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Is Gerber Life Insurance for a child a good thing?

What is the point in buying a baby life insurance. Isn't it better to invest the money for the child and let them have access to it whenever you think the child is ready? Has anyone ever made use of the plan?

Public Comments

1. There is really no point in it at all. It's a waste of money. Everything I receive in the mail talks about money they could get for college when the truth is, if you start saving money now and putting it in a savings account for your child you will earn just as much, if not more, in interest.
2. The only good thing about Gerber is that you can buy it before the child is born, so if they happen to be born with something that would otherwise render them un-insurable, they are insured, no questions asked. I also think that they can increase the insurance a bit when they turn 25 without having to prove insurability...which is great again if they were born with something that would otherwise render them un-insurable. (if they were born with anything like a heart defect, cystic fibrosis, spina bifida, or anything like that and they were insured before being born, then they are all set for at least some form of life insurance.) Personally, I am not getting Gerber for my baby. If you want a REALLY cool lesson in life insurance in general drop me an email and I'll reveal to you something pretty shocking. I'll also tell you a little bit about my insurance.
3. I use them for my son. :) Figured better safe then sorry about insurability. Edited to add it can not be bought before the baby is born, the baby has to be 14 days old to apply.
4. I signed up recently for my two children. My daughter is just under 2 years old and my son is 10 months old. I like it because it locks in a specific rate that should not change or go up ever. The earlier you sign up for it, the cheaper the plan is. The difference between this life insurance plan and others is that you can borrow money towards it, should something happen and you need money for financial reasons. I am paying $7 per month and it's really nothing when you think of the cost you are putting towards it. When the kids become of age, they will get $10 k at 21 and if they wait until 28, which I doubt it, they could get much more. I just took out the minimal plan so that someday they can use it to pay for their wedding or as a loan toward starting their future somehow. I think for the low rate it is worth the price. However, every insurance has 'clauses' and small print. And if you sign up for it in the mail, they will then send you the starting packet which will explain the terms and conditions for the plan. At that point you can agree to do it or if you read over it and don't like something, you just write cancel and don't have to do anything. A lot of people will try to dissuade you towards doing a savings plan or insurance plan for your children, but in my opinion $7 is really nothing per month and I just think of it as pocket change that I otherwise would have spent on something unimportant. This is made to last and is investing in the future. It is thinking ahead to the time when my son or daughter will be in need of a loan to put a down payment on their first house, vehicle, trip abroad, or whatever else. It also is an asset and security to them, should something happen to mom or dad and it would give them something if we don't have much to leave behind. I think this insurance is not for everybody but it is a great option for parents who can't afford a lot or who are single incomes. It gives some kind of hope that your kids will have the things they need. Gerber is not a scam. It's a highly respected company that has been around forever and as you know most of the baby products you buy are from Gerber. If it were any other insurance company, I wouldn't have considered it but this is specifically designed for parents who think of their kids best interest and needs. Lastly, I did the simple math. By the time my kids reach 21 I will have paid a total of $1,760 for the low monthly plan and for it to mature to a value of $10 k for each is really a lot more than I actually put into it! It's just common sense. Savings and thrift plans as well as CDs and other type of investments are great but I don't know many people who are able to affordably stick to those plans, though they would probably do just as well in other means. When it comes down to payday its always easy to use the money on something else instead. Thats why I chose this plan and I know that no matter what happens in the future, I can always come up with the change of $7 towards their future...