Buying a whole life insurance for your child/ren can be used to send them to college.
Alan Lakein said that
Planning is bringing the future into the present so that you can do something about it nowAlan Lakein
Despite this maxim, most of us still fail to plan. Planning is a good-intent strategy that pays huge dividends when truly executed. However, humans most naturally wait for events and time to act! This is particularly true when we talk about life insurance.
“I don’t need life insurance!”
“Why would you take a life insurance for your child/ren?”
But when death, which is inevitable, happens, loved ones are often left with unplanned expenses to deal with on top of the loss suffered. Or, when it’s time for your son or daughter to go to college, then parents finally realize that they had failed to plan or had minimally planned.
Many believe that life insurance is only for adults. But did you know that you can buy Whole Life Insurance for your child/children (or grandchildren) now which can be used towards college?
Unlike the adults whose life insurance is used to take care of their funeral expenses, the children’s whole life insurance will actually serve the children in their lifetime.
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I remembered when my children were born, we received all sorts of mails. One of such was the Gerber Life Plan. I believe every parent received a Gerber mail or flyer after the birth of a child. Most will disregard it or trash it as junk. I recently received another flyer in the mail and thought to share with all and especially with young parents and doting grand parents. 😊 I did not buy the Gerber Plan for my children. I did the Plan 529 instead. Will post on that next.
Gerber and Benefits
Gerber has been in business for decades and are noted for manufacturing baby foods and products. According to their Whole Life Grow-Up Plan (GWLGUP), the benefits include:
coverage doubles automatically during the 18 years with no increase in cost,
It helps provide for your child’s future, and
It builds cash value.
For more information:
To find out more about GWLGUP, visit Gerber’s website at http://www.gerberlife.com/kids or call 1-877-496-4094 to ask for a brochure to be mailed to you.
An example of cost is $4 – $16 per month premium for children 0-4 years of age could get you a $10K – $50K coverage. (This information was obtained from Choice Mutual.)
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Gerber is not the only company that sells children’s insurance. Here’s a list of ten best insurance companies for minors.
This is merely informational. ThinkTalk is not an insurance agent. If interested, please do your due diligence.
Thanks for reading.