Gerber life insurance for children
The thought of something happening to what’s most precious in life isn’t something we do often. On the bright side, mortality rates for minors have significantly dropped ever since the 1980s, hovering just around 0.5% to 0.8% depending on the age 1.
Gerber Life Grow Up Plan
The Gerber Life Grow Up plan is available for babies and children between 14 days, and 14 years old. The parent, or legal guardian, will be able to insurance the child for $5,000 to $50,000 of coverage.
Gerber’s Grow Up life insurance plan is exactly what the name implies. The policy will cover the child as they grow up to be an adult. But it offers much more than that, more about that below.
It’s a whole life policy
Unlike term life insurance, a whole life policy is life insurance without an end date. You won’t have to worry about the child not being covered once they reach adulthood. Since there is no end-date, the child could carry the same policy until they pass away of old age, leaving a death benefit to their children.
Once the child turns 18, the coverage doubles
You read that right. Regardless of how much coverage you initially got for your child, it will double, at no additional cost. This makes Gerber’s Grow Up plan unique. Say you insured your one-year-old child for $50,000. This would cost roughly $32/month. When they turn 18, they will have a permanent life insurance policy, for $100,000, for just $32/month.
A $100,000 permanent policy at age 18, could cost anywhere from $35/month to $72/month depending on their build, health and nicotine use.
It builds cash value, up to 100% of what you paid
Cash value is a great addition to a life insurance policy. And in Gerber’s Grow Up plan’s case, the cash value is essentially 100% of the premiums you pay after 25 years. For example, if you would insure the child for $50,000 at age 1, you would pay around $32/month.
After 25 years, that would have accumulated to $9,600, and the cash value would also be worth $9,600.
You can then take out a low-interest loan against the cash value, or you can even withdraw it entirely.
Gerber’s Grow Up life insurance plan is an exceptional policy for children. Since it’s a whole life policy, that doubles in coverage and builds 100% cash value, you simply can’t go wrong. You could even look at this policy as a savings account with benefits, for their schooling or other purposes.
Gerber Life Grow Up Plan sample rates