College Savings & 529: Gerber
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Gerber Grow up Plan
Asked by T.O. from Portland
on December 14, 2010
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I am wondering if anyone has started the Gerber Grow Up plan for their children? I received some information in the mail and liked that the policy is worth something w...
Answers
- You're right. Bad idea. You'll never get out of it what you put into it. Start a 529 plan for your child. Much smarter! :-)
- We did not go with the Gerber Grow Up Plan and instead got separate Life Insurance and a 529 plan that also gains value. The life insurance policy we got is cheaper t...
- I guess I'm not very smart according to the answers below. I have bought Gerber life policies for all 4 of my girls. It is very inexpensive if you buy before their fir...
Saving for Your Toddler's College Fund! 529, Gerber Life, Etc???
Asked by J.A. from St. Louis
on February 11, 2011
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Any suggestions on what you and your family are doing?
While my parent's paid for about 60% of my college career, they hardly saved at all and left both myself and...
Answers
- Hm, no savings for kids. We own properties (one paid off) and plan on buying more as years pass. Come college time, if kids don't get scholarships then we sell a prope...
- Missouri's MOST plan is one of the top five best plans in the US. Not sure why you would look anywhere else. Oh Lola, we thought the same thing about private sch...
- Honestly your financial planner is right. There are many ways to finance a college education. You can't borrow your own retirement. While "maxing out" your retirement ...
Gerber Life Insurance/College Fund
Asked by C.S. from Milwaukee
on January 31, 2012
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Hi Mom's
Anyone have or is looking into the Gerber LI/College fund?
Opinions?
Thanks!
Answers
- Go with 529, or a state college savings plan. If they don't go to college? Cash it in. There will be a penalty, sort of like cashing in your retirement plan early...
- Better off opening a 529 than doing the Gerber thing.
- I think there are better ways to save money for your child's college. And life insurance for a child is pretty dumb in my opinion. The chances of a child dying are ver...
Gerber Life Ins
Asked by S. from Las Vegas
on October 31, 2007
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Hi, I was just wondering if any of you have signed up for the Gerber Life ins program for your litle ones. I've been getting brochures in the mail scince before my son...
Answers
- You MUST have life insurance on all of your kids until they have their own full-time employment out of your home. However, I am not familiar with the Gerber product. ...
- I have gerber life ins for both of my kids, 13 and 2. I like the program very much. It is very affordable and it gives you many options on how to pay. I would recco...
- Actually S., we did sign up in 2001 for my first born entered the world. we did it maybe a day or two after we was born. Unfortunately, we was not expecting to collect...
Gerber Insurance That Great?
Asked by N.V. from New York
on November 20, 2008
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my daughter is almost 9 months old and i was looking at the gerber things you get in the mail about life insurance for you and your partner and then the life insurance...
Answers
- Hi N., Our financial advisor (who is also my uncle) told us that you should NOT put any money into life insurance for your child. The purpose of life insurance is t...
- N., This is basically a whole life insurance policy for a baby, which is a complete waste of money (ask any honest financial planner and they'll tell you the same)....
- I agree with Lori...My mom took out the Gerber plan for my son. The $10k plan. My husband and I have our life insurance through AIG. good prices on our plans and we to...
Gerber Life Insurance?
Asked by P.B. from Grand Junction
on December 30, 2010
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I got this peice of mail the other day and it was for Gerber life insurance. No idea what that is? I called and asked how things work with that but I am not, in my com...
Answers
- I think Gerber Life Insurance is a great investment. It has been around for years, my parents had one on me. It is cheap and once they are 21 they can cash in on the ...
- Toss it. It's a scam. Not wise financially. Open a savings account or a 529 plan for each of your kids. It's a scam because what it's worth when you die is way m...
- My Grandmother has a policy for every Grandchild and Great Grandchild. I think it goes like this...You choose the amount you want for coverage and if (knock on wood) y...
Anyone Know Anything About the Gerber Life Grow-Up Plan??
Asked by J.L. from Chicago
on May 25, 2008
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I have three kids and just got a brochure on the Gerber Life Grow Up Plan in the mail. My husband is a teacher and I am a SAHM and would like some sense of security f...
Answers
- J., We have the Gerber Life insurance plan for our son and we have found it to be pretty reasonable. We will start one for our daughter when she is born. It is paid...
- Hi J., My understanding is life insurance is for the living that would be out of luck if you died. The kids are not financially supporting anyone, therefore I don't...
- Check with your auto or health insurance rep. You can get more and better for less!!! They can help you so much in planning or even your financial advisor can help...
Anyone Have Advice on Saving for Children's College? 529 Plans?
Asked by R.L. from Dallas
on July 7, 2007
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Looking for information on saving for children's college. Family gives money for kids birthdays and Christmas and I want to start something just not sure where to beg...
Answers
- I've been out of town and haven't read my daily mama source emails...sorry. We've been looking into college savings plans a lot lately and my brother was able to h...
- These are all good suggestions. R., I'd be interested in learning what you and yours decided on. We just had our son in December. I feel it is never to ear...
- The tax rules are changing dramatically for UGMA's with the 2008 tax year and they no longer hold the benefit they once held. Because they provided such a great loopho...
Gerber Life Insurance
Asked by T.J. from Seattle
on June 15, 2010
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My stepmom has offered to pay for life insurance for my two daughters. When she sent me the paperwork to sign she listed herself as the beneficiary! Is that weird that...
Answers
- Totally weird. That's going to be a hard one to approach, but maybe you can talk to her about these things?
- We have gerber life insurance for our children. Just a heads up here the policy is pretty much just enough to pay for a funeral. Have you discussed this with her? ...
- Generally speaking, it's not a great idea to insure a liability. You should only insure assets (house, car, people who earn an income or take care of the kids). As odd...
Saving for Education
Asked by A.W. from San Francisco
on April 4, 2008
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I am wanting to open up an education account for my 7mos old and wondering if 529 is really the best way to go. I also want something that is a liquid asset so I plan ...
Answers
- A 529 plan is a real blessing, but it is meant for college or post secondary education only. This is the way it works...you put in money and it grows tax free. You c...
- Hi A., Our accountant set up 529 accounts for our kids. We contributed for one year. They continue to perform quite well. However... There will always be someone (...
- The great thing about the 529 is that you can use it for anything education related, not just college. If you decide your kid should go to a private school, you can wi...
