Grand Kid Insurance ?

[olevetonahill]

Ok Guys and Dolls , Ive been tossing the idea around for several yrs . Now I come fer Yalls advice . Does anyone Know If this Gerber grow up plan is worth it . For about 20 bucks a Month I can get all 5 of my grand kids 5000 of whole Life
What say you old wiseassses Of the SO ?

[royalfan5]

While not a Gerber plan, my Grandfather did something similar for me through AAL. It's been pretty useful.

[sooner n houston]

The chances of kids dying are so slim, it would be wiser, IMHO, to save the money instead.

[FirstandGoal]

You would be better off putting $20/month into an investment account.

Froze could tell ya which kind.

[olevetonahill]

You would be better off putting $20/month into an investment account.

Froze could tell ya which kind.
But the 20 bucks covers all 5 . and it IS whole Life ?
Hell I dont know .

[AggieTool]

Whole life is a rip-off at any age.

[olevetonahill]

Whole life is a rip-off at any age.
So aggot
Should I just buy em a term Policy and hope they dont die ? :eek:

[Vaevictis]

$20 for all five, or $20 each?

[olevetonahill]

$20 for all five, or $20 each?
At their ages it figures Out around 20 fer all 5

[Frozen Sooner]

So aggot
Should I just buy em a term Policy and hope they dont die ? :eek:

You've got the way insurance works backwards. You buy it and hope they die. ;)

Look into a 529 plan. Allows you to save tax-deferred money for a kid's education.

The one nice thing about the Gerber plan is they have no underwriting, so if the kid gets diagnosed with something horrible down the line they still have insurance. Contrary to AggieTool's assessment, that's something that has a value-particularly as you'll find out in the first few years on a lot of crazy-*** diseases that will make it impossible to get a term policy later on down the line. Whether the value is equal to the premium you pay for it is debatable, of course.

My suggestion is, if you're really interested in insuring your grandchild's life, to go see an insurance professional licensed to do business in the State of Oklahoma. I've got a dude I know in Ardmore who owns a full-service agency-he mainly writes oil rig insurance, but I'm pretty sure he has a personal lines department. Want me to dig up his number?

[olevetonahill]

Yup Mike and you can Ignore My peem .:O
Im thinking that If somepin happens to any one of em 5000 bucks will help Plant em .
And If God allows at least they have a few bucks ? :confused:

[Vaevictis]

At what point (if any) does the whole life you're considering become self-sustaining?

[StoopTroup]

Get em some lotto tickets? ;)

[SanJoaquinSooner]

I agree with a 529. I think you can do it for a min of $25/mo.

[olevetonahill]

At what point (if any) does the whole life you're considering become self-sustaining?
I obviously dont have a clue , I came here for advice
It just seems that to be able to cover all 5 for 20 bucks or so aint a bad deal
Now If any really understand this Carp
Please go to " Gerberlife.com "
The thingie I got says they can go up to 10,000 with No increase in premium at age 21 .
Is this a scam or a decent deal ?:confused: :confused: :confused: :confused: :confused: :confused:

[Vaevictis]

Generally speaking, whole life is a bad idea.

Whether it's a scam or not... well, get competitive quotes, and you'll know :)