I've been getting info in the mail about Gerber life insurance. It sounds like a good deal. It's $10 a month for the plan I would get. I can cash in the policy and get money after a year if need be. When Josh turns 21 he can turn it in and get $30,000 if he wanted to. I think it's a really good idea because I've tried saving money for him and it just doesn't work. This way I figured would make me do it.
So I was wondering if any of you have done this? Do you have to mail the money in? Or can you pay online or from your bank?
Even if you don't have a policy....do you think it's a good idea? Would you do it?
life insurance
You are here
Thu, 2004-08-19 02:17
#1
life insurance
I don't think I'd do the Gerber insurance plan, honestly. You can get life insurance through a legit insurance place for less.
I got a plan for myself and Tavin when I was 20...I pay $20.49 total each month. I pay $15.49/month for a $100,000 term life insurance policy for myself, and $5/month for $10,000 for Tavin (this same $5/month will cover ALL children I have in the future, no extra money has to be paid and there will be $10,000 for each child). I go through American Family Insurance and they have been really great. I get it deducted from my bank account automatically each month (you can send payments in, too, if you want).
Either way, I would suggest going to a couple of insurance brokers in your city and seeing what kind of plan they can offer you to cover your family. Usually for young people in good health that are non-smokers, the plans are around $20-$30, at least from what I've found.
The plan Eriks is describing is TERM , the plan you are describing through GERBER is WHOLE. Gerber can be cashed out, other's can't, they are like auto insurance, after 15 years or so, you need to renew at a higher rate because you are older.
The gerber plan sounds good to me, but someone from Primerica told me the only people who believe in those plans are insurance salespeople.
check out upromise.com for info on an easy way to save for college.
I have the Gerber policy for my son, too. I pay $11 something a month.