As head of the household, you want to be able to give your family everything you possibly afford. This is actually quite common. One thing that you should consider is providing your children with life insurance. Family life insurance plans for children start from a very young age and builds up over time to give them a great start with their adult lives.

Gerber is known fairly well for all the work they do to provide children with the best products possible that will help them grow up strong and healthy. This company also wants the younger generations to be able to grow up financially healthy. In this endeavor, they created the Gerber “Grow-Up Plan.” This ‘plan’ is a life insurance policy that covers them for their whole life, which is typically considered to be age one hundred. The plan not only protects your child, should something happen, but it also helps to build up a financial nest egg for their future.

The Grow-Up Plan offers coverage for your young child with benefits up to fifty thousand dollars. One of the nice benefits is that, when your child turns eighteen, the policy automatically doubles without any extra charges. In the long run, this can save your child up to sixty percent when compared to what it would cost to start a new whole life insurance policy at the age of eighteen. Even after doubling at age eighteen, there will be a multitude of opportunities for your child to increase their coverage throughout their adult years. This allows for the policy to grow with your child as they do, throughout all of the stages of their life.

Children can be enrolled in the program as young as fourteen days old and as old as fourteen years of age. Not only can parents enroll their children, but grandparents and permanent legal guardians can as well. The childhood benefits are offered at five thousand, ten thousand, fifteen thousand, twenty-five thousand, thirty-five thousand and fifty thousand dollars. The premiums are locked in at the low rates during childhood and are guaranteed to never increase. Even when the coverage doubles at age eighteen, the premium rates will not increase.

As an adult, the child can increase the coverage to up to ten times the original coverage amount. If the policyholder should change the coverage, it does affect the premium rates that they pay. The rates would change to those that are standard at the time for the child’s age. All of this is highly dependent on the premiums being paid continuously and on time. Once very nice benefit to this plan is that the child is guaranteed the right to change their policy and it is not contingent on their health, occupation, ability to get insurance elsewhere or anything else. This policy does also build up a cash value over time as long as the premiums are paid. After twenty-five years, the cash value of the policy with be at least one hundred percent, if not more, of the premiums paid.

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Category: Finances
Keywords: life insurance,term life insurance,insurance policies,exam term life