The Gerber Life Parenting Blog

What is the Gerber Life Grow-Up® Plan?

November 12, 2013

Mother and Son PlayingOne of the joys of being a child is living “in the moment,” and one of the joys of parenting is watching their kids enjoy life’s moments. Parents also know that keeping an eye on the future and giving their kids a financial head start also comes with the job.

The Gerber Life Grow-Up® Plan1 is one way to accomplish that goal. Here’s a look why:

The Grow-Up® Plan is a whole life insurance policy for your child or grandchild that protects them “now,” while providing a nest egg for the future. What’s more, it’s very affordable. The rates are based on your child’s age and are guaranteed never to increase during the life of the policy, so the younger your child when you apply, the lower the rate.

Purchasing whole life insurance for your child at the earliest age can make good financial sense. With the Grow-Up® Plan you can buy, for example, a $10,000 policy for a healthy child who’s under 1-year-old for about $6.35 a month. You may pay more than that for a couple of cups of java at the coffee shop!

The Grow-Up® Plan also lets you buy a wide range of coverage for your child, anywhere from $5,000 to $50,000. Parents, grandparents and permanent legal guardians can apply when children are 14 days to 14 years old. The adult is the policy owner until the child reaches age 21, after which the child becomes the policy owner.

Over the years the Grow-Up® Plan keeps building cash value, as long as the premiums are paid. So money can be available if ever there’s a need to borrow against it*.

Here’s a really neat part of the Grow-Up® Plan: Your child’s insurance coverage will double during the year he or she is 18 – with no increase in the premium. In other words, for example, a $10,000 life insurance policy would double to $20,000 and a $15,000 life insurance policy would double to a $30,000 policy. Double the insurance coverage at the same low premium that was locked in
during childhood – a gift to your child or grandchild!

In a nutshell, the Gerber Life Grow-Up® Plan can guarantee your child affordable life insurance … for life. Just think, even a young person can be priced out of life insurance if he or she develops a serious illness, chooses a hazardous job, or pursues activities that pose danger. None of that would affect coverage for your adult child under a Gerber Life Grow-Up® Plan.

After turning 21, your child will have a number of opportunities to increase coverage if he or she would like to – up to 10 times the original life insurance amount. So, if your child had a $25,000 policy to start, he or she could buy up to $250,000 in coverage as an adult, at Gerber Life’s standard rate for your child’s age at the time. That’s the case even if health, occupation or lifestyle precludes your child from obtaining coverage from another insurance company.

With so many advantages, it seems the Gerber Life Grow-Up® Plan could really grow on you!


1 Policy Form ICC12-GPP, Policy Form Series GPP-12
*Policy loan interest rate is 8%

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