Gerber Life Ins

I have gerber life ins for both of my kids, 13 and 2. I like the program very much. It is very affordable and it gives you many options on how to pay. I would reccomend it to you.

A.

I have had it for my twin girls (they will be 4 this month). I think it is a good investment. It is in expensive. Something for the girls to have when they get older.

S.,

Gerber Life Insurance is a NOT wise financial decision, period.

First, if no one depends on the child for money, the child doesn't need substantial life insurance. The only reason a financially dependent child (0-18 or 0-22 if attending college as an example) needs life insurance is to pay for burial costs. Even in that case, as a parent you should have 3 to 6 months of SAFE emergency money to pay for a possible burial or other emergency, do you?

NOW, with most people living consumption based lifestyles, they don't have 3 to 6 months living expenses to pay for a child's funeral, if needed. With that...

THE CORRECT WAY TO INSURE A CHILD is typically with a child rider on a parent's policy, typically term (though not always). It's CHEAPER than Gerber's plan and almost always more SUITABLE because:

1. Parents are almost ALWAYS UNDERINSURED, first get the correct policy on YOU - the family will suffer more financially if YOU die than the young child.

2. A child rider on a parents' policy is cheaper than the Gerber Plan. The Gerber plan is a marketing PITCH - and sadly many UNINFORMED consumers take it hook, line, and sinker.

3. Almost NEVER use insurance for savings and savings for insurance! The old saying "buy this insurance because it's a savings vehicle" is the oldest marketing PITCH in the book. Both insurance and investments are tools - use them for what they are meant for.

IF YOU HAVE INSURANCE AS A SAVING VEHICLE, YOU WERE SOLD A BILL OF GOODS. Unless you have maxed out all pre-tax and post tax retirement plans, and have money left over each month, you have NO BUSINESS with permenant insurance, child or adult - any competent expert will tell you that.

Here is how we are structured:

1. Both parents have $1,000,000 20-year term policies - $75/month total cost. THIS IS WHERE WE COULD IMPLEMENT CHILD LIFE INSURANCE RIDERS cheaper than the GERBER plan. But we have sufficient emergency money earning 5% in an FDIC insured account...does Gerber do that for you?

2. Emergency money of 4 months living expenses in an FDIC insured e-bank account - we continue to contribute to it every month.

3. All debt paid down - except the mortgage.

4. All pre-tax and post tax retirement funds funded yearly.

5. College savings funded monthly - you can finance college, you can't finance retirement, hence the order here of OUR retirement funds funded FIRST, then the child's college.

6 PLAY MONEY - whatever is left over.

THAT IS THE ORDER any competent financial advisor/planner will recommend.

Now, where in the above do you see a permenant life insurance policy like the GERBER plan. NO WHERE! Why? Because it is a marketing pitch sent to UNINFORMED parents.

Sadly, the educational system in this country does not instruct us on the proper uses of money and various financial tools like life insurance. Gerber sees this and markets a plan that is a total rip off.

I hope this helps - I don't mean to sound like I know everything. But, my family has owned a financial advising practice for 18 years, thus I grew up seeing the disasterous financial decsions people make, especially from marketing pieces like the Gerber life plan. So, the above comes from years of being surrounded by smart money professionals in the insurance and investment business. It's not opionion or hype, but fact. You won't be harmed by enrolling in the Gerber plan, but you definitly won't advance your family financialy with this subpar product.

Contact me and we can talk privately if you'd like.

M. Wachowski & Little Raymond :)

The purpose of life insurance is typically to make sure the deceased's expenses are taken care of. So, when our baby was born, my husband and I both got term life insurance policies.

My dad bought a policy on me as a child, but it wasn't worth nearly enough to take care of my child in the event of my death. It's likely that if you buy this policy for your child, he will need and have to buy more coverage as an adult anyway.

People buy whole life insurance because they're told it's a good investment. But if you really want to make an investment, set up a 529 plan for your child's education. The return is better, you don't HAVE to put money it in regularly, and there may be tax benefits from it as well.

The other option is to just go start an investment account in your child's name. I'm not sure what the cost of the Gerber insurance is, but the average (meaning usual, you could do worse, or much better) return on an investment is 10%.

Gerber isn't bad. I got 3 mo free with my sons hospital picture program. We didn't keep it though. My dad sells life insurance and he found us a better program. I haven't heard anything bad about Gerber though.

Actually S., we did sign up in 2001 for my first born entered the world. we did it maybe a day or two after we was born. Unfortunately, we was not expecting to collect so soon. Our son passed away 6 weeks after his birth from SIDS (Sudden Infant Death Syndrome). We totally forgot about signing up and was having them deduct out of my paychecks. We received a letter of asking for copies of death certificate and other forms. Afterwards they sent the beneficiary information about what plan we originally was under and sent us paperwork asking for signatures. Since both of us, parents were named as beneficiaries we were both sent separate checks. We used the monies for burial expenses. When our daughter was born (a year 5 days and 7 minutes apart from her brother) we placed her on it also because they were doing lots of tests and monitoring beczause of our son's death. We have long switched accidental, life and death insurances since I work for UCDHSC. Theirs has really good package plan for the entire family! Hope this helps with your decision.

Hi - I signed up right after my daughter was born when I got information in the mail. Everything I've ever heard is that they are a reputable company that has been around for years. I think I purchased $10,000 worth that will double when she turns 21. Seemed like a great deal to me - I would recommend it!

We have Gerber Life Insurance for our 3 year old son. We got for him right after he was born. It is very inexpensive and the coverage is great. I never want to think that it may have to be used, but in the event that it does, it is nice to know he has coverage.

You can do much better for your son and your family for low cost. I am a WFHM (work from home mom). If you're interested in not only insurance but setting up investments for his college fund let me know. Have you heard of UPromise?

I have a Gerber Life Insurance Policy for both of kids. There is no physical that the kids have to take in order to qualify, everyone is accepted. I liked that cause my first child, my son Daymian, was born preemie. He was 14weeks early & they accepted him & I have a policy for him. I really do like the benefits.

You MUST have life insurance on all of your kids until they have their own full-time employment out of your home. However, I am not familiar with the Gerber product. It would be devastating beyond belief to lose our kids, but we must invest the pennies a day for a life insurance policy in case that horrible tradgedy would hit us. There would be expenses for a funeral, maybe even bills your medical insurance would not pay, etc. Better yet, make it a policy with a cash value policy, so when they graduate from HS or college, the little nest egg is theirs to invest in their first home, first nice car, etc. A rider on your policy is the way to purchase this type of coverage.

hi, I have Gerber life insurance on both my children (6yrs & 6 mts), and I am very happy. I think it is an excellent program, and can also be used as money for college, when they get to that pont in their lives. I have asked my insurance broker, who is also a family friend, and he also recommended the program. Hope this helps.
J.-mom to Justice and Gwendolyn

i got it for my son 28 yrs ago. i had some hard times and was late for 3 months and when i tried to cash it is when he went to college they denied it. i know it is affordable but i think its a scam. no one really pays into it for the life time and so they make money off of that. and truly, how much do yo think you are going to get anyway, 10 K isnt very much by the time you child is old enough anyway and the hassles you have to go through arent worth the money. i would go to a reputable insurance agetn if you want to buy insurance for your child. one who has been in business for a long time. that is what i did with my now 17 yrs old. it is a term life insurance and he can cash it in at 21 or continue paying if he wants. i figure the odds of him dying as a child are pretty slim but he ismore prone to dangerous actvities later in life and he should make the decision to pay for it or not

Financial experts recomend that you buy term life insurance. (I just saw Suze Orman speak this Tuesday, and she mentioned it then also). If I remember correctly, Gerber's is whole life or some type of plan that has a "savings" attached to it. If you read the policy, upon death, you get the life insurance OR the savings, but never both. This is why the experts recommend term. It's cheaper, and you get the value of the policy - which is what you paid for.

Hi S.,

Yes, I finally got my three Boys Gerber Life Insurance, after my third Son was born and I really like it. It is very affordable and a good life insurance to get into and has been around for a long time. I think you should try it, it would be a good investment for your children. Good Luck S...:)

I got it because my son can have ALL the money back, or continue his insurance with no raises in price! Seems like a good garuntee! Knowing it is like a savings plan is what made up our minds! Good luck

I don't have the insurance but I have done a lot of reading about financial things and everything I have read says not to get life insurance for your child. It winds up being a waste of money. It may be beneficial when your child is older but there are other types of life insurance policies that you can buy for yourself that will be even more beneficial for your child when he or she is older. I can't remember their names but ehre are tons of sites on the internet with the information.

My mother in law signed my daughter and so far I really like it. I recemond it, it is affordable and it helps saves money for thier future. I would sign up for it.

All 3 of my kids are on it. Really, its so inexpensive. Why not. I sure hope I never need to use it though for a funural though and it turns up to be extra cash later in life for my kids.