This coverage must be purchased by phone. A healthy teen can get $5,000 to $50,000 of whole life coverage. This plan supplies whole life insurance coverage, with the policy building cash value the coverage amount doubles at age 18. The teenager becomes the policyholder at age 21. Parents, grandparents and permanent legal guardians can apply for this coverage. Gerber Life’s Young Adult Plan is geared toward people ages 15 to 17. A cash value loan at an interest rate of 8% can be taken out. The Gerber Life Grow-Up Plan builds cash value over time and enables the child to buy extra coverage as an adult. Premiums for the Gerber Life Grow-Up Plan can start as low as $3.70 a month for $5,000 in coverage for a child less than one year old (if payments are automatically deducted from a checking or savings account). They can choose to continue paying premiums at Gerber Life’s standard adult rates for their age at that time, with no medical exam, or end the coverage and receive the accumulated cash value. The child becomes the policyholder at age 21. Gerber Life says it rejects less than 2% of applications for its Grow-Up Plan coverage each year for medical reasons. No medical exam is required, but you must complete a health questionnaire.
For example, a $25,000 policy would double to $50,000, as long as the premium payments are up to date. The coverage amount automatically doubles when the child turns age 18. A parent, grandparent or permanent legal guardian can buy $5,000 to $50,000 of coverage for a child. The Gerber Life Grow-Up Plan is a whole life insurance policy that you can buy for children from age 14 days to 14 years. Among the options from Gerber Life Insurance are plans for young folks.
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