Foresters Financial vs Gerber Life
For families and individuals seeking affordable life insurance, both Foresters Financial and Gerber Life offer accessible options and strong reputations. This comparison highlights their key differences and similarities to help you choose the right fit for your needs.
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Company Overviews
Foresters Financial is a fraternal benefit society founded in 1874, serving over 2.6 million clients in the US, Canada, and the UK. It focuses on providing life insurance and community benefits to everyday families, blending financial protection with unique member perks and charitable initiatives.
Gerber Life Insurance Company, established in 1967, is a subsidiary of Western & Southern Financial Group. Known for its iconic Grow-Up® Plan for children, Gerber Life provides a range of juvenile and family life insurance products across the US, Puerto Rico, and Canada, with a focus on accessibility for middle-income families.
Financial Strength & Ratings
| Company | AM Best Rating | Outlook | Notes |
|---|---|---|---|
| Foresters Financial | A (Excellent) | Stable | 24 consecutive years; strong surplus and solvency |
| Gerber Life | A+ (Superior) | Stable | Upgraded in 2024; part of Western & Southern |
Gerber Life currently holds a higher AM Best rating, reflecting its very strong financial backing and risk management, while Foresters maintains a long-standing excellent rating and strong surplus.
Policy Types Offered
| Policy Type | Foresters Financial | Gerber Life |
|---|---|---|
| Term Life | 10–30 years, $50k–$10M, convertible, no-med options | 10–30 years, $100k–$5M (Fabric), no-med up to $100k |
| Whole Life | Participating/non-participating, cash value, child plans | For adults and children, cash value, Grow-Up Plan |
| Universal Life | Flexible premiums, cash value | Not offered |
| Guaranteed Issue | Final expense, ages 50–85, no-med, up to $35k | Ages 50–80, $5k–$25k, no-med, 2-year waiting |
| Accidental Death | Optional rider | Standalone product, $50k–$250k |
| College/Endowment | Not offered | College Plan, $10k–$150k |
Coverage Options & Flexibility
Foresters: Offers customizable term lengths, permanent coverage, and a range of face amounts. Policies are convertible and can be tailored with multiple riders. No-medical-exam options are available for certain ages and amounts.
Gerber Life: Provides flexible coverage for all ages, including guaranteed issue for seniors, and unique children’s policies. Term and whole life are available for adults, with digital application options and fast approval for many policies.
Underwriting & Application Process
Foresters: Uses a mix of traditional and accelerated underwriting. Many policies can be issued without a medical exam for qualifying applicants, with decisions in as little as a week. Higher amounts or older ages may require full underwriting.
Gerber Life: Offers simplified and accelerated underwriting, especially through Fabric by Gerber Life, with instant decisions possible for many term policies. Guaranteed issue products require no health questions or exams, but have a waiting period before full benefits apply.
Pricing & Affordability
Foresters: Known for competitive pricing, especially for simplified issue whole life and final expense products. Term rates are often 5–10% lower than many competitors for healthy applicants.
Gerber Life: Offers affordable rates for children and families, with term life starting as low as $7.86/month. Guaranteed issue policies are competitively priced among no-exam options, though non-guaranteed policies from other providers may be less expensive.
Alternatives to Consider
- Mutual of Omaha: Strong for term and final expense.
- State Farm: High customer satisfaction and broad options.
- Everdays: Innovative whole life with digital tools.
- Bestow, Haven Life: Digital-first, affordable term life.
- Globe Life: No-exam, low-limit term coverage.
Riders & Customization
| Rider/Feature | Foresters Financial | Gerber Life |
|---|---|---|
| Accelerated Death Benefit | Included (critical, chronic, terminal) | Included (terminal illness) |
| Waiver of Premium | Optional | Optional (whole life, under 60) |
| Accidental Death | Optional | Standalone, optional |
| Child Term Rider | Optional | Optional (term policies) |
| Guaranteed Insurability | Optional | Included (Grow-Up Plan) |
| Paid-Up Additions | Optional (whole life) | Not offered |
| Charity Benefit | Included (1% to charity) | Not offered |
Best For…
Foresters Financial:
- Families seeking affordable term or whole life with member benefits.
- Applicants wanting no-medical-exam or simplified issue options.
- Those interested in community involvement and extra perks.
Gerber Life:
- Parents/grandparents seeking lifelong coverage for children (Grow-Up Plan).
- Seniors or those with health issues needing guaranteed acceptance.
- Shoppers wanting fast, digital applications and instant decisions.
Pros and Cons
| Company | Pros | Cons |
|---|---|---|
| Foresters | Competitive pricing, strong member benefits, no-med options, community focus, A rating | Not as well-known, some policies require agents, less digital than some competitors |
| Gerber Life | A+ rating, strong for children/seniors, fast digital process, no-med options, broad product range | No universal life, limited riders, higher complaints, no mobile app for policy management |
Customer Experience & Support
Foresters: Receives positive marks for member engagement, unique benefits, and community programs. Customer service is generally strong, with few complaints relative to its size.
Gerber Life: Has mixed reviews: praised for simple applications and fast approvals, but receives more complaints than average for its size, especially regarding support and claims processing.
Final Verdict
Foresters Financial and Gerber Life both deliver affordable life insurance with strong financial backing. Foresters excels in member benefits, community focus, and flexible, competitively priced policies for families and individuals. Gerber Life is a leader in children’s life insurance and guaranteed issue for seniors, with a streamlined, digital-friendly application process and top-tier financial strength.
Choose Foresters if you value member perks, community involvement, and a broad suite of customizable policies. Choose Gerber Life if you want straightforward, accessible coverage for children or seniors, or need guaranteed acceptance regardless of health. For the best fit, compare personalized quotes and policy details from both companies.
FAQs: Foresters Financial vs. Gerber Life Insurance
Gerber Life: Yes, Gerber Life allows you to complete the entire application process online without needing to speak to an agent.
Gerber Life: Coverage amounts range from $5,000 to $50,000 for the Grow-Up Plan.
Gerber Life: Yes, the Grow-Up Plan automatically doubles the death benefit at age 18, with no increase in premium.
Gerber Life: Flexible payment options include credit card, bank draft, or money order.
Gerber Life: Yes, the Grow-Up Plan provides up to four opportunities for the child to purchase additional coverage as an adult, up to the face value at age 18.
Gerber Life: Offers a payment protection option (PPO) rider, which covers premiums if the policy owner becomes disabled or dies before the child turns 21.
Gerber Life: You can cancel by contacting customer service. Details may vary; check your policy documents.
Gerber Life: Yes, whole life policies (including the Grow-Up Plan) build cash value that can be borrowed against or withdrawn, subject to policy terms.
Gerber Life: Generally available nationwide, but check for any state-specific restrictions.
Gerber Life: Ownership automatically transfers to the child at age 21, giving them full control over the policy.
Blake Insurance Group
Phone: (888) 387-3687
Email: [email protected]
Hours: Mon-Fri 9:00 am to 5:00 pm
Sat-Sun: Closed
Blake Nwosu
Owner & Principal Agent