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I want to get life insurance for my baby (Gerber Life)...i have some questions though.?

If I ever needed to cancel or wanted to stop paying...is that possible? Without getting fined? Would you recommend the whole family being on the same life insurance plan...if possible? thanks for your help!

Public Comments

1. There is no fine for stopping it .. My mom had the Gerber life insurance for ME. She stopped paying when I was 10 or so .. No consequences :)
2. www.gerberlife.com. I think you can get insurance plans for the whole family... I would go with that.
3. Oh god no! Not Gerber!!!!!! LOL Please, do yourself a favor and look into Primerica Life Insurance. It is term insurance and we offer a lot more perks than most term companies do, plus it's just better all around. My friend has Gerber Life on her son and when I looked at the policy I was totally appalled. I tried to get er to change it but she was very close minded about it. Get the whole family on the same plan and feel confident that Primerica cares about your famiy, not the sale. www.primerica.com Generally though there are no charges or fines to cancel term insurance plans.
4. I apologize - I don't know the specifics of the plan. You will need to check the fine print in the latest, most up-to-date materials they are sending you. As far as life insurance for babies, only the people who sell the policies recommend it. Here are sources that suggest that it's a poor investment. After all, insurance is designed to help families succeed when sources of income are lost and babies rarely work (with the occasional model notwithstanding)... and the cash value is minimal compared to investing, even in low-yield funds.
5. Life insurance is a good idea for all members of the family, and I definetly would advise having everyone with the same company. It will be a lot easier to pay that way. I had never thought about getting life insurance on my kids until my sister's 10 month old baby died and she didn't have any on him. It was rough for her trying to cope with his death and the cost of the funeral and burial and headstone....etc. As for the company, I'd steer clear of Gerber. I've never dealt with them myself but my best friend is having to deal with them right now. Her daughter died 3 weeks ago and they aren't wanting to pay. She'd had the insurance on her since she was born and she was 3, almost 4. She died in a tornado by the way, so there was no pre-existing medical condition or anything, they are just being jerks about it. Luckily for her the Red Cross paid for her funeral, but she is still entitled to the insurance she has been paying for. She lost her home and her daughter, now her and her son have nothing and the jerks at Gerber won't even reply to her messages. So yeah, I'm not a big fan of Gerber at all! Check with the company you have car insurance with, some of them offer life insurance as well. State Farm, for instance, is where my vehicles are insured through, and I get a discount on our life insurance for using them for that too. If I wanted to cancel I'd just have to let them know and they'd stop charging me for it. Really simple, pay all insurance with one check :)
6. No penalties for canceling the policy. You just won't have life insurance anymore and they will give you whatever cash value has accumulated. I would suggest that you and your spouse need life insurance before your baby does. If the wage earner dies in your family then the baby can't get a job and make up for the lost income. If the baby dies there would be some funeral expenses, but you don't rely on the baby financially so life insurance is not as important. The loss from the death of a child is usually 99.9% emotional and only 0.1% financial in most cases. I would recommend that you and your spouse get an appropriate amount of life insurance on yourselves as a top priority and then if you still want to buy some insurance on your baby, most life insurance companies offer a child rider that you can tack on to your policy that will cover all of your children for small amount per month. If you want to do that, just make sure the policy you buy for yourself offers what is commonly referred to as a "child insurance rider".
7. Why do you think that you need life insurance for your baby? The primary reason to purchase life insurance is if someone depends on the insured and would be put in bad financial shape if they were to pass away. Your baby does not provide any kind of financial support for you (unless you have a child that is in TV commercials or something!). It would be a much better use of your money to increase the life insurance coverage that you as the mother have. Why? Because your baby very much depends on you for support and would be put in potentially bad financial shape if you were to pass away. Here is some more information on finding the best life insurance policy: