J.K. asks from Haslet, TX on February 26, 2007
Do You Have Gerber Life Insurance
I don't know if I should get Gerber Life Insurance for my 2 year old. My father has one policy for her (he gets one for all the grandkids) but he's 69 now, and I don't know if he'll have it forever. I don't know if I should get one too.
I have a nephew that's 11 - and he's now diabetic, and uninsurable, so that's really got me thinking.
Does anyone have it and/or have any experience with it??
2 moms found this helpful
So What Happened?™
THANKS for all the great information and responses!! I called left a message with my investment broker, and we'll look into the best options OTHER than Gerber!! I really appreciate it. I HATE thinking about insurance for my baby.
D.G. answers from Nashville on February 26, 2007
Not worth much- go term!It's a better deal w/ better outcome. Go to www.daveramsey.com to get more info.
H.H. answers from Dallas on February 26, 2007
Get a term policy. Usually you can get a rider on your own policy. Dve Ramsey has a lot of info out about what type to get.
Term is for sure the best, and the cheapest.
1 mom found this helpful
D.F. answers from Dallas on February 27, 2007
Dave Ramsey is a financial guy on KLIF 570 AM, M-F, 1-4pm. He calls the Gerber policies "crap" (pardon my crude language). He says the rate of return on Mutual Funds investment is much higher, so if you want to put away money for your kids, invest it in mutual funds. You can always pull it out if there is an emergency, and your money will be earning a lot more interest.
T.O. answers from Dallas on February 26, 2007
I agree with Darla, go Term Life, it's a better deal. Not sure if you could go Whole Life, but if you want to create an investment and not just coverage, you might look into it. Tons of options out there for getting quotes and you've gotten two already. If you need another let me know, my friend sells life insurance too.
G.R. answers from Dallas on February 26, 2007
I have gerber life insurance policies on both my girls. They are good policies that grow with the kids and they are very affordable. I think it is well worth it. For both my girls I pay 17.00 a month. My husband and I have policies as well.
L.K. answers from Odessa on February 27, 2007
D.H. answers from Dallas on February 27, 2007
Do you listen to Dave Ramsey on the radio? He advises people on money matters... and he says that this Gerber life insurance is a total rip-off. If you guys have some other policy you should check to see if you can get a ride-along policy for your child, if you think you need one. The only reason that people get life insurance for children is to cover burial expenses, and there are other ways to do that than the Gerber policy. And as far as life insurance goes, always buy TERM life, NEVER buy "whole life" policies. If you need life insurance, buy life insurance (term) at the lowest possible rate available. If you need investments, invest in the best possible funds. Whole-life policies - such as the Gerber product - are a poor life insurance product combined with a poor investment product. My 2 cents; I was licensed to sell life insurance years ago, I am not currently, and all matters such as this should be discussed with a qualified financial advisor that is not trying to sell you a particular product. Hope that helps.
Q.J. answers from Dallas on March 01, 2007
I have it for my son. It is very easy to sign your child up for it, plus if you child was it develop something when she got older she would still be covered.
P.P. answers from Dallas on February 27, 2007
You can spend a little more and get a permanent insurance policy. Call an independent Insurance Agent. Tell the agent that you would like to shop plans like the Gerber plans, but also a permanent policy that will last forever, and build a cash value. Be worth something. The term policies like Gerber don't build a cash value. They only pay if your child was to die. A permanent policy will start him saving for retirement.
I used to work with Insurance.
Their is a lady from my church that sells insurance, and retirement products.
Susan Bunch ###-###-####