This Topic is Archived
Undefinabl3 (original poster member #36883) posted at 7:37 PM on Thursday, October 10th, 2013
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: 35 MH
Him: 41 MH
New online find 6/19/14 - shit
Phone Find 11/21/14 - I can't even right now.
1/26/15 - Started IC for me, DH won't go.
1/10/18 - Again?!? Online EA's
jo2love ( member #31528) posted at 11:44 PM on Thursday, October 10th, 2013
bump 
mysticpenguin ( member #38839) posted at 1:28 AM on Friday, October 11th, 2013
foundoutlater ( member #32900) posted at 1:36 AM on Friday, October 11th, 2013
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. I’d guess they are selling some type of whole life policy that will build value over the years. You’d probably do far better in a 529 plan or investing in mutual funds yourself.
Your beliefs don’t make you a better person, your behavior does.
risingfromashes ( member #3903) posted at 1:47 AM on Friday, October 11th, 2013
Not the best plan. This is life insurance policy not an investment.
philly172 ( member #19024) posted at 2:48 AM on Friday, October 11th, 2013
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
Undefinabl3 (original poster member #36883) posted at 7:08 PM on Monday, October 14th, 2013
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: 35 MH
Him: 41 MH
New online find 6/19/14 - shit
Phone Find 11/21/14 - I can't even right now.
1/26/15 - Started IC for me, DH won't go.
1/10/18 - Again?!? Online EA's
jjsr ( member #34353) posted at 7:59 PM on Monday, October 14th, 2013
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
Him: WS
Married since 1985
Parents to 2 adult sons and 3 of the cutest cats you have ever seen
D-day 8/6/11 Truth about ONS and 9/21/11 Truth about EA and 10/28/15 NEW dday.
Just surviving.
I think I can ( member #17756) posted at 1:04 PM on Tuesday, October 15th, 2013
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.
hill ( member #12166) posted at 6:41 PM on Wednesday, October 16th, 2013
Agreed, a 529 plan is the way to go for most people.
Rebreather ( member #30817) posted at 6:47 PM on Wednesday, October 16th, 2013
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
Rec'd.
"The cure for the pain, is the pain." -Rumi
This Topic is Archived
