Anyone who has tried the Gerber baby plan???

Question

if you have or are going through the Gerber baby grow up plan, can you tell me how it is, my sister is having a baby in december, and that actually sounds like a good idea.. or if you haven't, do you have anything else that would store money away as the baby grows up? thanks.

Answer 1

The Gerber Grow Up plan is just a life insurance policy.  If you are looking for ways to save money, that really isn't the way to do it.  Not that starting a small life insurance plan for the baby is a bad idea, but it isn't really a "savings account."

It depends on what the goals are for the money.  If the goal is to save for college, then look into a Coverdell/Education IRA or a 529 plan, where you have a lot of different investment choices (usually a variety of mutual funds).  Your sister and her husband can talk to a financial planner who can get an idea of what their goals are and help them to understand their various options.