Is Gerber Life Insurance Legitimate?

Question

I was thinking about getting Gerber Life Insurance for my 5month old. I just wanted to know is it something that I should look into? Or should I just open a bank account that he can't touch until he's a certain age? I want to be able to have access to the money if, god forbid, anything was to happen.. like emergency room visits, or unexpected accidents as such.

Answer 1

I agreed with all of these people about why would my baby need life insurance until taking my son to preschool at age 3 and the director stopping me at the door telling us that his best friend had died that morning.. It really made me think about things.. I do have the gerber policy for my son and if we decide we want to cancel we get everything we've paid into it back and when he is 18 he can cancel the policy and use the money for school or he can continue the policy for his adulthood.  

Answer 2

Get a regular life insurance and a education insurance in a bank, is a better idea.

And also open the bank account.

Good Luck

Answer 3

Actually life insurance for a baby is highly unneccassary. It would be better to save the money in some sort of high yeilding long term savings account like a 529 college savings account or IRA.

The chance of your baby dying and you needing the insurance money is very low. Life insurance is really for the purpose of losing income should someone die. Unless your baby is paying your bills it really makes no sense to insure them. Ask yourself what finanicial hardship it would cause if baby were to pass away (God forbid).

If baby were to have an unexpected accident like you mentioned then you would not have access to that money. You would do better to make sure you and your husband both have good life insurance and save the rest. Talk to a financial advisor and not an insurance salesman.

Answer 4

Gerber Life Insurance is a legitimate life insurance company and they sell legitimate life insurance products.  

If you are just looking to save money for emergencies and college savings then life insurance is not the most efficient way to do that since you have to pay for the death benefit coverage.  You should look into a 529 college savings plan, Coverdell IRA, Roth IRA, and just your general family savings to cover the costs you describe above for children.  You should just have good health insurance and a family emergency fund to cover emergency room visits and unexpected accidents.  

I always recommend that new parents make sure they have life insurance on themselves as the top priority since your kid will be much harder off financially if something happens to you versus the other way around.  Your losses will be mostly emotional if your child dies since they don't work.  If you still want to have some life insurance on your child most life insurance companies offer a child rider that you can tack on to your policy for a few bucks per month.  

Answer 5

Life insurance is for after you die. Not much good in case of emergency.

Get a 529 college savings plan opened for your child. Get normal health insurance for normal injuries. Children even qualify for coverage through your state if your employer doesn't offer health insurance.

Answer 6

I was going to get Gerber life insurance once ( we have 7 kids) but I took a course calls Financial Peace University  it explained me that kids don't need  life insurance because they don't pay any bills or your household won't have any loss of wages if something is to happened, God forbid. I believe we should have an emergency fund available for EMERGENCIES ONLY at least 3 months of your bill pay that is if you make more then 50,000 a year if not at least a month of your expences shuold be in the bank or "emergency funs save" You can start with 1,000 and keep saving as you go up. Schedule a goal to be debt free and the saved money will provide you and your family a security blanket where you will know you can live a least three months out of work or paying bills if something is to happened. It's good to plan ahead but trust me if you have money put aside for those emergencies they won't look like emergencies anymore because you'll be cover. Look up online Financial Peace University By Dave Ramsey and buy that is 50.00 per person but it will teach you a lot. Hope this helps. Be bless in Jesus name.

Answer 7

The Gerber deal is a life insurance policy, which means that it is around in case your son should die. When they say he can take the money out at a certain age, that is only the money that you have paid in, which would make it like putting that money in a savings account (except you get interest in a savings account).

I've looked it up and it really isn't worth the trouble. Besides you have until he is 10 to decide on this deal while the monthly payments stay the same as if you got it for him now.