When you purchase the Gerber Life Grow-Up® Plan1 for your child or grandchild, you’re not only helping to protect your child but also helping to build a nest egg for the future.
You already may know that the benefits of the Grow-Up® Plan include child-size premiums, coverage that doubles automatically during age 18 and the guarantee that your child can continue to have whole life insurance coverage as an adult, no matter his or her health, hobby or occupation.
In addition to these great features, the policy also accumulates cash value, as long as premiums are paid. In case you aren’t familiar with what cash value is and how it can be beneficial for you and your child, we’ve answered some frequently asked questions:
Over time the Grow-Up® Plan builds cash value. The amount of cash value that accumulates depends on how long you have owned the policy, the face amount of the policy and if your payment of premiums are up to date. The longer you own the policy, the more cash value you build.
The cash value of your policy can be used in a number of different ways, including that you can borrow against the cash value by taking a policy loan.² Should you decide to surrender your policy, you will receive the available cash value.
To keep up-to-date on the amount of cash value of your Grow-Up Plan®, you can call the Gerber Life customer service team. They can be reached atMonday through Friday from 8 a.m. to 7 p.m., and Saturday from 9 a.m. to 5 p.m. (EST).
1 Policy Form ICC12-GPP, Policy Form Series GPP-12
2 Policy loan interest rate is 8%