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User Topic: Grow up plan or family life insurance?
BrighterFuture
♀ Member
Member # 38914
Question  Posted: 2:14 PM, July 9th (Wednesday), 2014View ProfileEdit MessagePrivate MessageHomepage

I want to set something up for my young kids' future incase anything happens to me and I was wondering which is the best option:

Gerber Grow-up plan
Family Life Insurance
or something else?

What have you chosen for your kids? family? Share with me. I would like to do this as soon as possible.


Me:30
Him:31
D-day:2/24/13 (I was 10 weeks pregnant at the time and DS was 15 months)
Status: Parted ways!

"If only I can fight just a little longer, I know it's gonna make me stronger" Jamie Grace-Holding on.


Posts: 349 | Registered: Apr 2013 | From: Ohio
Lucky2HaveMe
♀ Member
Member # 13333
Default  Posted: 2:43 PM, July 9th (Wednesday), 2014View ProfileEdit MessagePrivate MessageHomepage

I always heard *sketchy* things about the Gerber plan. I don't remember details, but I didnt' trust it.

We carried small life insurance policies on our kids through H's work. It was dirt cheap - like $.30/pay period (every 2 weeks). It was term ins and only paid upon their death.

If you are looking for something to invest for education, etc, insurance isn't really a very profitable investment (per our financial planner back in the day). Talk to a financial planner! Get some expert advice. Look for a CFP (certified Financial Planner) in your area/recommendations from friends/family.

ETA: Just re-read your post. Seems you are looking for insurance on *you* not the kids. H & I each carry a term life insurance policy for that scenario.

[This message edited by Lucky2HaveMe at 2:44 PM, July 9th (Wednesday)]


Love isn't what you say, it's what you do.

Posts: 6593 | Registered: Jan 2007 | From: WNY
Rebreather
♀ Member
Member # 30817
Default  Posted: 3:42 PM, July 9th (Wednesday), 2014View ProfileEdit MessagePrivate MessageHomepage

We both have term life insurance policies for an amount that will assist the other parent in continuing to live in the same lifestyle. If we die at the same time, the kids inherit both and the money is managed by dh's stepdad until they are out of college.


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

Posts: 6569 | Registered: Jan 2011
k94ever
♀ Member
Member # 11176
Default  Posted: 3:50 PM, July 9th (Wednesday), 2014View ProfileEdit MessagePrivate MessageHomepage

You would be looking for life insurance for you. Policies on kids really don't do them any good.

If you are looking at something to set them up financially...have you looked into some type of investment situation?

Those "grow up plans" really aren't that great.


k9


BS: 56
WS: 53
Betrayed: 23 years
Affairs: 14 (2 lasted 3 months. Rest were ONS)
WS died: 16 May 2011
Do not stay in your hurt forever. Choose to move out of it.

Posts: 6587 | Registered: Jul 2006 | From: Wisconsin
BrighterFuture
♀ Member
Member # 38914
Default  Posted: 4:23 PM, July 9th (Wednesday), 2014View ProfileEdit MessagePrivate MessageHomepage

I'm looking for something that can cover funeral expenses be it me or the kids, and gives the kids some type of financial support. I'm a single mom, not working currently (in school). Do I wait until I start working to apply for insurance?


Me:30
Him:31
D-day:2/24/13 (I was 10 weeks pregnant at the time and DS was 15 months)
Status: Parted ways!

"If only I can fight just a little longer, I know it's gonna make me stronger" Jamie Grace-Holding on.


Posts: 349 | Registered: Apr 2013 | From: Ohio
Sunnydaysahead
♀ Member
Member # 43756
Default  Posted: 4:25 PM, July 9th (Wednesday), 2014View ProfileEdit MessagePrivate MessageHomepage

Hi there, your best bet is to talk with a CFP and/or insurance agent. There are so many options available.

If you are on a limited budget and looking for insurance to help them in the event something happens to you, the least expensive option would be a term life insurance policy payable in the event of your death. You can purchase a 10, 20 or 30 year term policy relatively inexpensively (premium is based upon your age, weight and other health factors). It is possible to get several hundred thousand dollars coverage for around $50 per month.

If you are looking for insurance for the kids, you can purchase a whole life policy that has a small cash value after paying premiums for several years. For instance, we purchased $100k whole life policies for our children shortly after birth and we pay premiums of about $100 per year (similar to the gerber plan).

We personally carry a combination of whole life policies and term policies for my H and I, and whole life policies for the kids. Our term life insurance policies will expire when H and I are in our 60's. To renew the coverage on them would be quite expensive, however by then both kids will be (should be) out of college and on their own. We have managed to save quite a bit through the years so those policies won't be necessary any longer. Our whole life policies will still be in effect to cover funeral and other expenses (the premiums do not increase on whole life policies).

Sorry this is so long.....contact a local insurance agent and have them give you quotes for the different types of policies. Discuss what you hope to accomplish with the insurance and they will be able steer you in the right direction.

I think it is great you are thinking about your kids security. We had a dear friend pass away unexpectedly who left very little insurance. The last few years have truly been a struggle for his wife and kids.

Best of luck to you!


Posts: 64 | Registered: Jun 2014
BrighterFuture
♀ Member
Member # 38914
Default  Posted: 5:47 PM, July 9th (Wednesday), 2014View ProfileEdit MessagePrivate MessageHomepage

Thank you for your response Sunnydaysahead and everyone who responded. I will look into the term life insurance provided by one of my banks to see if it fits our needs. Thanks everyone!


Me:30
Him:31
D-day:2/24/13 (I was 10 weeks pregnant at the time and DS was 15 months)
Status: Parted ways!

"If only I can fight just a little longer, I know it's gonna make me stronger" Jamie Grace-Holding on.


Posts: 349 | Registered: Apr 2013 | From: Ohio
BreatheAgain10
♀ Member
Member # 32657
Default  Posted: 6:23 PM, July 9th (Wednesday), 2014View ProfileEdit MessagePrivate MessageHomepage

Hi BrighterFuture, I'm a financial planner with my life and health insurance license. I've been in the industry for 15 yrs now.
Myself and most reputable financial planners will tell you to stick with term insurance. Gerber grow up plans are simply cash value life insurance marketed as a college plan for kids. Don't buy the hype. They are very gimmicky and you are way better off buying an affordable term life policy with A CHILD RIDER. Do NOT let a crafty agent sell you on multiple policies- it only benefits them and their commissions!
Google financial experts Suze Orman and Dave Ramsey and their views on buying life insurance. They will recommend term life and talk about why cash value (aka whole life, universal life, variable universal life) is not good for consumers.

Remember this and you should be fine... BTID= Buy term and invest the difference!
Any other professional questions you may have, you can pm me


By God's blessing we've survived, but the scars are still tender to the touch.
BW: Me 34yrs FWH: 29yrs
Latest D-Day 04/29/2010
Together: 12yrs Married: 10yrs
DS:16yrs DS:9yrs. DS:Due 6/25/14
Main D-Day that hurts is #4 4/29/10
OW=Yuck!

Posts: 273 | Registered: Jul 2011 | From: Sunny So. Cal.
Topic Posts: 8

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