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Grow up plan gerber life10/7/2023 ![]() Maximum Lifetime CoverageĪny one policy has a maximum total amount of $500,000, which includes all Guaranteed Purchase Options being exercised. You can elect the PPO for an additional cost. If the owner of the policy is disabled before the child reaches age 21, the Payment Protection Option (PPO) will cover all insurance premiums due. Thus, a $25,000 policy, for example, would become a $50,000 policy when the insured turned 18, while the monthly premium payments would remain the same. The doubling of the face amount of the policy occurs automatically on the first anniversary of the policy after the insured turns 18-years of age. As long as the premiums are being paid, the company’s standard rate applies for the age of the insured at the time the additional insurance coverage is purchased. This additional coverage can be as much as 10 times the amount originally purchased. There are four guaranteed future insurability purchase options where the insured can choose to buy additional life insurance coverage at the company’s standard adult rates. When this occurs, the child becomes the owner of the policy with guaranteed lifetime insurance protection, so long as timely premium payments are made. Insured Becomes OwnerĪs a parent, grandparent, or legal guardian, you own the policy until such time as the child becomes 21 years of age. The main difference between the Young Adult plan and the Grow-Up plan is that you are required to call Gerber’s toll free number to apply for the Young Adult life insurance policy. It is very similar to the Grow-Up Plan in that it is a whole life policy that builds cash value, with face amounts from $5,000 to $50,000 available. Gerber Life also offers a Young Adult life insurance policy for teens ages 15-17. ![]() As an added benefit, the plan’s insurance coverage automatically doubles when the child hits 18 years of age without any increase in the monthly premium. ![]() And a parent or grandparent can start with an initial coverage amount of between $5,000 to $50,000. Age Requirements and Face AmountsĪ Gerber Grow-Up Plan policy is life insurance for children available for kids ages 14 days to 14 years old. The Gerber Grow-Up Plan is aimed at parents, grandparents, or legal guardians who would like to purchase whole life insurance for a child from 14 days to 14 years old.Īs is common with whole life, the policy builds cash value as well as providing a death benefit. We will cover what the plan is, the benefits of the plan and possible drawbacks. The following article will focus primarily on the Gerber Grow-Up Plan. The Company offers insurance products that it calls “Family Life Insurance Policies.” ( 1) Gerber Life offers the following different types of life insurance plans: The Gerber Grow-Up Plan is offered through the Gerber Life Insurance Company, which is part of the Gerber Products Company.
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