Like all guaranteed life policies, there is a two-year waiting period. If you die within the first 24 months of the policy, Gerber Life will only refund 110% of your premiums. After 24 months, the full death benefit is payable for any reason. Death from an accident is the only exception to the waiting period.

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

entire lifetime Guaranteed whole life insurance is permanent, so the death benefit lasts your entire lifetime as long as you continue paying the premiums. You may also be able to lock in a specific rate and secure a death benefit that never goes down.

The Grow-Up® Plan is a whole life insurance policy for a child that builds cash value. You're the policy owner until your child reaches age 21. At that time, your child becomes the policy owner and is guaranteed lifelong insurance protection, as long as premiums are paid.

about 30 days 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.

Faces Lawsuit Over “College Plan” and “Grow-Up Plan” Products. Cohen & Malad, LLP filed a class action lawsuit against Gerber Life Insurance Company over claims of deceptive advertising of its “College Plan” and “Grow-Up Plan” products.

Can you borrow against life insurance immediately? No, you cannot immediately borrow against life insurance. You must wait until your policy's cash value exceeds a certain threshold, and it can take several years to reach that point. The minimum cash value required for a policy loan varies by insurer.

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.

How Cash Value Works. After the initial policy years, each time that you pay the monthly premium for your whole life policy, the insurance company - such as Gerber Life - sets aside a small amount, which grows over time into the policy's “cash value.” The longer you own the policy, the larger the cash value.

A PUA is guaranteed permanent, paid-up life insurance. This can provide you with a growing cash value and a death benefit that is guaranteed once purchased. Over time, the compounding accumulation of PUAs can help to offset the effects of inflation by providing a higher death benefit and cash value.