Laura Berry A newborn baby can bring extreme excitement and exhaustion into your life, so it’s not shocking that buying children’s life insurance for your infant may not have crossed your mind.
With that said, you shouldn’t wait to put financial protections in place for your child. Thankfully, life insurance for kids, like Gerber life insurance, can help you provide coverage for your little bundle of joy.
With the Gerber Life Grow-Up Plan, parents are responsible for investing in their child’s future.
Keep reading this Gerber Life Grow-Up Plan life insurance review to learn more about this plan and discover if Gerber can provide you with the coverage your family needs.
What is the Gerber Life Insurance Company?
The Gerber Life Insurance Company — founded in 1967 — traces its roots to Fremont, Michigan. Today, this well-known insurance company provides policies like the Gerber Grow-Up Plan all over the country.
CEO Keith O’Reilly currently leads it, and the company headquarters is located in White Plains, New York. You can call 1-800-704-3331 between Monday and Saturday to speak to a Gerber representative if you have questions about this company or its life insurance policies.
What is the Gerber Grow-Up Plan?
The Gerber Grow-Up Plan stands apart from other types of insurance for many reasons.
Designed for children under 15 years old, the Gerber Grow-Up Plan is a kid’s life insurance policy. This life insurance for children provides coverage between $5,000 and $50,000. It’s important to note that the coverage doubles when the child turns 18, making this plan a great choice for parents on a budget.
Gerber insurance for kids is also exciting because premiums don’t rise, children with health concerns are eligible, and the policy will remain active until the insured individual dies if payments are made on time.
If you have a child, life insurance may not be something you’ve considered purchasing, but with a Gerber baby Grow-Up Plan, your child can choose to buy more coverage at certain points during the policy period.
Your child can purchase more coverage when they:
- Turn 21, 25, 30, 35, and 40
- Get married
- Have a child of their own
Remember that if your child decides to buy more coverage, their current age will determine the price.
Does Gerber Life Grow-Up Plan accumulate cash value?
When you purchase the Gerber Life Grow-Up Plan, you are purchasing a whole life insurance policy, and such policies build cash value. This cash value is immediately accessible, and, if necessary, your child could use this extra cash to buy a new car or help pay rent.
Cashing out a whole life policy is also known as taking a policy loan, and you must pay life insurance loans back. It’s important to remember that Gerber Life Grow-Up Plan policy loans have an 8% interest rate, and taking too much out of the policy could drain the death benefit.
Can grandparents buy a Gerber Life Grow-Up Plan?
Parents aren’t the only individuals who can purchase a Gerber life Grow-Up Plan for a child. Grandparents can buy a Gerber Life Grow-Up Plan too.
If you are a grandparent but aren’t the sole guardian of a child, you must have the parent’s permission to purchase a policy.
Are Gerber Life Grow-Up Plans affordable?
Rates for the Gerber Life Grow-Up Plan vary depending on your child’s age at purchase. Below, you can examine Gerber Life Grow-Up Plan life insurance rates for children of different ages:
| Age | Rate |
|---|---|
| <1 | $13.06 |
| 1 | $13.58 |
| 2 | $14.00 |
| 3 | $14.45 |
| 4 | $14.91 |
| 5 | $15.36 |
| 6 | $15.86 |
| 7 | $16.37 |
| 8 | $16.94 |
| 9 | $17.51 |
| 10 | $18.10 |
| 11 | $18.75 |
| 12 | $19.40 |
| 13 | $20.09 |
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This policy also comes with a payment protection rider. Such a rider can keep the policy active even if the policy owner died or could not work due to a disability. Gerber would waive all policy payments with this rider until the insured child turns 21.
Families looking for a cost-effective life insurance policy may be interested in the Gerber Life Grow-Up Plan. Still, you should always request free quotes from at least three different insurance companies before putting money down.
This simple step will ensure you get the highest coverage at the lowest rates.
How can someone buy a Gerber Life Grow-Up Plan?
If you’re interested in purchasing a plan for your child, you can easily apply for free quotes on the Gerber website.
Once you’ve completed the application, you can also finalize the sale online. If you want to speak to a company representative before finalizing the sale, you can call the Gerber Life Grow-Up Plan phone number.
You must make an initial payment to activate the policy. After that, you can make all subsequent payments however you like, whether through the mail, over the phone, or via the Gerber website.
If you automatically deduct your payments from a bank account, you can earn a 10% discount.
Is Gerber Life a highly rated company?
Gerber Life has been in business for more than 50 years and has earned an A-rating from A.M. Best. Such a high rating indicates that Gerber Life has the financial strength to pay out any claims its clients choose to file.
Although it is not a Better Business Bureau accredited business, Gerber Life does have an A+ rating on the BBB site.
What You Need to Know About the Gerber Life Grow-Up Plan
If you want to provide a life insurance policy that grows as the child in your life grows, a Gerber Life Grow-Up Plan may be what you need. This whole life policy builds cash value, doubles the total coverage when your child turns 18, and accepts children with health concerns.
Your child will have the opportunity to buy more coverage as they grow. Of course, if you’re looking for life insurance for yourself, you can shop online to find an insurance company that best suits your needs.
