From the minute your little one was born, you’ve had larger-than-life plans for baby. If a college education is part of that plan, now is a great time to learn the ins and outs of the Gerber Life College Plan. Here’s why:
Family protection today, a financial head start for tomorrow
The Gerber Life College Plan is an individual endowment policy that provides adult life insurance coverage for parents for a specified period of time chosen by you – between 10 and 20 years. At the end of that term, you’ll receive a guaranteed payout for your child. You can use the money to cover your child’s college expenses or anything else that your child needs on his or her path to financial independence.
Should the unthinkable happen to you before the policy matures, the full benefit amount will be paid to your child or other beneficiary. You’ll gain peace of mind, knowing that your family has the financial protection of adult life insurance while your child is young, as well as a nest egg for your child’s future.
Greater financial security with a guaranteed payout
The money in your College Plan policy will grow over time, with each premium payment. When you’ve made all premium payments and the coverage term comes to a close, you will receive the guaranteed payout – which can go a long way in helping your child beat the rising debt that many young people take on after high school or college.
With whatever payout amount you choose – ranging from $10,000 to $150,000 – you’ll be able to give your child a head start, according to what you can afford.
Changes in the economy won’t affect the payout amount.
Another great benefit is that your College Plan will not be affected by the fluctuations in the stock market, as can be the case with some other ways to prepare for college expenses. You know exactly how much you will have at maturity, as long as all premiums are paid.
Flexibility for your child
The Gerber Life College Plan differs from a 529 Plan or an educational IRA in that there are no restrictions regarding how to use the payout money. Your child could use it to pay for tuition, or to start a business, or for a down payment on a home – the possibilities are endless. That can be an important consideration, since your child’s needs in 10 or 20 years may be different than what you imagine for your child now – and that’s okay.
Whatever path your child decides to take, you’ll be helping to provide a head start for your son or daughter to enter the working world.
The sooner you start, the better
Because the accumulated value of a Gerber Life College Plan grows over time with each premium payment, it pays to think ahead. The sooner you apply for a policy, the more time that you will have to reach your desired payout amount, and therefore the smaller the amount of your monthly premium payment.
Getting a College Plan now can secure life insurance coverage for you and a guaranteed payout for your child later.
We’re happy to help you determine if the College Plan is right for your family. Call us at 1‑866‑503‑4487 to speak with a helpful Gerber Life representative, and you’ll be on your way to a better tomorrow, today.