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Is The Gerber Life Plan Insurance A Good One For My Toddler?

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Is The Gerber Life Plan Insurance A Good One For My Toddler?

Postby Tierney » Wed Aug 27, 2014 7:55 pm

my daughter was born in the US and we are currently residing in another country.. i was thinking of investing in a life plan/insurance.. gerber offers a lump sum when the child reaches 18 and is still covered after that.. any suggestions??
Tierney
 
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Is The Gerber Life Plan Insurance A Good One For My Toddler?

Postby Adney » Thu Aug 28, 2014 11:09 am

No, and neither is any other.
Getting life insurance for a child is not a good idea.
There is no good life insurance plan for children, because life insurance for children is not good.

Life insurance is not an investment.
If you want an investment, then get an investment, not life insurance.
Adney
 
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Is The Gerber Life Plan Insurance A Good One For My Toddler?

Postby lug70 » Thu Aug 28, 2014 7:36 pm

This is my honest opinion on the matter...

Mind you, my opinion is based on our current economy and the fact that several major companies have become extinct in the past several years.

I'm wondering if the Gerber company will even exist by the time your daughter turns 18. Can you say, for certain, that you or your daughter will be able to collect when she turns 18? You can't collect from a company that no longer exists.

I hate to sound pessimistic but, this is something to consider. Yes, Gerber has been around for a very long time and seems pretty trust-worthy... I can also say that about a lot of the businesses that have perished in the past few years.
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Is The Gerber Life Plan Insurance A Good One For My Toddler?

Postby beatty » Sun Aug 31, 2014 4:36 am

If you want life insurance then just put her on as a rider on your plan.
Children do die in untimely manners, unfortunately, and their funerals aren't free.

If you want her to get a lump sum when she turns 18 then stick money in a savings account until she turns 18.
It'll be more money than the life insurance
beatty
 
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Is The Gerber Life Plan Insurance A Good One For My Toddler?

Postby Halsig » Wed Sep 03, 2014 6:00 am

Gerber is a good plan. The way it works is you buy insurance on her, then when she turns 18 she may opt to "Cash In" her policy. If she does that she is NOT covered still. She can also cash in part of her policy. She would still be covered, but not for as much as the original policy.


The problem with the Gerber plan is that it is more expensive than similar policies. I did some research when I got ins for my nephew and found several companies have better policies for less premium. The one I chose for him was called a "Head Start" plan offered by American Income Life Insurance Company. It's 10.34 per month and covers him for $25,000. He is guaranteed insurable which means at certain ages between 25 and 40 he can buy more insurance even if he were terminally ill. He can still cash in his policy at 18 if he chooses to. That policy also adds a savings account called a DAF account. With that I can add up to 10.34 to his account every month and it gains 5% interest. (which is waaaay better than the bank) Also, AIL is an international company, so you can buy insurance for her even if she doesn't live in the U.S.


So. in a nutshell. Yes it's a GOOD plan, but (in my opinion) not the BEST plan. Sorry my answer was so long. Hope it helps. (=
Halsig
 
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Is The Gerber Life Plan Insurance A Good One For My Toddler?

Postby Cianan » Wed Sep 03, 2014 2:17 pm

What's the POINT of the life insurance?

I think you're completely misunderstanding how it works.
IF you pay in until the child is 18, do you have any idea how SMALL that lump sum is? Hint: It's less than you paid in.
And, you only get the lump sum, if you CANCEL the policy.


Life insurance is a ROTTEN savings tool.
It's designed to be a DEATH planning tool.
And if you're not a resident of the USA, you cannot buy a policy from the USA.
Cianan
 
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Is The Gerber Life Plan Insurance A Good One For My Toddler?

Postby Wynfrith » Fri Sep 05, 2014 10:36 am

Sounds like you're interested in funding a college education.
There are far better ways ot doing that than with a life insurance plan.
Talk to a financial planner who can help you design a complete financial strategy.

You and your spouse (assuming you have one) need life insurance on both of you so if something happens to one the survivor can support themselves and the child.
It needs to be enough to maintain the standard of living until the survivor can recover and enough to put aside for the children's education.

Life insurance on a child is pretty much a donation to the insurance company.
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