The Gerber Life Grow-Up® Plan is a children's whole life insurance policy that can provide lifelong insurance protection for your child or grandchild, as long as premiums are paid.

One great way to jump-start your child's financial security is with a Gerber Life Insurance Grow-Up® Plan. The Grow-Up® Plan is a whole life insurance policy for your child. In addition to providing a life insurance benefit of up to $50,000, the policy builds cash value over time.

The Gerber Life Grow-Up Plan is a whole life insurance policy for children with coverage options of $5,000 to $50,000. Parents, grandparents and legal guardians can apply when children are between 14 days and 14 years old. The coverage amount doubles at age 18, and the child becomes the policy owner at age 21.

Yes. You can borrow from the cash value, as long as premiums are paid, by taking a policy loan. Policy loans are subject to 8% interest rate and may impact cash value and death benefit. You can also surrender the policy and receive the available cash value.

Gerber Life Grow-Up Plan

Gerber Life Grow-Up Plan Cost Comparison

How long does Gerber Life take to pay out? On average, life insurance takes about 30 days to pay out. 19 For the Gerber Life Insurance College Plan, you would receive the benefit in 10-20 years, once it's matured and your child needs it to continue their education.

The cash value of your policy is the accumulated amount of money that Gerber Life sets aside each time you pay your premium after the initial policy years. That means that the longer you hold your policy, the longer the cash value builds.

The lawsuit claims Gerber misled consumers by advertising its “College Plan” as a savings product for a child's education while the product is actually a life insurance product rather than a tax-advantaged 529 education savings plan as determined by IRS code.

Gerber Life Grow-Up Plan

You can usually withdraw part of the cash value in a permanent life policy without canceling the coverage. Instead, your life insurance beneficiaries will receive a reduced payout when you die. Typically you won't owe income tax on withdrawals up to the amount of the premiums you've paid into the policy.

2 to 5 years Most permanent life insurance policies begin to accrue cash value in 2 to 5 years. However, it can take decades to see significant cash value accumulation. Consult a licensed insurance agent to understand the policy's cash value projections before applying.