When your child turns 21, they take ownership of the policy. If you give up your policy after only a few years, you may not receive any money back at all. It often takes several years for a whole life policy to generate a cash value since the early premiums are used to pay costs related to setting up and managing the policy. That will cut into the amount you receive back. If you’ve built up a cash value, you will receive that money when you cash out the policy, though you’ll likely have to pay penalty fees for giving up the policy. Just contact Gerber Life’s customer service and let them know that you wish to give up your policy. You may choose at any time to surrender your Gerber Life Grow-Up Plan. Also, despite the program’s name, your child does not have to use this money for college, which can be helpful if they decide to take an alternate path in life. The Gerber Life College plan might be right for you if you like the idea of receiving a guaranteed return on your investment in exchange for possibly growing your investment at a slower rate compared to other types of investing. This might sound like a good deal, especially with the skyrocketing cost of college, but the actual return on investment for an endowment life insurance policy in relatively low, and its premiums are not tax deductible. That guaranteed return ranges from $10,000 to $150,000. Gerber Life also offers the Gerber Life College Plan, an endowment life insurance policy that delivers a guaranteed return at the end of the policy’s term.
Ensure that their child has access to life insurance even in the event of a future illness or health issue.
Lock in affordable life insurance rates for their child’s life.Many parents choose whole life insurance for these reasons: Many customers also take comfort in the company’s well-known “Gerber” name and the brand’s reputation for offering high-quality products focused specifically on the youngest members of society.
Though Gerber Life isn’t always the most competitively priced whole life insurance for children and teens, its long history and solid ratings make Gerber Life a reliable insurance provider. That said, Gerber Life has been offering cash value life insurance policies to young families since 1967 and is dedicated to being “the brand parents trust to help them achieve financial security and protection for their families.” It currently covers 3.3 million policies in the United States, Canada, and Puerto Rico. However, although Gerber Life Insurance uses that adorable Gerber baby logo on its product literature and website, it is actually a financially separate affiliate. Gerber is a well-respected and trusted brand that’s basically synonymous with happy, beautiful babies. Many of us spent our earliest days gleefully chowing down on Gerber baby food, and you may have even purchased those little jars by the cartload for your own offspring.
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