Topics
About Coverage
Q. What kind of insurance does the GROW-UP Plan provide?
A. The policy is Whole Life insurance that builds cash value. You are the policy owner until your child reaches age 21. At that time, he or she becomes the policy owner.
Q. Can I give my child more coverage?
A. Yes. You can apply for $5,000, $10,000, $15,000, $25,000, $35,000, or $50,000. The coverage automatically doubles on the policy anniversary after age 18 with no premium increase.
| Coverage Now |
Coverage during Age 18 (no premium increase) |
| $5,000 | $10,000 |
| $10,000 | $20,000 |
| $15,000 | $30,000 |
| $25,000 | $50,000 |
| $35,000 | $70,000 |
| $50,000 | $100,000 |
Q. Does the GROW-UP Plan provide for future insurance needs?
A. Yes. Your child will have several options to buy additional insurance at our standard premiums for their age at that time. Regardless of their health, occupation or anything else, your child can depend on additional insurance to be available as an adult.
Q. Is my child required to buy additional insurance?
A. No. The basic whole life insurance continues as long as premiums are paid. The options to buy more life insurance protection are guaranteed, but they need not be used.
Q. I am expecting a child, when should I apply?
A. You can apply when the child is 14 days old.
Q. Can Gerber Life cancel my child’s GROW-UP coverage?
A. Once coverage begins and as long as the premiums are paid, the company cannot cancel the insurance for any reason. Only you (or your child at age 21) can cancel the coverage.
About Cash Value
Q. What is cash value?
A. As the years go by, the policy accumulates cash value. This is money that is available if there is ever a need for ready cash. After 25 years, the cash value is equal to or greater than 100% of premiums paid. In other words, even though the policy has provided full insurance protection and all guarantees for 25 years, your child can get back every dollar paid in premiums if the policy is turned in.
Q. Can I use the cash value if I need it?
A. Yes, until your child becomes the policyowner of the policy at age 21, you can borrow from the cash value or turn in the policy and receive the cash value. The interest on any policy loan will accrue daily at the rate of 8% per year.
About Premiums
Q. How much will the premiums be?
A. The cost of the insurance varies based on the amount of coverage you choose, your child’s age at the time of application and where you live. Choose your state at the top right of the page to review the applicable rate chart for where you live. Premiums quoted are our standard premiums.
Q. When the coverage doubles on the policy anniversary after age 18, will the premium double too?
A. No! The premium is guaranteed to stay the same for your child’s lifetime. So, the cost-per-$1,000 of insurance actually goes down when the coverage doubles!
Eligibility and Application Questions
Q. How old must my child be to be eligible for a GROW-UP Plan?
A. You can apply for any healthy child from 14 days through 14 years old.
Q. Can a grandparent apply for the GROW-UP Plan?
A. Yes. A child’s parent, grandparent or permanent legal guardian can apply. He or she will be the policyowner until the child reaches age 21.
Q. I already have a GROW-UP policy for an older child but I would like to add another child. How do I do that?
A. To apply for a policy for another child a new application must be filled out and submitted. You can do this by selecting your location above and following the easy instructions.
Q. My grandchild lives in a different state than me. When filling out the application, which state do I choose—theirs or mine?
A. You should select the state that you live in when filling out the application.
Q. How do I apply for the GROW-UP Plan?
A. Select your state to access the online application form and follow the simple instructions.
Q. Are there any policy limitations?
A. If the Insured dies by suicide within two years from the Issue Date, the only amount payable by us will be the premium paid for the Policy.
