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What do you think about the Gerber Life Insurance?

Just wondering what your thoughts and/or experiences are with the Gerber Insurance program... it looks good on paper, but who knows for real! THANKS! :-) PS - does it do anything for college? I mean, what is the benefit to this insurance... how does it work? Thanks!

Public Comments

1. It's a valid, A rated company, that sells an extremely expensive, unneeded product, to people who don't do the math. It's a LIFE policy, the main goal, is to payout for a funeral, if your child dies. The likelihood of that is extremely slim. It's generally sold, as a "savings account" for college. BUT, people don't look at how much it COSTS to save. Effectively, for every $1 you pay in, it saves $.10, and if the child dies, the insurance company keeps the 'savings'. If you take out the savings, it cancels the policy. So the point of it is, it makes a TON of money for Gerber, and most people let the policy cancel after about five years, and they finally think about the math.
2. Gerber's insurance is really, really expensive. There are better priced options.As far as the insurance, you would be better off adding your child onto your policy if you have one. The Child Rider on most life policies cost very little. If not, get a policy on yourself today! We don't know what tomorrow holds.. or the rest of today for that matter. I'm not very familiar with their savings account for college, but I'm betting you would be better off putting money in a savings account. Many banks, credit unions, and investment firms offer good college funding options that will serve you much better. I personally have four children and have a rider on my policy. Being a Broker, I have seen situations where a policy would have been a big help in a horrible situation. The money isn't intended to ease the pain of a terrible loss; it's there to help ease a financial burden and add a buffer for loss of income while learning to cope with a parent's worst nightmare. What would be worse than knowing you have this situation to deal with and no financial means to honor your child, and can't afford to take time off from work to grieve? I pray we never know that feeling, but the truth is, it happens to parents every day of every year. If you have a life policy on yourself, add the Child Rider. If you have the financial means to go through a situation without the need of the extra funds, still add the rider. You can always start a fund or make a donation to honor your child. What a great way to remember your child by helping other children. Who knows, it may be all the difference in some else's life.
3. Gerber Life Insurance is a legitimate life insurance company and they sell legitimate life insurance products. If you are just looking to save money for college then life insurance is not the most efficient way to do that since you have to pay for the death benefit coverage. You should look into a 529 college savings plan, Coverdell IRA, Roth IRA, and just your general family savings for college costs. I always recommend that new parents make sure they have life insurance on themselves as the top priority since your kid will be much harder off financially if something happens to you versus the other way around. Your losses will be mostly emotional if your child dies since they don't work. If you still want to have some life insurance on your child most life insurance companies offer a child rider that you can tack on to your policy for a few bucks per month.