You hear it in the news every day – the U.S. economy has yet to fully rebound from the “Great Recession” of 2008-2009. Although every family’s situation is different, many people are still dealing with the leaner and meaner economic realities of post-recession years.
The employment market remains tight and families feel the pressure of keeping up with the expenses of day-to-day-living. Yet family budgets need to address not only today’s demands, but also financial goals for the future.
The recession has taught us to make our financial decisions with great care. That’s especially true for decisions affecting our children. In any economy, parents want to see their children financially secure.
Gerber Life Insurance offers a way to help protect your children and also give them a financial head start. It’s called the Grow-Up® Plan1.
A whole life policy that grows along with your child
The Grow-Up® Plan is a whole life insurance policy for children. Because it is the type of insurance called “whole life,” it continually builds cash value as long as premiums are paid. So, in addition to having life insurance protection, your child can have a nest egg building for the future.
Now, let’s get back to budgets. We all want affordable purchases that are within our means. A key feature of the Grow-Up® Plan is affordability. It offers insurance coverage ranging from $5,000 to $50,000, so you can buy the amount of coverage that works with your budget. Policies that have a lower amount of coverage typically have lower premiums than those with higher benefit amounts.
Premiums are based on your child’s age, so the sooner you apply, the lower the cost. You can apply for the Grow-Up® Plan when a child is 14 days to 14 years old.
A stable plan in an unpredictable economy
No one knows what the economy will look like down the road when your child is an adult. One thing you can be sure of is that your child’s life insurance can stay in place with the Grow-Up® Plan after becoming an adult. Your adult child will even have opportunities to buy additional Gerber Life coverage, up to 10 times the original benefit amount. The Grow-Up® Plan can’t be canceled due to future factors such as ill health or a risky job. That’s the case even if he or she is uninsurable in the eyes of other insurance companies.
Families face many choices when planning for their children’s future success and financial security. There is no one-size-fits-all approach. So, it’s a good idea to seek out appropriate advice about what works best for you and your children’s needs.
Good times or bad, some things remain constant: Parents and grandparents hope to see their little ones grow into a great future. The Grow-Up® Plan is one way to start toward that goal.
1Policy Form ICC12 – GPP, Policy Form Series GPP-12