Life Insurance Company is a separate entity from the Gerber Products Company and is a subsidiary of the Western & Southern Financial Group.

Gerber Life Insurance offers final expense insurance, children's life insurance, and term life insurance, with the final expense insurance being a whole life policy that builds cash value and has a guaranteed death benefit.

Gerber guaranteed acceptance life insurance is available for ages 50-80, with a death benefit ranging from $5,000 to $25,000, and rates will never increase.

However, the death benefit from a Gerber Life Guaranteed Life policy is "graded", meaning that if the policyholder dies within the first two years, the beneficiary will receive a return of premiums plus 10% interest, rather than the full death benefit.

You can choose a final expense insurance policy with a lower payout if you intend to be cremated and have a small memorial service, with policies starting at as little as $2,000 or $3,000 face value.

Gerber Life Insurance's cash value policy grows over time, and you can borrow from it, but be aware that they charge an 8% interest rate on borrowed cash.

The cost of final expense insurance varies by age, with rates increasing as you get older. Here's a breakdown of the costs for a $10,000 final expense insurance policy from top-rated companies:

We can help you navigate the complexities of final expense insurance by working with dozens of top life insurance companies. This allows us to find the right policy for your unique needs.

We have intimate knowledge of each company's nuances, which enables us to match you with the best company, policy, and price. This is particularly important because the costs associated with a funeral and disposition of a decedent's final remains are much higher than most people realize.

Final expense insurance provides a fail-safe means of preserving potential inheritances and avoiding the risk that loved ones will have to pay thousands of dollars in final expenses out of pocket. This is a critical part of the estate-planning process, especially for complex estates and those with substantial creditor claims.

By choosing the right policy, you can ensure that your loved ones are protected from the financial burden of final expenses.

Cash Value is a key feature of final expense insurance policies. It's a cash accumulation that grows over time, and policyholders can access it with no penalty.

The cash value is built up with each premium payment, and it earns interest. This means that the cash value itself will increase over time.

A policy that has been in place long enough will eventually reach "paid up" status, at which point the cash value is sufficient to cover premiums. This is a benefit of final expense insurance policies, as it ensures that coverage remains in place without the need for further premium payments.

Policyholders can also borrow against the cash value if they need access to quick cash. This is a convenient feature, as it allows policyholders to tap into the accumulated cash without surrendering the policy.

The cash value can be surrendered for a check, but this will cancel the policy. Alternatively, policyholders can use the cash value to pay premiums, which will keep the policy in force.

Here's a summary of how cash value works:

Applying for Gerber Final Expense is a relatively straightforward process, similar to other forms of permanent life insurance.

The application process is often a little easier than other types of insurance, making it accessible to those who may not qualify for traditional life insurance.

The cost of Gerber Final Expense insurance depends on your age, gender, state of residence, and health, but Gerber Life burial insurance guarantees acceptance, so your health or tobacco habits don't affect the price.

Here's a breakdown of the monthly premiums for different ages and coverage amounts:

These rates are valid as of August 7, 2024, and are calculated at a non-tobacco rating.

Gerber Life Insurance has a rating of 1.03 from the National Association of Insurance Commissioners, slightly above the national average.

The Better Business Bureau grades Gerber Life Insurance at an A+, but customers rate them at a negative 1.21 out of 5, indicating some room for improvement in customer satisfaction.

Gerber earns an A rating from A.M. Best, the industry's authority on financial stability, with only 2 levels down from the best possible score.

Gerber Life Insurance has received an A+ rating from A.M. Best, indicating a strong financial status.

This rating is based on A.M. Best's assessment of the company's creditworthiness.

The Better Business Bureau also gives Gerber Life Insurance an A+ rating, but customers rate them negatively, with an average rating of 1.21 out of 5.

Gerber Life earns an A rating from the industry's authority on financial stability, A.M. Best, which is two levels down from the best possible score.

In the life insurance industry, A.M. Best is the authority on financial stability, and Gerber Life's A rating indicates a strong financial position.

The National Association of Insurance Commissioners rates Gerber Life Insurance with a 1.03 complaint index, slightly above the national average.

This rating is based on the number of complaints filed against the company.

Gerber Life Insurance has a number of benefits that make it a popular choice. The online application process is easy to use, and most policies can be applied for online without the need for a medical examination, unless you're applying for a term life policy above $1.5 million.

The company also offers guaranteed acceptance for final expense policies, which is a big deal for those with severe illnesses. This means they can get a whole life insurance option even if they have pre-existing conditions.

One of the standout features of Gerber Life Insurance is that all of their policies come with included policy riders at no extra cost. This can add a lot of value to your policy.

You'll also appreciate the flexibility of payment options, which include electronic money transfer, credit card, mailed money orders, or personal checks.

Gerber Life Insurance has some notable drawbacks that might make you think twice about choosing them for your final expense needs.

One of the biggest cons is the waiting period for final expense coverage, which is a standard requirement for guaranteed acceptance plans.

You might be disappointed to learn that Gerber doesn't offer a final expense policy without a waiting period, which can be a major inconvenience.

The rates for Gerber's life insurance options are often higher than those of their competitors.

In fact, nearly all Gerber life insurance options have similar policies from competitors at lower rates, which is something to consider.

Another con is that Gerber has no options for seniors over 80 seeking final expense insurance, which might limit their appeal to older adults.

Here are some specific policy restrictions to be aware of:

Gerber Life offers flexible payment options to fit your needs. You can pay your premiums by credit or debit card, giving you an alternative to automatic deductions from your savings or checking account.

Paying by paper bill is an option too, but you'll pay a little more for it. You can send in a check or money order monthly, quarterly, semiannually, or once a year.

Think about it this way: you might end up spending the same amount on premiums over the years as the death benefit itself. But the chances of dying sooner are much higher if you have serious health issues, which is often the case with guaranteed issue policies.

Alternatives to Gerber Final Expense Life Insurance can be found among non-guaranteed options, which are often less expensive. These policies may have no waiting period, even for those with pre-existing health conditions.

Pricing examples for no-wait final expense insurance from other carriers are available, with providers like Americo, Mutual of Omaha, Prosperity, Aetna/Accendo, and Corebridge offering competitive rates. For instance, a $10,000 policy for a 50-year-old male with no pre-existing conditions might cost around $31 with Americo.

A table comparing prices from these carriers is shown below:

If you're looking for alternatives to Gerber's final expense life insurance, you've got options. Some providers offer less expensive policies with no waiting period, even if you have a pre-existing health condition.

These providers, such as Americo, Mutual of Omaha, Prosperity, Aetna/Accendo, and Corebridge, have relaxed applicant health requirements, which means you could be approved even if you have some pre-existing medical concerns.

Here's a rough idea of what you might expect to pay with these providers:

Keep in mind that these figures are estimates only, based on a $10,000 final expense insurance policy with no applicant pre-existing conditions.

These alternatives can be a good option if you're looking for a more affordable policy with no waiting period. Just remember to shop around and compare prices to find the best fit for your needs.

Gerber Life's guaranteed acceptance final expense insurance is a competitively priced option for those with high-risk health conditions. It's a good option for individuals with AIDS/HIV or dementia.

However, there are some drawbacks to consider. The primary issue with guaranteed issue policies is the two-year waiting period, which means you won't be able to collect on the policy during this time.

Another thing to keep in mind is that guaranteed issue policies are generally the most costly type of life insurance. This is because they don't require a medical exam or health questions, which means the insurance company takes on more risk.

Most people can qualify for a plan that asks questions about health, which usually leads to a policy with no waiting period and a lower price. If you're relatively healthy, you may be able to get a better deal on a traditional life insurance policy.

Here are some factors to consider when deciding whether to buy Gerber Life's guaranteed acceptance final expense insurance:

Ultimately, it's essential to weigh the pros and cons and consider your individual circumstances before making a decision.

If you've been told that Gerber Life is the "best" burial insurance option, you might be in for a surprise. Gerber's guaranteed acceptance final expense insurance is competitively priced, but it's not the only option, and it's not necessarily the best.

Gerber's policy is a good choice if you have high-risk health conditions, such as AIDS/HIV or dementia. However, most people can qualify for a plan that asks questions about health, which usually leads to a policy with no waiting period and a lower price.

The primary drawbacks to a guaranteed issue policy are the two-year waiting period and the fact that it's generally the most costly type of life insurance. For example, the Gerber final expense policy is competitive among guaranteed-issue policies, but not among non-guaranteed ones.

If you're looking for alternatives, you might want to consider other providers like Americo, Mutual of Omaha, Prosperity, Aetna/Accendo, or Corebridge. These carriers all have relaxed applicant health requirements, which means you could be approved even if you have some pre-existing medical concerns.

Here are some pricing examples for no-wait final expense insurance from these providers:

These figures are estimates only, based on a $10,000 final expense insurance policy with no applicant pre-existing conditions.