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Gerber Life Insurance

I've never heard of this till I got this letter and application in the mail. I was wondering if anyone had this? Is it worth it? The prices listed...are they for once a month or weekly? What are the plus sides and down sides? Any information will be helpful. Thanks!

 
melissa0425

Asked by melissa0425 at 3:18 PM on Jul. 6, 2009 in Money & Work

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Answers (4)
  • So, that's my point. You can cash out on it when they turn 18, but if you'd put that money into a money market account, or a CD, or, heck, even a savings account you'd have more money by the time your child turned 18 than what you'll cash out of the life insurance policy. With the Gerber plan, you only get out what you put in. With a savings plan, you get what you put in plus interest. Most financial planners suggest that you don't purchase life insurance for a child, since it's purpose is to replace the lost income of the deceased. It will double when the child becomes an adult, but when he turns 18 then HE will have to be the one paying the monthly fees. I certainly wouldn't have done this when I was 18! So, it's better to cash it out in that case, which brings me back to the point above.
    evwsquared

    Answer by evwsquared at 3:57 PM on Jul. 7, 2009

  • Speak with a financial advisor. The only life insurance that you need is a term life policy that will expire when you children have completed college.
    rkoloms

    Answer by rkoloms at 4:08 PM on Jul. 6, 2009

  • What is important is that you have life insurance for you and your spouse. This policy is not a good deal. Some people think of it as a savings plan, but you'd actually make more money with an extremely conservative investment strategy.
    evwsquared

    Answer by evwsquared at 7:11 PM on Jul. 6, 2009

  • Gerber life is NOT a bad life insurance plan! I have this policy on BOTH of my kids and LOVE it! The package has the fees listed for one month, 2 months and so on. I pay every 3 months for both my kiddos. I think this plan is good because when your child turns 18 the plan DOUBLES or you can just cash out on it.

    We do, however, have life insurance through our employers for our children as well. The reason we have that is because life insurance is automatically included in the benefits we get. I decided to just add them on and still keep gerber since they was already on gerber before we started our jobs.
    SweetKYmom

    Answer by SweetKYmom at 6:35 AM on Jul. 7, 2009