Q. What kind of insurance does the Young Adult Plan provide?
A. The policy is Whole Life insurance that builds cash value. You are the policy owner until your child becomes 21.
Q. How much coverage can you get?
A. This valuable plan protects your teen with $5,000 of whole life insurance, the kind that builds cash value. A healthy teen can get $5,000, $10,000, $15,000, $20,000. $25,000 or $30,000 of permanent whole life coverage.
Q. Who can purchase the plan?
A. Parents or grandparents can apply for this coverage for the teen in their family. The parent or grandparent will be the policy owner until the child is 21.
Q. Can Gerber Life cancel my child’s Young Adult coverage?
A. Once coverage begins and for as long as the premiums are paid, the company cannot cancel the insurance for any reason. Only you (or your child after 21) can cancel the coverage.
Q. What is cash value?
A. As the years go by, the policy accumulates cash value. This is money that is available if there is ever a need for ready cash. The interest on any loan is 8% per year.
Q. 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 turn in the policy and receive the cash value.
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 application and the state where you reside. Select your state below to view the applicable rates. Rates quoted are our standard rates.
Q. How do I apply for the Young Adult Plan?
A. Click here to request an application without cost or obligation.
Our Young Adult whole life policy is only available by phone at 1-800-704-2180. Remember, it costs nothing to apply and you have 30 days to review the policy before the first premium is due!
This policy is not available in ME, MN, NY, WI and Canada.
EXCLUSION & LIMITATION: In the event of suicide during the first two years (one year in CO, MO and ND), benefits are limited to the amount of premiums paid.