A Familiar Name You Can Trust
Buying medicare supplement insurance should provide the peace of mind in knowing that the underlying insurer will be there – both now and in the future – when you may need them to make good on paying their claims. One of the key providers of Medicare Supplement insurance is Gerber Life Insurance Company. Founded in 1967, Gerber Life Insurance Company is affiliated with Gerber Products, a firm that was originally established in 1927 with the mission of producing canned fruits and vegetables, and eventually baby food. Over the years, Gerber has become one of the most recognized brand names in the world.
Although Gerber’s insurance arm is a separate entity from “the baby food people,” it does share in the firm’s overall mission of helping parents to raise happy, healthy children – and, taking it one step further by helping families to achieve financial strength and protection. For several decades, Gerber operated as an independent entity. However, after several mergers and acquisitions throughout the years, in 2007, Gerber was sold to the Nestle Company for approximately $5.5 billion.
While Gerber Life Insurance Company’s original focus was on providing life insurance for young families, today it has become one of the largest issuers of life insurance protection in the country, including Medicare supplement insurance.
Gerber Life Advantages
Gerber Life is well thought of in the industry as evidenced by
– Receiving a high rating from A.M.Best, a prominent insurance company rating agency
– Having an A+ rating from the Better Business Bureau
– Being the recipient of various awards based upon strong financial stability and a positive reputation in the insurance industry.
While premiums may differ from one insurance company to another, there are other criteria that should be factored into the decision of purchasing a Medicare Supplement policy. One of the key considerations should be the company’s ratings.
Insurance companies are rated by impartial reporting firms that determine a variety of important elements, including the insurer’s financial strength, reputation, integrity, and claims paying ability. Typically, these ratings are given as a letter, with those having an “A” or higher being considered strong. Gerber Life is rated as an “A” by A.M. Best, which is the third highest grade awarded out of thirteen possible categories.
In addition, the company also possesses an A+ rating with the Better Business Bureau. Given the millions of policyholders that Gerber Life services, the company has had less than 40 total complaints to the Better Business Bureau within the past three years. Of these, the primary issue did not stem from the insurer’s product or service, but rather from the large amount of mail solicitations that the firm sends out to customers and potential customers for marketing its coverage.
Gerber Life has won several awards, due in large part to the company’s financial strength and highly ranking reputation. In 2009, the company was named by the Ward Group, an operational consulting firm and a leading provider of benchmarking services to the insurance industry, as one of the Top 50 Performing Life and Health Insurance Companies in the United States. This means that the insurer passed all of the Ward Group’s consistency and safety screens, as well as achieved performance that was considered to be superior throughout a five year period of review.
Other Key Benefits
In keeping its policyholders protected, Gerber Life manages its overall portfolio in a conservative manner. This has resulted in the accumulation of more than $2 billion in assets under management, with most of these funds being placed in higher quality investment vehicles. This means that the company should have ample funds available when its policy holders file their needed claims.
Overall, Gerber Life’s Medicare Supplement insurance policy holders can enjoy low monthly premiums on their policies, as well as the strength, backing, and financial stability of the Gerber company. In addition, Gerber Life is also well regarded for its excellent policyholder service and support – including a dedicated health insurance claims telephone hotline.
Medicare Supplemental Insurance Policies Offered by Gerber Life
Today, there are ten different Medicare Supplemental insurance policy options that are available on the market. Each of these plans is labeled by a different letter of the alphabet, with Medicare Supplement Plan A offering the most basic set of core benefits. We provide a full explanation of the various plans here.
Although there are ten standardized Medicare Supplement plans, not all insurers are able to offer all such plans in all of the 50 U.S. states. Gerber Life currently offers plans more than 30 U.S. states through its subsidiaries. The particular plans that are offered will vary, however, depending upon the individual state, as well as the issuing insurance company.
In order for an insurer to offer any Medicare Supplement insurance policies at all, they must provide access to Medicare Supplement Plan A, which is the policy with the most basic set of core benefit options. In order to determine which plans are available for purchase in a certain area, it is best to contact a Medicare Supplement provider or check online for additional information as well as to obtain quotes.
In most cases, quotes and information are free of charge and require no further obligation to purchase a specific plan. It is, however, important to keep in mind the beginning and ending dates of your Medicare Supplement open enrollment period, as applying after this time frame has expired could result in higher premiums or denial of coverage.
Other Available Types of Coverage
In addition to its Medicare Supplement insurance offerings, Gerber Life also offers other types of coverage as well. The company provides both term and whole life insurance throughout the U.S, Puerto Rico, and Canada – and it currently covers more than 3 million life insurance policy holders, with in excess of $40 billion of life insurance in force.
One of Gerber’s proprietary life insurance products is the Grow-Up Plan. This plan can provide a savings plan for a child’s future and also cover him or her with the protection of whole life insurance. This coverage amount will automatically double when the child turns age 18 – with no increase in premium. And, the cash value in this plan can be used for future expenses.
Gerber Life also offers accident protection insurance coverage. Because accidents can happen any time to anyone, this type of plan can provide financial protection to its policy holders in the event of either an accidental death or a covered disabling injury. Insureds may choose a benefit amount of between $20,000 and $100,000 with guaranteed approval for those applicants who are between the ages of 19 and 69 – regardless of their health status.
A college savings plan is also offered through Gerber Life Insurance, that can provide guaranteed funds to help a beneficiary pay for the cost of higher education. Unlike more risky financial products such as stocks, the funds in the Gerber Life college plan are guaranteed to never lose value.
Obtaining a Medicare Supplement Insurance Quote from Gerber Life
There are several ways that a quote for Medicare Supplement insurance may be obtained. These methods include by phone or online. Potential applicants may also request a paper application via mail, email, or fax.
When ready to apply for coverage, applications should be completed and returned – along with the first month’s premium check made out to Gerber Life Insurance Company – directly to the insurance company that is issuing the policy. Applicants may also choose to have their premium electronically deducted from their bank account.
Taking the Next Step
Although nobody can predict the future, it is already clear that the Medicare program cannot cover the entire amount of the medical care that is required by many of its enrollees. Fortunately, Medicare Supplement insurance can take over in many of the coverage areas where Medicare leaves off.
For over 45 years, Gerber Life Insurance Company has been offering quality insurance to its policy holders and providing them with the peace of mind that their claims will be paid. Using the insurer’s Medicare Supplemental insurance, Medicare enrollees will be able to reduce – or even eliminate – the out-of-pocket coverage gaps that Medicare does not cover.
When ready to take the next step towards applying for Medicare Supplement insurance coverage, Gerber Life should be at the top of the list for providing peace of mind and long-term claims paying ability.
By Susan Wright
About the author
Downtown Bellevue, just off I-405