Gerber Life Grow-Up Plan Review [2023]

Life insurance is one of the best ways to protect your loved ones financially after you die, so it’s easy to see why it’s an excellent option for adults. You can also buy life insurance for children, but is it a good investment?

Gerber is a trusted name in all things baby, most famously known for its infant and toddler foods. For the last 45 years, Gerber has also offered life insurance for children. The coverage for the Gerber Life Grow-Up plan isn’t the main selling point. The plan acts as a savings account that the insured child can use when they come of age.

While Gerber life insurance for children offers quality, reliable policies, rates tend to be higher than competitors. If you’re interested in life insurance for a baby, you can read more in this Gerber Life Grow-Up plan review below. Then, compare rates with other companies to ensure you get the best policy for your needs.

What is the Gerber Life Grow-Up Plan?

The Gerber Life Grow-Up plan is whole life insurance available for children under the age of 14. Coverage ranges from $5,000 to $50,000, and Gerber promises your coverage will never decrease, and your rates won’t increase.  Since the Grow-Up plan is whole life insurance, it covers your child for the rest of their life.

When your child turns 18, the coverage on the plan doubles. That means that if you buy the maximum coverage — $50,000 — it will double to $100,000 when your child turns 18. Your rates won’t increase, and you don’t have to do anything to get it — Gerber automatically does it.

Another benefit of Gerber life insurance is that it includes a payment waiver add-on free of charge. This add-on will waive payments on the plan until the child turns 21 if the original purchaser dies or becomes disabled.

Like other permanent life insurance policies, the Grow-Up plan accumulates cash value with every payment you make. Your child can use the accumulated value in the future for whatever they’d like. College tuition or a down payment on a house are common uses.

The most common customers of the Gerber Grow-Up plan are parents or guardians, but grandparents are also welcome to buy it. This policy is available in all 50 states, and rates cost the same for boys and girls except in California and Florida.

Your child does not have to take a medical exam to qualify, meaning you can give them insurance coverage for the rest of their lives no matter what health conditions they might develop as adults.

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Can your child buy more insurance later?

Gerber provides several opportunities for your child to increase their coverage without taking a medical exam. Once your child turns 18, they become the policy owner and can purchase more coverage at specific times.

Gerber allows the new policyholder to increase coverage at the following times:

• Age 21
• Age 25
• Age 30
• Age 35
• Age 40
• Upon getting married
• When they have their own kids

Buying more coverage will increase how much they pay per month, but it’s good to know they have the option without worrying about being denied.

Gerber Grow-Up Plan Costs

Gerber isn’t the only provider of children’s life insurance, and many competitors offer cheaper coverage. Part of the reason that Gerber insurance runs so high is that the coverage doubles when your child turns 18.

To get an idea of how much the Gerber Life Grow-Up plan might cost you, check the prices below.

As you can see, Gerber’s prices tend to be higher than competitors. This is why it’s important to shop for quotes when you need insurance — you might find cheaper rates with other companies. For example, Mutual of Omaha is a popular choice for life insurance for children. Mutual of Omaha has similar coverage options at a lower price.

Does Gerber sell other types of life insurance?

Gerber sells a variety of life insurance products. While its children’s life insurance is its most popular product, it also sells adult coverage.

Adults can buy term, whole, and guaranteed life insurance. You can also purchase accident protection if you want a cheaper policy that will help your loved ones in case you die in an accident.

For children, you can buy the Gerber Life Young Adult plan. This plan works similarly to the Grow-Up plan but is available for teens aged 15 to 17.

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Does a child need life insurance?

People usually purchase life insurance to protect a spouse or partner from financial hardship after death. Life insurance is less common for children, but it’s not a bad investment. In truth, most babies don’t need life insurance. Most babies group up healthy, and parents don’t need to worry about having life insurance coverage. Life insurance plans aren’t the best savings plans, either.

One of the only unique benefits to buying your child a life insurance policy when they’re young is that it guarantees they’ll have access to coverage later in life. Additionally, the younger you buy life insurance, the cheaper your rates will be.

Gerber guarantees your child the ability to purchase more life insurance coverage until they turn 40, which is another benefit to buying coverage for your baby. Other than the benefit of being able to buy more coverage later in life, there are other options available to help you save for your baby’s future that might work better.

Gerber Life Grow-Up Plan Review

Parents have trusted Gerber with their babies since 1927. Today, the Gerber baby is synonymous with quality infant care products.

As for its Grow-Up plan, Gerber’s customer service receives high marks. Most customers have good things to say about Gerber, including how easy it is to start a life insurance policy. Gerber makes it simple to manage your policy online, and you can always call the customer service number if you run into problems.

There are some complaints about Gerber, however. For starters, many parents are surprised by the amount of cash value the policy accumulates. For example, if you buy the maximum amount of coverage, the plan would accumulate $9,420 after 25 years of payments.

Some parents expect more accumulation and are disappointed that the Grow-Up plan won’t pay for four years of university tuition. If saving for college is your goal, there are better options elsewhere.

Gerber does well with its professional ratings. For example, A.M. Best rates companies on their financial strength. The better the company is ranked, the more likely it is that it can pay your claim. Gerber receives an A, meaning the company is financially secure. The Better Business Bureau (BBB) gives Gerber an A+ for its ability to resolve customer complaints.

Find Gerber Life Insurance Rates That Work for You

Life insurance for children by Gerber can be an investment in your child’s future and one you’ll pay into for a long time. It’s important to find the right plan for your needs. The Gerber Grow-Up plan might be the best choice for your child if you’re interested in life insurance coverage for them.

There are a variety of options out there that can help you plan for your child’s future, and the Grow-Up plan is one of them. However, you should always explore your options to make sure you find the best plan for your child’s needs

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