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User Topic: Gerber Life College Plan
Undefinabl3
♀ Member
Member # 36883
Default  Posted: 1:37 PM, October 10th (Thursday), 2013View ProfileEdit MessagePrivate MessageHomepage

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?


Me: 31 MH
Him: 37 MH
New online find 6/19/14 - shit

Posts: 1701 | Registered: Sep 2012
jo2love
♀ Moderator
Member # 31528
Default  Posted: 5:44 PM, October 10th (Thursday), 2013View ProfileEdit MessagePrivate MessageHomepage

bump

Posts: 34491 | Registered: Mar 2011
mysticpenguin
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Member # 38839
Default  Posted: 7:28 PM, October 10th (Thursday), 2013View ProfileEdit MessagePrivate MessageHomepage

I am also curious! :)


Betrayed

Posts: 306 | Registered: Mar 2013
foundoutlater
♂ Member
Member # 32900
Default  Posted: 7:36 PM, October 10th (Thursday), 2013View ProfileEdit MessagePrivate MessageHomepage

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.


Your beliefs dont make you a better person, your behavior does.

Posts: 1116 | Registered: Jul 2011
risingfromashes
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Member # 3903
Default  Posted: 7:47 PM, October 10th (Thursday), 2013View ProfileEdit MessagePrivate MessageHomepage

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


There is life on the other side of hell.

Posts: 1612 | Registered: Mar 2004
philly172
♀ Member
Member # 19024
Default  Posted: 8:48 PM, October 10th (Thursday), 2013View ProfileEdit MessagePrivate MessageHomepage

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..


"Sorry" works when a mistake is made, but not when trust is broken. So in life, make mistakes, but never break trust. Because forgiving is easy, but forgetting & trusting again is sometimes impossible

Posts: 4779 | Registered: Apr 2008 | From: Not in Philly.. it's just a screen name :-)
Undefinabl3
♀ Member
Member # 36883
Default  Posted: 1:08 PM, October 14th (Monday), 2013View ProfileEdit MessagePrivate MessageHomepage

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 expenses...is that not how it is?


Me: 31 MH
Him: 37 MH
New online find 6/19/14 - shit

Posts: 1701 | Registered: Sep 2012
jjsr
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Member # 34353
Default  Posted: 1:59 PM, October 14th (Monday), 2013View ProfileEdit MessagePrivate MessageHomepage

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.


Me: BS
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Married since 1985
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D-day 8/6/11 Truth about ONS and 9/21/11 Truth about EA
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Posts: 1611 | Registered: Dec 2011 | From: midwest now.
I think I can
♀ Member
Member # 17756
Default  Posted: 7:04 AM, October 15th (Tuesday), 2013View ProfileEdit MessagePrivate MessageHomepage

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."
http://www.marketwatch.com/story/this-college-savings-plan-flunks-the-test-2011-03-11

http://www.divinsurance.com/personal-insurance-blog/bid/300224/Is-the-Gerber-Life-College-Plan-a-Good-College-Investment-Plan

http://www.collegesavingsmd.org/uploadedFiles/Whats_New/CSPM%20vs.%20Gerber%20Life%20College%20Plan_Final.pdf

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


I'm not the winner, I'm the prize.

Posts: 8805 | Registered: Jan 2008
hill
Member
Member # 12166
Default  Posted: 12:41 PM, October 16th (Wednesday), 2013View ProfileEdit MessagePrivate MessageHomepage

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

Posts: 3151 | Registered: Sep 2006
Rebreather
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Member # 30817
Default  Posted: 12:47 PM, October 16th (Wednesday), 2013View ProfileEdit MessagePrivate MessageHomepage

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.


Me BS
Him WH
2 ddays in '07
Recovering.
"The cure for the pain, is the pain." -Rumi

Posts: 6353 | Registered: Jan 2011
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