Parents constantly worry about their children, it’s their job to do so. Where are they on the growth chart? Will they get along with other kids? Will they do well in school? Am I, as a parent, doing everything I can to protect my child now and in the future? Is the Gerber Grow-Up Plan Worth it?
The answer is, nobody has all the answers. We all do the best we can with the information and knowledge we have on hand. That said, let’s make sure you do in fact get the information you need to make the right decisions for your child
Who Needs Life Insurance?
The primary purpose of life insurance is to protect the insured’s family and dependents from financial calamity if he dies prematurely and his income is cut off. For example, a father and a mother earn $50,000 per year each and have two young children, both of whom they hope to send to college. The father dies in a car accident during a severe thunderstorm.
His wife and children are devastated emotionally, and the family income is cut in half. Now the mother has to pay for the house, car, food, clothing, and other necessities on her own, and she must also find a way to continue saving for her children’s education.
The father and the mother in the above scenario need life insurance. Why? Because the family depends on the parents’ income, the loss of which creates a severe financial hardship. Children are different. While they contribute many things to their families, money is almost never one of them and because of this fact, it may make little sense to pay to insure yourself against a doomsday scenario that does not even exist.
There is one financial cost incurred by parents who lose a child: funeral and burial expenses. If you have life insurance on yourself, you can almost always attach a small child rider to your own plan for a much lower rate than what the Gerber plan is likely to cost.
Is the Gerber Grow-Up Plan Worth it?
You may be asking yourself, Is the Gerber Grow-Up Plan Worth it? We believe so, but you don’t have to take our word for it. Go ahead and get your information from those who know us best. Take a look at some of the Gerber Life Grow-Up® Plan reviews and you’ll see why 91% of their customers recommend the Grow-Up® Plan.
Below are testimonials from some of the many Gerber Life customers who have given their children a financial head start. With a 4.4 out of 5-star rating, parents and grandparents everywhere say they love the Grow-Up® Plan.
“I recommend getting the policy as soon as your child is born and has a SSN.” ~Julie from Lima, Ohio.
This mother understands the importance of getting protection as early as possible. Remember, the sooner you get the Grow-Up® Plan, the lower your child’s lifetime rate will be.
“It has been the easiest and best way to cover my children.” ~tnmom23 from Salem, Virginia.
Applying for the Grow-Up® Plan really is easy. It takes just minutes with no medical exam. Once you have the policy, all you have to do is make affordable monthly payments in order to keep your child protected.
“This product is a wonderful gift to my grandchildren.” ~Grandma G from Escondido, California.
Grandparents know a good deal when they see one. The Grow-Up® Plan’s cash value account can help you cover unexpected expenses until your grandchild takes over the policy at 21.
“Hands down the best decision I ever made, a lot of security for a child in many different ways” ~ Alex from New England.
With the Grow-Up® Plan, you can give your child and their family some financial security against the unexpected, which can give everyone peace of mind. Gerber Life have been providing comfort to families for more than 50 years, and they are ready to protect yours, too.
RELATED GERBER LIFE INSURANCE ARTICLES:
- Gerber Sign In – How to Login to Gerber Life Insurance
- Gerber Guaranteed Life Insurance | How To Buy | Benefits | FAQs | Reviews
- How to Download Gerber Life Insurance App
- Gerber Life Insurance Provider Portal | Get coverage for all ages
What is the Gerber Life Grow-Up® Plan?
The Gerber Life Grow-Up® Plan is a whole life insurance policy you can purchase for your children from the time they are 14 days to 14 years old. You can buy a wide range of coverage for your child, from $5,000 to $50,000. This policy provides financial protection, builds cash value and can guarantee life insurance coverage for a lifetime as long as premium payments are made.
Life insurance coverage that doubles
An additional benefit of buying this whole life insurance policy for your child is that his or her coverage automatically doubles in value during the year he or she is 18 – with no increase in premium. For example, a $10,000 policy doubles to a $20,000 policy, a $15,000 policy to a $30,000 policy, and so on. Double the insurance coverage at the same childhood premium rate locked in for the life of the policy.
Life insurance that’s affordable
In this tough economy, people are focused on spending wisely. Consider that you can buy a $10,000 policy for a child under 1 year old for as little as $1.50 a week.
The whole life insurance policy’s childhood premium rates are based on your child’s age when you apply. Life insurance premiums increase with age, so rates for babies and children are particularly easy on the wallet. Plus, the Grow-Up® Plan premium rate that you start with never increases during the life of the policy. That’s right: The premium is locked-in at that childhood rate.
Obtaining life insurance for your child at the earliest possible age makes financial sense.
Life insurance that’s flexible
After turning age 21, your child will also have several opportunities to buy additional coverage – up to a total of 10 times the original amount. So, for example, if your child had a $25,000 policy to start, he or she could have coverage up to $250,000 in coverage as an adult, at Gerber Life’s standard rate for your child’s age at the time.
And if you’re worried that your child won’t qualify for life insurance as an adult, you may be right. Adults with health issues can often be denied life insurance coverage. With the Grow-Up® Plan, if your child develops a medical condition or poor health later, they won’t lose the coverage obtained as a kid. No questions asked, no medical exam and it doesn’t matter if your child has a full time, part-time or high-risk job.
It’s a great way to ensure a lifetime of financial security for your child.
“By setting your child up with life insurance early, they have the guaranteed right to add more coverage as an adult.“
Here’s an important benefit of whole life insurance that every parent should know: This kind of policy builds “cash value” over time and can provide a safety net for future expenses. This is money that’s set aside with each monthly premium payment made.
“The longer you own the policy, the more cash value the policy accumulates.“
What is Cash Value?
Here’s how cash value works: each time you make a monthly premium payment for your Grow-Up® Plan, Gerber Life sets aside a small amount of money. Over time, this becomes the cash value of your policy. It represents how much your policy is worth at any given point in time. You can watch the amount grow, just like your child.
Both children’s whole life insurance and adult whole life insurance policies can offer a cash value component. So why get a policy while your child is still young?
The answer is simple: You have time on your side. The longer you own the policy and make all the premium payments, the more cash value that the policy accumulates. By the time your child is an adult and becomes the policy owner, you’ll already have built a nest egg – which your child can continue to grow.
How Can Cash Value Be Used?
A great benefit of cash value is its flexibility. Here are ways you might use the cash value of the Grow-Up® Plan:
• If you need immediate cash, you can borrow against your policy’s cash value by taking a policy loan.* This gives you a solution without sacrificing your life insurance protection.
• If you decide to cancel the policy, you’ll receive the accumulated cash value that has built up over time, minus any outstanding debt against the policy. The same is true after your child becomes the policy owner.
• If you’re temporarily unable to pay your monthly premiums, Gerber Life may be able to pay them for you by using your policy’s available cash value.
The Gerber Life Grow-Up® Plan is an ideal way to plan, and build for, the future. It’s a children’s whole life insurance policy that provides valuable financial protection for you and your child.