I want Whole Life insurance and Gerber Life insurance seems good for my Newborn boy. Should I get it too?
It says 8.40 for me for 10k and 3.70 for each 5k I want to go higher. For my girlfriend it says 7.80 for the first 10k and 3.40 for each 5k extra. Does this sound like a decent deal?
I dont make great deals of money each month, so I just want some decent coverage if the inevitable does happen. So I guess since I am a current sophomore in college i could just get term life insurance and then convert it to whole life once i get a good job. So then would you say term is better than whole life in my situation of being a 19 year old parent?
It is MOST important to have adequate insurance on yourself first then look into life insurance for your children. I guarantee you need more than 10,000 of insurance on yourself if you have a newborn.
The Gerber plan is expensive. There are much better and cheaper plans for children.
No one on a message board can tell if the insurance is good or expensive. We need to know your age, health, weight, height and tobacco use.
Go talk to a licensed agent in your area.
Good Luck.
Emo, to reply to your additional comments, since money is tight, get as much term coverage as you can afford on yourself. Worry about your child's insurance later. There is one company that offers a $5,000 policy on children up to age 18 for only $250. That is NOT $250 per year or per month. It is a one time premium.
To reply to flip, no one can tell you what insurance you will need throughout your lifetime based on the information your have given. Term will work very well IF you save enough money throughout your life to pay for all of your expenses and you will leave no debts, no medical bills for your children to pay. Permanent life insurance also works if you have a strong desire to pass along money to your children or a charity. Term will NOT do that.
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The whole life insurance rates you mention seem like a good deal, but it depends on your age and other factors they consider for underwriting your policy, like weight, gender, health, etc.
As for your Newborn Boy (Congratulations!) - Gerber Life has been around for several decades and offers a good policy for children.
However, there is another company (Globe Life Insurance) that offers coverage for young children, too. You may want to compare the two programs.
Here is a comparison of Gerber Life and Globe Life for Children at http://www.term-life-online.com/globe-life-vs-gerber-life.html
I hope this provides you with some helpful information. Good luck.
December 23rd, 2008 at 12:34 amReferences :
The idea of insurance for children is ridiculous. Insurance is meant to protect you against risk. I would spend the money to get insurance for myself to protect my child from my sudden depature. Not the other way.
Secondly, infant mortality is so low in the US that I would term this a "rip-off".
Finally if the idea is to have some savings for your child when they grow up (very good idea), then there are better options available for you. Talk to a financial broker / banker etc, and see how $8.40 can turn into MUCH MORE than $ 10k. Because remember $10k in the future will be like $ 1k is today. So invest wisely.
December 23rd, 2008 at 1:14 amReferences :
It is MOST important to have adequate insurance on yourself first then look into life insurance for your children. I guarantee you need more than 10,000 of insurance on yourself if you have a newborn.
The Gerber plan is expensive. There are much better and cheaper plans for children.
No one on a message board can tell if the insurance is good or expensive. We need to know your age, health, weight, height and tobacco use.
Go talk to a licensed agent in your area.
Good Luck.
Emo, to reply to your additional comments, since money is tight, get as much term coverage as you can afford on yourself. Worry about your child's insurance later. There is one company that offers a $5,000 policy on children up to age 18 for only $250. That is NOT $250 per year or per month. It is a one time premium.
To reply to flip, no one can tell you what insurance you will need throughout your lifetime based on the information your have given. Term will work very well IF you save enough money throughout your life to pay for all of your expenses and you will leave no debts, no medical bills for your children to pay. Permanent life insurance also works if you have a strong desire to pass along money to your children or a charity. Term will NOT do that.
December 23rd, 2008 at 1:37 amReferences :
LIfe insurance for children is usually a great deal - for the insurance company. They most likely will never have to pay, and you'll most likely quit paying before the kid turns ten.
If you REALLY want life insurance for a child, buy 20 year term, renewable & convertible. It will cost you about $50 a year for $200,000 of coverage.
December 23rd, 2008 at 1:50 amReferences :
Term is so much more inexpensive and seems to make more sense ofr your situtation. You could get something to cover both you and your baby (only a small amount is needed here) for a very small sum of money — like less than $100 per year for both of you.
December 23rd, 2008 at 2:15 amReferences :
If you have a child, the number one thing is to make sure you and your girlfriend have enough coverage. You could get about 200,000 of coverage for less than 15 dollars a month. Make that your top priority.
December 23rd, 2008 at 2:30 amReferences :
http://www.InsureMyLife.org
Any time you buy whole life, or universal life, you're getting screwed. The only life insurance you ever want to buy is term. When you buy tern life, there's no bullshit savings plan involved, you're just paying for straight life insurance. If you want a savings plan, start a savings account and buy C.D.'s.
December 23rd, 2008 at 2:50 amReferences :
I would definately shop around first to be sure. Gerber is not the least expensive but does provide whole life insurance. You can get more insurance for the same cost so think about what it is you are really wanting. If you are looking for some options I would recommend contacting someone I work with. Email mattb@benefitsblvd.com, tell him I referred you, and ask for quotes from a few companies. Good Luck.
December 23rd, 2008 at 3:06 amReferences :
sounds good to me. my mom got it for my daughter when she was around 5yrs. now she's 17 and we haven't had any problems receiving information etc. inexpensive for insurance. sounds decent. she trusted the "Gerber" name and so far so good.
December 23rd, 2008 at 3:25 amReferences :
No, that's not a good deal. You should be able to get a policy for about $5 per month at 19 years old. Get a term policy & convert it later. You might try getting a quote online. They were able to get me a $150,000 policy for $4.50 per month. Go to: http://www.insureme.com/landing.aspx?Refby=613981&Type=life
December 23rd, 2008 at 3:45 amReferences :
Life insurance is important for you as a parent. What type of financial issues would your death cause? That is the big question you need to answer. Term is great but a little whole life would be good too. I have a $200,000 term life policy and a $25,000 whole life policy. The $200,000 need will go away once my daughter is older. However, there are other final expenses, funeral, etc. that will always be there. That is the reason for the $25,000 whole life.
FYI - Insurance companies will not let you put more life insurance on a child than you have on yourself. If you don't have any life insurance now, get some!
I suggest you purchase a $25,000 whole life policy with a guaranteed purchase option for you son. At his age, premiums will be very low. I don't know if I would go with Gerber Life though. Look around at other companies. In my state Farm Bureau sells a 10-pay whole life policy. This is awesome, you pay for ten years and that's it! It's not that much more than other policies. Look around and go with a company that has an agent in your area. This way if you have any questions or need any help in the future, you have a real person to talk to.
Good luck!
December 23rd, 2008 at 3:58 amReferences :
what state do you live in?
December 23rd, 2008 at 4:04 amReferences :
insurance agent