Question

Does anyone do Gerber life Insurance for your kids. We got it when my daughter was born and have been paying 14. 03 a month for last 9 yrs. Just wondering if it's really worth keeping. Has anyone used it or had any issues?  

Answer 1

Its something. Personally, its better to get a permanent policy for a child. One that you only pay for a period of time and than you own policy. These types of policies are called whole life and usually have the option to pay for 15 or 20 years depending on who its through.  

Answer 2

To add a permanent policy usually comes with the option to purchase additional policies down the road regards of health issues.  

Answer 3

I had the option to add my child to my term life insurance for a few bucks more and it covered $10k. I don’t know if that’s a better option for you, but something to look into!  

Answer 4

My mom got a gerber policy for my son before I got myself life insurance and. for double the coverage for both my children I pay a quarter what my mom does for the rider on my life insurance.  

Answer 5

No. Can someone tell me why whole life insurance is necessary for a child? I have been told these are a waste by more than one financial advisor. Personally we’ve opted for a custodial account with vanguard, an Emergency fund (medical/funeral expenses) and a 529.  

Comments

@murdoch whole life policies in general are a rip off- doesn’t matter if it’s for a kid or and adult. Adding your child to your term policy is a much better option and usually way cheaper.  

Answer 6

There are lots of different schools of thought on this. A planner we met with shared a personal anecdote about how his own daughter was diagnosed with lupus at a young age and how a life insurance policy that he and his wife purchased for her before her diagnosis is the only one for which she qualifies. She is unable to obtain more because of this previously existing condition. He said that they were glad that they purchased this for her. Based on this story, we purchased a small policy for our child. He has the option to take it over and add to or cancel, as he sees fit, when he is older.  

Answer 7

I have one for all 6 of my kids, ya never know if you will need it! And it doubles for free at age 20

Answer 8

I have a small one on both my kids

Answer 9

I purchased one for my son, he is two now. Honestly never know when you need it, life is so unpredictable. Due to the low cost, my opinion will always be better to over insured then under.  

Answer 10

I cashed both of my kids’ policies in last year. Not worth it.  

Comments

@kavanagh14 do you get money back?  

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@banquet6278 I did.  

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@kavanagh14 I have the option when she turns 18. But I’m wondering should I do the same since she is on my life insurance at work and adding life insurance through my car insurance and/or credit union.  

Answer 11

I don't get why you'd have a life insurance policy on a child? To simply pay for funeral expenses? The child has no bills or debt for the policy to pay off after death.  

Comments

@rameses getting life insurance when kids are young allows them great coverage without a medical exam (18). Also the rates lock in low.  

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And they keep coverage even if they get sick

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@rieger1620 oooh okay so its basically just starting it for them, before any potential illnesses (that would not qualify them later in life), and then they take over the payments as their own policy once they're adults?  

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@rameses yes they can take over the payments. Our is so cheap that I plan to pay for it until they graduate from college and get a good job.  

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@rieger1620 ahhh ok thank you!  

Answer 12

I have it on both my kids because you never know what could happen. I have $10, 000 for each just to cover a funeral.