The Grow-Up® Plan is whole life insurance for a child that builds cash value. You are the policyowner until your child reaches age 21. At that time, he or she becomes the policyowner.
No. As long as premiums are paid, your child’s whole life insurance coverage will continue. As an adult, your child is guaranteed the option to buy additional life insurance protection at our standard age-based rates, if desired.
Once coverage begins, and as long as the premiums are paid, Gerber Life cannot cancel the insurance for any reason. Only you (or your child at age 21) can cancel the Grow-Up® Plan.
The Grow-Up® Plan accumulates cash value over time. This money is available if ever there is a need for ready cash. As an adult, your child will have the option to turn in the policy and receive the available cash value.
Yes. You can borrow from the cash value, as long as premiums are paid, or turn in the policy and receive the cash value. The interest on any policy loan will accrue daily at the rate of 8% per year as specified in the policy.
The cost of a Grow-Up® Plan varies based on the amount of coverage you choose, your child’s age at the time of your application, and the state where you live. Request a quote to receive the applicable rates for your state. Premiums quoted are our standard premiums.
No! With the Grow-Up® Plan, your premium is guaranteed to stay the same for your child’s lifetime. So, the cost-per-$1,000 of insurance actually decreases when the coverage doubles!
To apply for a Grow-Up® Plan policy for another child, a new application must be completed and submitted. You can do this by filling out the form at the bottom of this page and following the easy instructions.
Yes. A child’s parent, grandparent or permanent legal guardian may apply for the Grow-Up® Plan – a parent’s signature needed only where required by law. He or she will be the policy owner until the child reaches age 21.
You should select the state that you live in when filling out the application.
If the Insured dies by suicide within two years from the Issue Date (one year in ND), the only amount payable by Gerber Life will be the premiums paid for the policy less any debt against the policy.