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The Grow-Up® Plan

Answers to frequently asked questions

About Coverage

Q. What kind of insurance does the Grow-Up® Plan provide?
A. 

The policy is whole life insurance for a child that builds cash value. You are the policy owner until your child reaches age 21. At that time, he or she becomes the policy owner.

Q. Is my child required to buy additional insurance?
A. 

No. The basic whole life insurance continues as long as premiums are paid. The options to buy more life insurance protection are guaranteed, but they do not need be used.

Q. Can Gerber Life cancel my child’s Grow-Up® coverage?
A. 

Once valid coverage begins and as long as the premiums are paid, the company cannot cancel the insurance for any reason. Only you (or your child at age 21) can cancel the coverage.

About Cash Value

Q. What is Cash Value?
A. 

As years go by, the policy accumulates cash value. 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.

Q. Can I use the Cash Value if I need it?
A. 

Yes. Until your child becomes the policy owner at age 21, 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.

About Premiums

Q. How much will the premiums be?
A. 

The cost of the insurance 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. Use the quote tool at right to review the applicable rates for your state. Premiums quoted are our standard premiums.

Q. When the coverage doubles on the policy anniversary date during age 18, will the premium double too?
A. 

No! The premium is guaranteed to stay the same for your child’s lifetime. So, the cost-per-$1,000 of insurance actually goes down when the coverage doubles!

Eligibility and Application

Q. I already have a Grow-Up® policy for an older child but I would like to add another child. How do I do that?
A. 

To apply for a policy for another child, a new application must be filled out and submitted. You can do this by selecting your location above and following the easy instructions.

Q. Can a grandparent apply for the Grow-Up® Plan?
A. 

Yes. A child’s parent, grandparent or permanent legal guardian may apply – parent's signature needed only where required by law. He or she will be the policy owner until the child reaches age 21.

Q. My grandchild lives in a different state than I. When filling out the application, which state do I choose – my grandchild’s or mine?
A. 

You should select the state that you live in when filling out the application.

Q. Are there any policy limitations?
A. 

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.

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The Grow-Up Plan
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