Topics
About Coverage
Q. What kind of insurance does the GROW-UP Plan provide?
A. The policy is Whole Life insurance that builds cash value. You are the policy owner until your child is 21 years of age. At that time, he or she becomes the policy owner—and the coverage automatically doubles. $5,000 coverage doubles to $10,000, $10,000 coverage doubles to $20,000, etc.
Q. Can I give my child more coverage?
A. Yes. You can apply for $5,000, $10,000, $15,000, $20,000, $25,000, $30,000 or $35,000*. The coverage automatically doubles on the policy anniversary after age 21 with no premium increase.
| Coverage Now |
Coverage during Age 21 (no premium increase) |
| $5,000 | $10,000 |
| $10,000 | $20,000 |
| $15,000 | $30,000 |
| $20,000 | $40,000 |
| $25,000 | $50,000 |
| $30,000 | $60,000 |
| $35,000 | $70,000 |
Q. Does the GROW-UP Plan provide for future insurance needs?
A. Yes. On the policy anniversary after age 21, your child has the option to buy additional insurance at our standard rate for that age—regardless of health, job or military status—or anything else. Then, on the policy anniversary after age 28, your child can choose to buy more insurance at our standard rate for that age.
Q. Even if circumstances arise that cause other insurance companies to deny coverage to my child, will Gerber Life still issue that additional insurance?
A. Absolutely. With a Grow Up Plan in effect your child is guaranteed that a total of up to ten times the original coverage will be available to them during age 28.
Q. Is my child required to buy additional insurance?
A. No. The basic whole life insurance continues as long as premiums are paid. The options to buy more life insurance protection are guaranteed, but they need not be used.
Q. I am expecting a child, when should I apply?
A. You can apply when the child is 14 days old.
Q. Can Gerber Life cancel my child’s GROW-UP coverage?
A. Once coverage begins and as long as the premiums are paid, the company cannot cancel the insurance for any reason. Only you (or your child after age 21) can cancel the coverage.
About Cash Value
Q. What is cash value?
A. As the years go by, the policy accumulates cash value. This is money that is available if there is ever a need for ready cash. After 20 years, the cash value is equal to or greater than 100% of premiums paid. In other words, even though the policy has provided full insurance protection and all guarantees for 20 years, your child can get back every dollar paid in premiums if the policy is turned in. The interest on any policy loan will accrue daily at the rate of 8% per year.
Q. Can I use the cash value if I need it?
A. Yes, until your child becomes the policyowner after your child is age 21, you can turn in the policy and receive the cash value.
About Premiums
Q. How much will the premiums be?
A. The cost of the insurance varies based on the amount of coverage you choose, your child’s age at the time of application and where you live. Choose your state or province at the top right of the page to review the applicable rate chart for where you live. Premiums are quoted here at our standard rates.
Q. When the coverage doubles on the policy anniversary after age 21, will the premium double too?
A. No! The premium is guaranteed to stay the same for your child’s lifetime. So, the cost-per-$1,000 of insurance actually goes down when the coverage doubles!
Eligibility and Application Questions
Q. How old must my child be to be eligible for a GROW-UP Plan?
A. You can apply for any healthy child from 14 days to 12 years old.
Q. Can a grandparent apply for the GROW-UP Plan?
A. Yes. A child’s parent, grandparent or legal guardian can apply. He or she will be the policyowner until after the child is 21.
Q. I already have a GROW-UP policy for an older child but I would like to add another child. How do I do that?
A. To apply for a policy for another child a new application must be filled out and submitted. You can do this by selecting your location above and following the easy instructions.
Q. My grandchild lives in a different state than me. When filling out the application, which state do I choose—theirs or mine?
A. You should select the state that you live in when filling out the application.
Q. How do I apply for the GROW-UP Plan?
A. Select your state or province to access the online application form and follow the simple instructions.
*$20,000, $25,000, $30,000 and $35,000 coverage amounts are not available in Canada or Puerto Rico. GROW-UP is not available in Northwest Territories, Nunavut and Yukon. $30,000 and $35,000 coverage amount not available in New York.
