You - the responsible adult in their lives - remain the policyholder until they turn 21.Ĭoverage amounts start at $5,000 and range up to $50,000. This whole life plan is designed for children ages 15 through 17. They can choose to maintain coverage by continuing to pay premiums or redeem the policy for its accrued cash value. At that point, they become the policy owner. You remain the policyholder until the insured child turns 21. That value builds slowly at first but eventually turns into a sizable nest egg. Grow-Up Plan policies accrue cash value over time. And premiums remain level for the life of the policy, no matter how long it remains in effect. As long as you keep paying premiums, the policy remains active indefinitely. Otherwise, it could expire worthless and leave your kid with nothing. You must pay premiums on time and in full to keep the policy in effect. Your exact monthly premium depends on where you live and how much coverage you purchase. Monthly premiums start around $4 per month for $5,000 in coverage. Grow-Up Plan coverage amounts - also known as death benefits - range from $5,000 to $50,000. You can purchase coverage under the Grow-Up plan as soon as a child is born - typically, the purchaser is a parent, grandparent, close family member, or legal guardian. The Gerber Life Grow-Up Plan is a whole life insurance policy for children under age 15. Compared to many other insurance companies, these policies have relatively low coverage limits and thus lower premiums. Gerber Life Insurance offers three whole life insurance policies for kids and whole and term life insurance coverage options for adults. And the products they offer are where the similarities stop. How Gerber Life Insurance Stacks UpĪs you research your life insurance options, you’ll likely encounter one of Gerber Life’s top competitors: Globe Life Insurance. Gerber Life Insurance is one of several well-known life insurance companies specializing in life insurance policies for kids while offering adult-friendly insurance as well. But it’s not the only option out there, even for infants and children, so review its options and features carefully before buying. And depending on your family’s financial circumstances and long-term goals, it might be in your best financial interest.Īs one of the oldest and best-known life insurance companies specializing in kid-friendly term life and whole life insurance coverage, Gerber Life Insurance is a natural fit for your short list, whether you need insurance for your child or yourself. Life insurance is for adults, right? For people with debts, assets, dependents, and mortgages?Īs it turns out, kids can qualify for life insurance policies too.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |