Is the Grow-Up Plan for Everyone?
Gerber Life is a company which offers families of all sizes options for future planning through life insurance. One option they offer is a plan that grows with your child. What better way to safeguard your child’s future than through a plan which begins at birth? At a time when you’re celebrating a new addition to your family, you can also be increasing your financial security.
What is It?
The Grow Up Plan is a life insurance policy purchased when you child is still a baby, which increases in value as your child ages. Once your child is 21, the policy is transferred into their name allowing them the ability to manage the terms of the policy by themselves. Included is the capability to increase coverage at current market prices or leave the coverage where it is with no monthly increase. The freedom of choice is one of the many benefits to this plan.
Who Can Purchase
Parents aren’t the only people with the ability to purchase a policy in their child’s name. Grandparents have the opportunity to invest for their grandchildren. A life insurance policy may not be the ideal birthday present to a one year old, but a solid financial asset will be to the 21 year old who is handed the policy in their name. Due to the economic crisis of the past few years, purchasing children Gerber insurance is a better investment than savings bonds. The days of receiving a cool piece of paper which was worth its value in seven years may be over, but not the days of holding financial security in your hands at 21.
The versatility of the coverage options is what makes the Grow Up policy an appealing option. Coverage starts as low as $1,000 and goes up to $50,000, and the premiums stay the same. Even when the coverage is transferred to the child, the monthly bill stays the same. This feature alone makes this a worth while contender when trying to decide what avenues to maximize your financial contributions for the future. Investment payments whose amount don’t depend on market value or stability are few and far between.
Another feature which makes this plan a contender is the wonderful bonus it offers. The amount of coverage doubles when the child turns 18, while keeping the same premium price. How many other investment opportunities provide that? The increase is guaranteed in your policy. It’s not based on market values or the status of the country’s economy; it only requires that monthly payments are made on time. So pay your bill on time and when your child turns 18 their coverage will double; pretty straight forward.
Financial Safety Net
As the policy increases in value there’s the ability to borrow against it when financial trouble arises. Having access to your investment when unexpected financial issues arise is crucial. Nothing is more frustrating than having a large sum of money that you cannot use when you need it. There’s also the benefit of cashing out the policy. Sometimes life becomes rougher than we can handle financially. Cashing out the policy may be just the money a family needs to make it through those times. This safety net is also available to the child once coverage is passed on to them. Financial security is something every parent wants to provide for their children, and with Gerber Life it’s possible.
A Grow Up Plan provides the benefits of life insurance at a fraction of the cost. Utilizing the ability to make endowment payments over a long period of time, make the monthly cost minimal. Unlike trying to save a large sum of money by putting aside a set amount each month, paying into a policy grows your monthly investment, yielding a higher provision amount in the end. Who doesn’t want something this secure for their child or grandchild? Having the security of knowing if anything was to happen to your child, the money is there to cover the expenses, is more than any thrift savings plan can offer. This isn’t just an investment option it’s peace of mind.
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