Gerber Life Grow up Plan...?

Starpolisher · ‎03-10-2010

Does anyone have any experience with this for a grandchild? Do you think it's a good idea to be able to give to them when they are old enough to take over the premiums? It will allow them to afford life insurance at the price that it would cost to buy today. Would appreciate opinions(not BASHING). TIA

"Kindness is like snow ~It beautifies everything it covers"
-Kahlil Gibran

Hooty · ‎03-09-2010

@Starpolisher, I hope someone has some info on this, I think about it for my grandchildren too every time I see the ad on TV!

tansy · ‎01-02-2011

I think it's a waste of your well-intentioned money. I'd set up a low-fee index fund with Vanguard or Fidelity and deposit a small amount each month.

http://www.slate.com/articles/business/the_bills/2016/01/gerber_s_life_insurance_for_kids_is_a_rip_o...

jackthebear · ‎03-11-2010

@tansy wrote:
I think it's a waste of your well-intentioned money. I'd set up a low-fee index fund with Vanguard or Fidelity and deposit a small amount each month.

http://www.slate.com/articles/business/the_bills/2016/01/gerber_s_life_insurance_for_kids_is_a_rip_o...

good link thanks, I always wondered what the actual deal was with that. Better to give the kid the $90 a year

SahmIam · ‎04-16-2010

LMAO. My parents bought one for me in 1963. You want to know how much it's worth today?

$45

They paid THOUSANDS to Gerber Life. Money down the toilet.

I found the policy going through a box belonging to my dad; a few years after he died.

It was wrapped up neatly and looked very important and inside found the policy, all the paperwork ... I was baffled. I called the toll-free number and imagine my shock to find that the policy is STILL being paid on! An acount that my dad had set up and didn't close out when he died.

And yes, the value to cash in RIGHT NOW is $45.

I just.... unfreakingbelievable how this company can get away with this.

millieshops · ‎03-09-2010

It's not something I would do - too much of the premium goes for life insurance protection as opposed to savings. With the very low interest on savings (something I fear will continue for at least another decade), I'd be saving money elsewhere with the idea of helping them fund college or career. I would not commit them to life insurance premiums - especially since it could be a very long time until they need insurance for a dependent.

Some of us never need life insurance. I never have - no kids and my DH was not dependent on my earnings if something had happened to me.

Starpolisher · ‎03-10-2010

@SahmIam wrote:
LMAO. My parents bought one for me in 1963. You want to know how much it's worth today?

$45

They paid THOUSANDS to Gerber Life. Money down the toilet.

I found the policy going through a box belonging to my dad; a few years after he died.

It was wrapped up neatly and looked very important and inside found the policy, all the paperwork ... I was baffled. I called the toll-free number and imagine my shock to find that the policy is STILL being paid on! An acount that my dad had set up and didn't close out when he died.

And yes, the value to cash in RIGHT NOW is $45.

I just.... unfreakingbelievable how this company can get away with this.

But if you were to die...wouldn't your beneficiary get the face value of the policy?

"Kindness is like snow ~It beautifies everything it covers"
-Kahlil Gibran

SahmIam · ‎04-16-2010

@Starpolisher wrote:
@SahmIam wrote:
LMAO. My parents bought one for me in 1963. You want to know how much it's worth today?

$45

They paid THOUSANDS to Gerber Life. Money down the toilet.

I found the policy going through a box belonging to my dad; a few years after he died.

It was wrapped up neatly and looked very important and inside found the policy, all the paperwork ... I was baffled. I called the toll-free number and imagine my shock to find that the policy is STILL being paid on! An acount that my dad had set up and didn't close out when he died.

And yes, the value to cash in RIGHT NOW is $45.

I just.... unfreakingbelievable how this company can get away with this.

But if you were to die...wouldn't your beneficiary get the face value of the policy?

It looks like my husband would receive $500 as per the info in the package. Once you hit 50, the cash out value increases by $10 each decade. The face value wouldn't go beyond $800 and that's if I hit the age of 100.

The BIG pay-out would have been if I had died prior to the age of 18, then my parents would have collected $25,000 (which at that time as quite a bit). This makes sence as it's a life insurance policy on your CHILD and at 18, you are legally an adult.

I have no idea how on earth this is supposed to be good for "college" like they claim in the ads; no clue at all.

Mz iMac · ‎07-26-2014

@Starpolisher wrote:
Does anyone have any experience with this for a grandchild? Do you think it's a good idea to be able to give to them when they are old enough to take over the premiums? It will allow them to afford life insurance at the price that it would cost to buy today. Would appreciate opinions(not BASHING). TIA

Do GEN X folks take out life insurance or for that matter, continue to take over payments of one?

P.S. Never mind. I watch SNAPPED. So I already know the answer.

Carry on.......

"Never argue with a fool. Onlookers may not be able to tell the difference."

Nuttmeg · ‎03-09-2010

@Starpolisher wrote:
Does anyone have any experience with this for a grandchild? Do you think it's a good idea to be able to give to them when they are old enough to take over the premiums? It will allow them to afford life insurance at the price that it would cost to buy today. Would appreciate opinions(not BASHING). TIA

http://www.businessinsider.com/do-children-need-life-insurance-2014-6

I would open a 529 account or a low fee stock index fund. This child would have money for post high school.