Is Gerber Life Insurance for a child a good thing?

Question

What is the point in buying a baby life insurance. Isn't it better to invest the money for the child and let them have access to it whenever you think the child is ready?

Answer 1

yes, life insurance is always a bad idea for dependents. it's practically a scam. save the money, send the kid to school.

Answer 2

You can get a rider on your life insurance for your child.  You only need enough to bury them.  You do not rely on them for income, so you don't buy life insurance on them.  If you did, you would not buy WHOLE LIFE.  

Don't invest in your child's future by buying life insurance.  Instead, invest in investment vehicles.  Put money into a 529 as early as possible and contribute to it regularly.

Let Gerber stick to baby food, not life insurance.  Would you buy your car insurance from McDonalds?

Answer 3

Just get a rider on YOUR policy. You only need enough for burial costs. If you look at the amount the policy would be worth at age 21 versus how much you've paid in.....you definitely wouldn't buy it. If you want to earn them some money, take $15 a month and put it into a mutul fund. You'll have a lot more money than this Gerber policy will be worth.

Answer 4

You are assuming that the child will live a normal life.  I'm not going to recommend Gerber Life, I think it is way overpriced.  But, life insurance on a child is the responsible thing to do.  

If the child should, heaven forbid, die or be killed, most parents don't have the available funds to pay for a simple funeral.  If there is a long illness or hospitalization first, any funds that a parent does have can easily be exhausted.

If the child develops a lifelong disease, such as diabetes, you are insuring their insurability for life.

Answer 5

The only time Gerber life insurance is a good idea is if you feel your child may have trouble getting life insurance when they get older. It's not a bad idea to have some life insurance on all of your dependents, but you certainly don't need huge amounts of it.

Gerber is actually a reputable company and, if you need a whole life policy that is affordable and dependable, then they are a good bet.