The Gerber Life Parenting Blog

Baby Insurance as a Gift

June 29, 2011

Baby insurance as a giftIs it ever too early to start shopping around for life insurance for your baby? Baby life insurance is more than just coverage in case something terrible happens to your baby or child. Baby life insurance in the form of a whole life insurance policy like the Gerber Life Grow-Up Plan actually creates a solid nest egg for your child.

The baby life insurance policy coverage doubles during the year your child is 18, and provides premium rates at up to 60% less than plans purchased as an adult. When your child reaches age 21, he or she has the option to:

  • Cash out the policy to reinvest or pay for adult expenses
  • Extend the policy at lower rates than they would get if they were to apply for a new life insurance policy as an adult

The Gerber Life Grow-Up Plan cannot be canceled by the insurer for any reason, and your child will not be turned down for additional coverage through the plan, as long as premiums are paid.
Baby Insurance: Another “New Baby” Expense?
We know that having a baby has a lot of expenses associated with it. You need all that baby gear, clothing, and diapers. Child birth classes. Maternity clothes for you. Then there are the OB or midwife bills or insurance co-pays. You’ll also want to consider your own life insurance policy and possibly increase your coverage to accommodate your new family member.

But people are always looking for unique baby shower gifts. Grow-Up can only be purchased by a parent or grandparent, so If a grandparent is looking for a unique baby gift (especially if this is your second child and you have all the requisite “baby stuff” you need), why not suggest they provide baby insurance for the little one on the way? You can also ask other friends or family to contribute with a donation to baby insurance premiums.

Because, let’s face it, a baby insurance policy will have a lot more value in the future than another pink layette set.

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