I don't know if I should get Gerber Life Insurance for my 2 year old. My father has one policy for her (he gets one for all the grandkids) but he's 69 now, and I don't know if he'll have it forever. I don't know if I should get one too.
I have a nephew that's 11 - and he's now diabetic, and uninsurable, so that's really got me thinking.
Does anyone have it and/or have any experience with it??
THANKS for all the great information and responses!! I called left a message with my investment broker, and we'll look into the best options OTHER than Gerber!! I really appreciate it. I HATE thinking about insurance for my baby.
Not worth much- go term!It's a better deal w/ better outcome. Go to www.daveramsey.com to get more info.
D.
Hi J.,
Get a term policy. Usually you can get a rider on your own policy. Dve Ramsey has a lot of info out about what type to get.
Term is for sure the best, and the cheapest.
-H.
Dave Ramsey is a financial guy on KLIF 570 AM, M-F, 1-4pm. He calls the Gerber policies "crap" (pardon my crude language). He says the rate of return on Mutual Funds investment is much higher, so if you want to put away money for your kids, invest it in mutual funds. You can always pull it out if there is an emergency, and your money will be earning a lot more interest.
Hi J.,
Oh boy - there are many opinions about insurance here - I actually work in insurance, so BEWARE!!!
I had a Gerber policy on my 3 yr. old for 2 yrs. I started working for Farmer's Insurance a little while back and after talking to my co-workers (and learning the insurance biz a little more), I cancelled it. Reason being is that Gerber takes EVERYBODY. The premiums are extremely low, and people rarely see the benefit amount if they try to cash it in. If you get true life insurance on your child, it will cost a little more, but the payout will be much more. The way I set up Jackson's is that we pay about $30/month for his life insurance, if he chooses to keep this insurance (and not cash it in) then it will be worth roughly $600,000 at the age of 69. His retirement would be set, or if he gets sick, or if one of his kids gets sick -
Just my feedback on this insurance thing - if you'd like more info. I'd be happy to help!
C. Brady
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My best friend works for State Farm and she told me that the Gerber Insurance isn't as good as it seems and that it was better to get a Term Life policy instead. It costs around the same as a the dollar per day if you were to divide the monthly dues by the days in the month. I am pretty sure that my friend said that you could get Whole life on the youngsters, but you have to examine what your goals are in getting whole life vs. term. She only has a term life on her 9 year old.
Good luck!
You can spend a little more and get a permanent insurance policy. Call an independent Insurance Agent. Tell the agent that you would like to shop plans like the Gerber plans, but also a permanent policy that will last forever, and build a cash value. Be worth something. The term policies like Gerber don't build a cash value. They only pay if your child was to die. A permanent policy will start him saving for retirement.
I used to work with Insurance.
Their is a lady from my church that sells insurance, and retirement products.
Susan Bunch ###-###-####
Sincerely,
P.
i have it for all 3 of my kids. 18,15 and 5. my main reason for getting it as it helps towards college but they have to be 20 or 21 to get it though. but by that time my oldest will have all her basics done and will be ready for a big college. so it will work out.
why don't you look and see if your work offers it first? I pay $1/month for my son's life insurance through work. If your father took out a policy on him, he doesn't probably need anything else. What is the term that your father bought? You really need more info before deciding what to do...
Life insurance for children is one of the biggest rip offs in the insurance business. There is just no need for it. Your nephew needs health insurance not life insurance. You'd be better off taking the money that you would spend monthly on life insurance and investing it.
I have gerber life insurance policies on both my girls. They are good policies that grow with the kids and they are very affordable. I think it is well worth it. For both my girls I pay 17.00 a month. My husband and I have policies as well.
I agree with Darla, go Term Life, it's a better deal. Not sure if you could go Whole Life, but if you want to create an investment and not just coverage, you might look into it. Tons of options out there for getting quotes and you've gotten two already. If you need another let me know, my friend sells life insurance too.
I have it for my son. It is very easy to sign your child up for it, plus if you child was it develop something when she got older she would still be covered.
Do you listen to Dave Ramsey on the radio? He advises people on money matters... and he says that this Gerber life insurance is a total rip-off. If you guys have some other policy you should check to see if you can get a ride-along policy for your child, if you think you need one. The only reason that people get life insurance for children is to cover burial expenses, and there are other ways to do that than the Gerber policy. And as far as life insurance goes, always buy TERM life, NEVER buy "whole life" policies. If you need life insurance, buy life insurance (term) at the lowest possible rate available. If you need investments, invest in the best possible funds. Whole-life policies - such as the Gerber product - are a poor life insurance product combined with a poor investment product. My 2 cents; I was licensed to sell life insurance years ago, I am not currently, and all matters such as this should be discussed with a qualified financial advisor that is not trying to sell you a particular product. Hope that helps.
