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Do I get my money back when cancelling a Gerber Life Insurance policy?

I have a 4 year old who has had a Gerber Grow Up Plan Life Insurance policy I am interested in cancelling. I think I recall when I signed up for it, I would get some, if not all my money back. Anyone know anything about this?

Public Comments

1. Look on your latest statement for an item marked "surrender value". This is the amount you'd receive if you canceled.
2. Here's the sales pitch you were given. The promise that all premiums could be refunded is based on 25 years.... Your child isn't 25. About Cash Value 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. After 25 years, the cash value is equal to or greater than 100% of premiums paid. In other words, even though the policy has provided full insurance protection and all guarantees for 25 years, your child can get back every dollar paid in premiums if the policy is turned in. Q. Can I use the cash value if I need it? A. Yes, until your child becomes the policyowner of the policy at age 21, you can borrow from the cash value or turn in the policy and receive the cash value. The interest on any policy loan will accrue daily at the rate of 8% per year.
3. After just 4 years you'd likely next nothing or next to nothing.
4. You get your cash value back, less the surrender fee. Likely, you've only been paying in four years, your surrender fee is more than the cash value. Cash value is a small percentage of your monthly premiums. Having said that, no use throwing good money after bad. Most people don't keep whole life policies longer than five years; that's about how long it takes them to figure out it's not a savings tool, or an investment tool; and it's a damned expensive death planning tool. Call Gerber. They'll tell you how much - if anything - you can get if you cancel your policy.
5. You do not get your money back. You only get cash value back. And, after only 4 years you will not have much cash value if any in the policy.