In the gerber grow up plan life insurance will he get the cash?

Question

If my child has this life insurance and lives to 21 will he get the cash of said life insurance amount if he wishes not to continue to purchase this ? or what happens after that? can someone please explain if the policy holder dies, and the child is still young what will happen the life insurance policy? etc..any information would be appreciated..thanks...

Answer 1

Here is the low-down on the Gerber Grow Up Plan:

The Gerber Grow Up Plan is a whole life insurance policy for children children ages 14 days to 12 years.

Benefits include:

Affordable premiums
Start your child out now with a $5,000, $10,000, $15,000, $20,000, $25,000, or $30,000 whole life policy and lock in the lowest possible premium. The cost will never increase.

Coverage automatically doubles at age 21
On the policy anniversary after your child becomes 21 years old, the face amount of his or her GROW-UP policy automatically doubles to $10,000, $20,000, $30,000, $40,000, or $50,000. And, because your rates are locked in from the start of the plan, your child pays the same low rates for twice the amount of coverage!

Builds cash value
The plan builds cash value and will continue to do so as long as premiums are paid. After 20 years, the cash value is equal to or greater than 100% of the life insurance premiums paid.

Availability of additional insurance guaranteed
Your child will have the option to purchase an additional amount of life insurance coverage on the policy anniversary after age 21 (when the face value of the policy automatically doubles without any increase in the premium) and again on the policy anniversary at age 28.

This additional life insurance coverage can be purchased at the standard rate for a 21 or 28 year old—regardless of health, job or military status.

However, I suggest you compare that to the Globe Young Adult Plan. You can review the specifics and request a free, no obligation quote by clicking on the link below. It never hurts to compare plans before you buy. I think you'll find Globe offers very reasonable rates, more coverage and a better A.M. Best financal strength rating.

I hope that helps! Take care and best of luck.

Answer 2

Gerber Life Grow Up Plan

Answer 3

This is a whole life insurance plan, not term life. You can read about the plan here:

http://www.gerberlife.com/gl/view/guide_products/growup/index.jsp

Most Gerber products make the insured child the policy owner when s/he reaches age 21. Please note the designation of policy owner is not determined by who pays the premiums. So, conceivably, you could be paying the premiums but have no say as to what happens to the policy.

If you don't want the child to become policy owner at 21, make a notation on the application that the ownership is irrevocable and is not to be transferred to the child. You can also note a contingent owner, in case you die when the child is still a minor. Make sure the contingent owner knows about this and notifies the insurer ASAP with a copy of the owner's death certificate and the new billing address; otherwise, the policy will use up its cash value and may lapse.

I hope this helps.

Answer 4

First, there are much better children's life insurance plans than the Gerber plan.

When a child reaches age 21, he/she has a choice to take the cash value that has accumulated in the policy or convert the policy to a permanent policy which he/she owns. The face amount may also change.

If the child dies before 21, the beneficiary (usually a parent) gets the face amount (death benefit). If a parent dies before the child reaches 21, the child life insurance stays in effect because the child stayed alive. Someone will have to continue the payments on the child's policy. The parent's life insurance would pay a death benefit.

You really should talk to a licensed insurance agent in your area to get a clear picture of your insurance needs. The agent should ask about your income, savings, debts etc.

Good Luck

Answer 5

Gerber Grow Up Plan

Answer 6

This is a combination whole life and term. It is term to 21 then converts to whole life. The child will not get any cash, only the right to continue to have life insurance. If the policyholder dies, a contingent can be named to continue the policy or it may lapse for non payment. There may be a clause that also insures the policyholder to allow the policy to be paid up to age 21. I would stay away from mail order insurance. Talk to a local agent if you want coverage.

Answer 7

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RE In the gerber grow up plan life insurance will he get the cash?

If my child has this life insurance and lives to 21 will he get the cash of said life insurance amount if he wishes not to continue to purchase this ? or what happens after that? can someone please explain if the policy holder dies, and the child is still young what will happen the life insurance policy? etc..any information would be appreciated..thanks...

Answer 8

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Answer 9

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Answer 10

so glad that I found this question already answered! Its like you read my mind!