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Gerber Life College Plan

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Gerber Life College Plan
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Gerber Life College Plan
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Videos about the
Gerber Life College Plan

Why Start Saving So Early?
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How Much To Get Started?
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What Can You Use The Money For?
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Why A College Plan Plus Life Insurance?
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Parents College Round Table
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What's Different About The Gerber Life College Plan?
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Comparing Ways to Save for College

When it comes to saving for college, it's important to choose the method that's right for you. With so many ways to save for college — how can you be sure you're choosing the right one? This college plan comparison will help you weigh your options.

Gerber Life
College Plan
Bank Savings
Account
529
Plan1
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No Stock Market Risk ü ü
Life Insurance Benefit ü
Use of Money not Limited
to Just College Expenses
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Tax-Deductible Contributions ü
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Click to see a full chart
  • Traditional bank savings accounts are a safe way to save for college — or anything else — so long as you don't tap the accounts for other expenses. While they are very safe, interest rates on traditional savings accounts tend to be very low, so it can be hard to build wealth beyond what you're saving.

    Assets grown through traditional bank savings accounts are taxed.

  • Coverdell ESA savings accounts allow you to save up to $2,000 a year per child, tax-free. The money can be used to fund college education, as well as other K-12 educational expenses. All contributions to ESA accounts must be made before the beneficiary reaches age 18. The funds must be used by the time the beneficiary is 30. Funds saved through an ESA don't have to be used for college.

  • 529 Plans are tax-free savings plans designed specifically for savings for college. Although 529 Plans are tax-free, account holders can incur penalties upon withdrawing funds, or upon claiming education-related tax credits, such as the Hope, American Opportunity of Lifetime Learning credit. When considering a 529 plan, it's important to talk to a tax professional to ensure that you'll get the maximum tax benefit.

    If you choose to invest your 529 Plan in stock, you may have greater growth potential, but also greater risk, depending on the fluctuations of the stock market.

  • Stocks and mutual funds can be a more aggressive way to saving for college, but offer no guaranteed returns. Stocks and mutual funds can increase at a higher rate, resulting in a higher payout, but, again, there's risk. Additionally, investing in stocks and mutual funds require a more in-depth knowledge of financial markets, as well as keeping up with market fluctuations.

  • Unlike other options which vary due to economic climate, the Gerber Life College Plan is economy-proof. The Gerber Life College Plan grows steadily over time. This makes the Gerber Life College Plan an ideal solution for families who are risk-adverse, are able to start early, and who want the benefit and security of adult life insurance protection.

    Money earned through the Gerber Life College Plan is taxable. When your policy reaches maturity, between 10 to 20 years, depending on your policy, there's flexibility to use the money for anything you want. So your child or grandchild could use the money to start a business, for a down payment on a house, or for whatever his or her future may hold.

  • Compare your options and decide what's important to you. Are you comfortable with risk or do you want something that is guaranteed? Would you rather know exactly how much you'll have when it's time for college or are you comfortable with not knowing? Do you want tax advantages or is that not a concern to you? Would you rather have flexibility to use the money you save for anything or be limited to using just for college?

    Whatever you decide, remember the sooner you start to save, the better.