Gerber Life: Inexpensive Coverage for Your Child

May 27, 2011 8 Comments | Disclosure


Gerber Life Grow-Up Plan

Since 1967, Gerber Life Insurance Company has provided quality life insurance, especially for young families on a limited budget. Give your children the protection they deserve. Parents, grandparents, and permanent legal guardians may apply when children are 14 days to 14 years old.

  • $5,000 to $50,000 of whole life insurance protection. Choose between $5,000 to $50,000 of coverage with low childhood premiums that never increase.
  • Coverage automatically doubles. The Grow-Up Plan’s policy amount doubles automatically with no increase in premiums during age 18 — guaranteed!
  • Builds cash value. The Grow-Up Plan protects your child or grandchild while starting a nest egg he or she can borrow from later on.
  • Guaranteed future insurability. Your child or grandchild will have several opportunities to buy more coverage as an adult, at our standard premiums for his or her age at that time.

I want to tell you about this Gerber Life Plan because I have it for both of my kids!
I signed up for only a small amount of coverage for each child, but it is enough that it would be very helpful if I ever have to pay for a funeral. Of course, I hope that I will never have to use it for that…but it is good to know I would have one less thing to worry about.
On a happier note, I only have $2.92 coming out of my account monthly for each policy! And when they turn 18, I can withdraw all of the premiums paid up to that point if I want to!
Definitely worth it for the peace of mind.

Check it out for yourself!

Plus, apply now and you will receive a FREE Child Safety ID Kit!

Comments

  1. I have Gerber Life as well. A tip for your readers, the sooner they sign up (the younger the child), the lower the premium!

  2. kathryn says:

    Melanie – if you do any research at all you will find all the experts (Susi Orman, Dave Ramsey, David Bach) all speak the evils of whole life insurance. It is great to have something on the kids if, heaven forbid, something were to happen to them but there are better, more cost effective ways of doing it. I use the Fab website daily and was very dissappointed to see you endorsing Gerber Life for kids. I hope others do their research before they buy this!

    • Actually, those experts do not like whole life insurance when it is used for investment purposes only. However, life insurance for $2.98 a month is a good deal, whether it is whole or term. My husband’s parents bought him a small whole life insurance policy when he was a child, and these days it has accumulated so much value that it pays it’s own premium and earns paid up dividends. My husband, who is a life insurance agent I might add, had a client come in his office quoting Dave Ramsey (whom I do like, by the way), and she insisted that she cash in a completely-paid-for policy her grandfather bought her (similar to the one my husband’s parents bought him). It was paid for and earning paid up dividends with a death benefit of $25,000, and she cashed it out for a few thousand bucks to buy a car because Dave said it was junk. VERY dumb move, obviously. On a slightly different note, I have another friend whose husband has a health condition that prevents him from getting life insurance (and he is self employed). They have purchased whole life insurance for each of their children on the off chance that one of them might develop the same health condition. She doesn’t want her kids to become “uninsurable”. There is a HUGE misconception about whole life insurance that has been perpetuated by these “experts”. They assume that people will be investing their money (rather than spending it on lattes), and they assume that when their 20 year term is up their family will be so well-off financially from their many smart investments that they will no longer need life insurance. Most 50-year-olds I know are not in that position, though. This is definitely an area that needs careful, and individualized, research.

    • Melanie says:

      Thank you for all of your comments. But I would like to say that I did research it and talked to my relatives that had worked in insurance before purchasing my first policy years ago. It works well for me. I have been happy with it and I plan to get it for any future kids of mine. If you are looking for an inexpensive life policy for your baby, I think this is a great way to go. If you are looking for savings or an investment that will make money for you, then this is not the best way to go.

    • Kathryn-

      I have not personally done much research on insurance for kids. Since Melanie uses this program she was great person to write about it for us. We appreciate your feedback and I wonder since you have looked into it what do you consider a better option for insuring your children?

      • Kelleigh-

        Thank you for your comments. It sounds like you have a lot of experience in this department. We appreciate your feedback.

  3. kathryn says:

    What we did is added our children as a “rider” to our policy for just a few dollars a month. It is the same price for 1 child or for 8. We have $25,000 as a child rider and when they turn of age the company guarantees they will have coverage for 5x that amount. When we found out we could do that, we cancelled the policies we had on each individual child and were able to save about $29/month. We then took the $29 and we are saving it for college expenses. (I know $29 won’t pay for college but its better than nothing and its more than would have been in those policies) We also learned that if one of our kids were to pass away, we get the life insurance amount but we wouldn’t get the savings that had built up – it was one or the other. We looked at this from a purely financial standpoint – not an emotional one and for us and our children it was obvious which was the wiser choice for us.

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