It’s permanent life insurance. A whole life insurance policy provides coverage for your entire life, as long as you pay your monthly premium – compared to term life insurance, which protects you for only a specified period of time. Whole life policies build cash value; term life policies do not.
Why do people choose whole life insurance?
One of the key benefits of whole life insurance is the ability to secure coverage for your lifetime. You can lock in an affordable premium rate that will never increase for as long as you own the policy, making your payments predictable and easier to fit into your budget. Whole life insurance builds cash value, providing an extra financial safety net for the unexpected.
What is “cash value?”
Each time that you pay your premium, Gerber Life sets aside a small amount, which builds up over time as the policy’s cash value. The longer you hold the policy, the more cash value the policy builds. If a need arises, you could borrow* against the available cash value to help cover lost income, rent or mortgage payments, education costs, or other expenses. Or, you could simply leave it as it as a little “nest egg” for your children or grandchildren.
We understand you want to give your child every advantage. The Grow-Up® Plan is a simple, budget-minded way to start for children ages 14 days to 14 years. For as little as $1 a week, you can give your child a lifetime of life insurance protection with plans starting at $5,000. Your decision today will help your child be better equipped for adult responsibilities tomorrow.