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Do anyone have the Gerber insurance, & if so is it worth the investment ?

 
LisaK227

Asked by LisaK227 at 9:34 AM on Jan. 29, 2010 in Kids' Health

Level 2 (6 Credits)
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Answers (4)
  • We have it for our kids. We got it when they were babies, and now they're teenagers. I like it because once they have it, they can't be "dropped" from the policy if they develop health problems (not that any of us want this to happen, but, sadly, it does happen...)

    Also, they have the option to continue the policy and can increase it if they want when they become an adult - though I can't remember off the top of my head for how long or for how much, but I do remember thinking, last time I reviewed it, that it was a good deal.

    As far as if it's "worth it" or not - to me, we don't pay very much, we have it set up to come directly out of our account every month, and it's enough that we could bury our child without going "out of pocket" or in debt for the funeral, if, God forbid, something were to happen to them. (It's something like 10 grand, which is about the cost of a funeral.)

    To me, that's worth it.
    sailorwifenmom

    Answer by sailorwifenmom at 9:45 AM on Jan. 29, 2010

  • So sailorwifemom if for some reason I needed the money for the kids to get braces...How would that work? I hear you can take out money if you need it....Is this true?
    Anonymous

    Answer by Anonymous at 10:00 AM on Jan. 29, 2010

  • Honestly, I don't know if we can do that, I haven't tried, I'm sorry :-( I know that some insurance policies build equity like that and some don't, but I don't remember if this is one that does or not.

    But they have a pretty helpful website where you could email them and ask, and they should be able to tell you - they would legally have to tell you if this is true or not (especially if you ask them in writing).

    I'm sorry I couldn't be more help :-(
    sailorwifenmom

    Answer by sailorwifenmom at 10:25 AM on Jan. 29, 2010

  • Those kinds of insurance policies aren't that good. If you want a policy you can take money off of you need a whole life policy not a term policy like those offered by Gerber. Basically, a term life policy does nothing for you unless the person insured dies. In general, a financial adviser will tell you that getting term life policies on children is a waste of money. You'd be better off putting that money you would spend in a savings account & drawing interest on it instead of throwing it away like that. You could go for a whole life policy but its more expensive & generally most people do not develop problems that make them un-insurable so early in life anyway (the whole idea some ppl hold when they get these policies is it is a way to "make sure'" the child will be insurable when they get older if something "happens"...that is a rare thing anyway not enough of a chance to throw thousands away on)
    Anonymous

    Answer by Anonymous at 11:41 AM on Jan. 29, 2010