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Question about Gerber Life Insurance??

Is it really worth paying for every month? or is a waste of time and money?? does anyone use them? Please explain as much as you can, i think i want to do this for my 1 yr old... thanks.

Public Comments

1. I think it is worth
2. A lot of people use them. It's the most expensive insurance with the least amount of payout you can get. In my professional opinion, it's a waste of money to insure the life of a child. Run the numbers - you're better off putting that monthly amount into a mutual fund until your child is 18. Then you can use it for either a funeral, under the extremely unlikely chance you'd need it, or college - which your much more likely to need. Insurance companies make a TON of money off life insurance for kids.
3. Most of the policies that are designed specifically for children are issued on a guaranteed or simplified basis. This underwriting style casts such a large net that it allows for adverse risk - driving up the overall cost. If your child is currently healthy, talk to a local independent agent about getting a fully underwritten policy. You might be surprised that you could get $25k or $50k for the same price as $5k or $10k. In my firm we have two personal stories of mentally challenged children who were not diagnosed till they were 2 or 3 (my brother and my partners son). Taking out the insurance now will allow you to know that they are covered. If you are worried more about rate of return than having insurance, there are a number of sound ways to structure an impressive plan. Talk to an independent agent or fee-only financial planner.
4. To answer your question - yes it is worth it depending on your circumstances. Taking out life insurance for your child can guarantee them life insurance protection in the future should anything happen to them. Or, should they join the military, or become disabled. Two of the leading life insurance companies providing policies for children are Gerber Life and Globe Life. Globe Life Insurance Company has more than 4.5 million policyholders. That includes adults, not just children. You can take a look at a review of these two options and what there policies include at http://www.term-life-online.com/globe-life-vs-gerber-life.html I hope that helps! Best of luck to you and your 1 yr old.