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Gerber Life College Plan

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Undefinabl3 posted 10/10/2013 13:37 PM

Ok, so we all know that college is like WAY expensive, and we have 2 to get to that point.

I have been looking around and was just wondering if anyone has experience with this particular plan at all.

Pros? Cons?

jo2love posted 10/10/2013 17:44 PM


mysticpenguin posted 10/10/2013 19:28 PM

I am also curious! :)

foundoutlater posted 10/10/2013 19:36 PM

I do not know anything about the specifics of the Gerber plan. I do know that Gerber has sold life insurance policies on kids and they are a really bad deal. Id guess they are selling some type of whole life policy that will build value over the years. Youd probably do far better in a 529 plan or investing in mutual funds yourself.

risingfromashes posted 10/10/2013 19:47 PM

Not the best plan. This is life insurance policy not an investment.

philly172 posted 10/10/2013 20:48 PM

I've never heard of the Gerber college plan, but I can vouch for their life insurance..

MIL bought Gerber grown up policies for all of my kids when they were born & DS will be 21 in {{gasp}} 2 weeks & his policy 'expires'.. Well, MIL called & they were great to her & the she will no longer have to pay premiums BUT the policy will still gain interest & DS has appx $5000 he can borrow against the polict right now..

Undefinabl3 posted 10/14/2013 13:08 PM

This is life insurance policy not an investment.

Based on the website its like an And/or situation.

The commercial's make it out like you have it while they are growing up as a life insurance plan for just in case, but that when they go to college you can actually use the money to pay for college that not how it is?

jjsr posted 10/14/2013 13:59 PM

We had it on both our sons. Its not a college plan, its life insurance. When they turned 21 we cashed them in and got about $1500 back on each of them. Now they have adult insurance policies. We had it on them because when they were little we didn't make much money and wanted something just in case the unthinkable happened.

I think I can posted 10/15/2013 07:04 AM

It seems to get a big thumbs down from reviewers. Your state's 529 plan will give you state tax breaks while you are saving and fed tax free earnings.

"By comparison, a 529 college-savings plan or a Coverdell Education Savings Account should have comparable or better returns, without the taxation of all growth."

[This message edited by I think I can at 7:10 AM, October 15th (Tuesday)]

hill posted 10/16/2013 12:41 PM

Agreed, a 529 plan is the way to go for most people.

Rebreather posted 10/16/2013 12:47 PM

I think you would be much, much better off with a 529 or just sticking that money in the market. If it is only $5k after 18 years, that's $23 a month you'd need to invest. I don't know what the Gerber premiums are but the tax benefits and growth opportunities for your money are better elsewhere.

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