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Sara | What is whole life insurance? |
i got something from gerber that said i can get a policy for my kids that builds cash value, and doubles at age 21, it says that well, if i did it now while they are babies, it would cost around 50 a month for a 35000 policy and that would be 70000 when they turn 21, do you know if that means that when they turn 21 they can take out the 70000 for college or a house or something, or whether it just means that if they die the 70000 would go to the beneficiary or both, i dont quite understand, it says that it builds cash value, but does that mean that it only builds the cash that you put into it? I really need to know because if they can have a nest egg of 70000 when they turn 21, it would be worth doing... |
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mbrcatz
 |
Whole life is a policy where rates are set, and stay that way forever.
If you want to insure your babies now, for the next 20 years, with a renewable & convertible clause, you can buy $150,000 for about $100 A YEAR. Whole life is the MOST expensive way to buy insurance.
$70,000 is the PAYOUT IF THEY DIE. Cash value is about 10% of what you pay into it. You have to BORROW the cash value, and pay the insurance company interest on it.
Do the math. If you put $50 a month into a mutual fund NOW, when they're 21, they'll have over $33,000 at a VERY modest 8%. Your "cash value" on a life insurance policy will be about $1500.
If these kids NEVER add a dime after they turn 21, by the time they retire, they'll have $2,915,687.97. Again, at a VERY modest 10%. If you do the average, 12%, they'll have over $7,000,000.
MUCH better investment than that gerber life policy. |
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Doing the Right Thing
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Whole life insurance is where you pay a level premium until age 100. Your premiums are paid for two things. One is the level term insurance to age 100 and the other is cash value. You don't know how much is going into each part at anytime.
In the first two years, no cash value is built. But after that, you can borrow it and pay loan interest on it. If you want to cancel the policy in the future and take all the cash value, surrender charges will apply. When you die, all the cash value is kept by the insurance company and the beneficiary gets the death benefit.
As for the Gerber life insurance, basically the $35,000 is the face amount of the policy. It will pay $35,000 if the child dies. If the child becomes age 21, the face amount will double, and the premiums will also increase. So if the child dies at age 21 or above, the beneficiary will receive $70,000. $70,000 is not enough coverage for any adult.
If you want life insurance on yourself, your spouse, and maybe your kids, I would do this:
1) Buy 1 term policy (get a 30 year term).
2) Add a spouse rider.
3) Add a child rider of $10,000 coverage.
4) Open a 529 plan for the child
5) If you haven't already, open your own IRA account (preferably a Roth IRA). Your spouse should open one too.
I don't know how much coverage you need and how much your spouse needs. You want to talk to an agent who can find out how much. The agent should take a look at how much income you make, how much debt you have, and find out your other needs. The agent might not be able to help you find suitable investments for you. |
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insuranceguytx
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Lots of previous responses have lots of misinformation.
Go talk to a licensed insurance agent or financial planner.
The Gerber plan is VERY expensive for what you get. |
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Maverick
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I am very aware of the gerber whole life brochure you get once you have a child. I really wish I had a better answer here and did some research.
One thing Whole Life Insurance to me is insurance that would be paid out on the event of the policy holders death. Also I thought once the policy holder reached a retirement age he could cash out of this policy. Now maybe that is wrong and the policy holder can cash out at any moment...I really not sure. Just looking some more at Gerber website I don't see the age that they can cash out and I really don't think its at the age 21. This is something I would make sure of first.
What I would personally do is go to your insurance agent and talk to them. Ask them what all is whole life and if you know them well enough ask about gerber plan. You could even call and talk to a agent selling gerber grow up plan and see when is cash out.
Just another option here and this is what I have always been told. You would be better off getting term insurance with a rider (I think that is what it is called) with your kids on it. It would be enough to for bural in the event of a death and a little left over for time off work. Then also open up say a 529 Plan that is for college. So for the total price of the whole life you can have some insurance in event of death as well as money to put into a college fund. Or you could just buy a mutual fund...up to you. See with the whole life you are paying for life insuance and savings but you can only use it for one or the other. In the other option you can have a little life insurance but also some savings and in the event of a death you get both.
Hope I helped out some.
I need to add that someone said term life goes up every 5 or 10 years. That isn't true. Term life stays the same for the length of the term so if you had a 20 year term you then its the same for 20 years. There should always be a point that you get to where you no longer really need life insurance. |
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Rebecca A
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I have whole life with Gerber for my son, my 2 step-children, and my new grandbaby. I have been paying it for over 7 yrs. I had an attorney look it over and he found no fault whatso ever with it. This is basically what it is: WHOLE life means one day it will be paid and cannot be dropped...you will get back what has been put into it. For instance- if you get a 5000 $ policy and pay the monthly premium till your child(ren) turn 21 they will be able to provide their family with insurance at that same cost... it will benefit them greatly....if something (God forbid) happened to them- this policy would pay you the amount of insurance you are signed up for. Also- at the age of 28 they can increase their protection even greater.
It really is a great policy and they are very honest. I know for a fact they pay also. My friend lost her little girl at the age of 5 to a deadly cancer and Gerber paid the same week $10,000. She and the child's father were able to pay funeral expenses and take time off work for grieving- without losing their income to take care of bills and providing for thier other 2 kids.
Another great aspect is: you can call 24 hrs. a day and Gerber will provide you with any info. you need. I'm very glad for them and we live paycheck to paycheck so we can't afford to have insurance otherwise! Also..if you need to lower your payments or increase your amount being saved for your child.
They are listed with the Better Business Bureau and there are NO negative inquireys about them..not even 1!
Also..they just recently started offering low-cost premiums for parents. It's the only way my hubby and I can have life insurance.
Term-life means you have insur. as long as you pay...but when you don't pay anymore- you lose all the money you paid in...so the only way to get it is if you die! Gerber does NOT have this kind!
I hope you talk to them and acquire a policy..it's a good way to save because even if you don't use it- you know your child will. If they were to cash in the policy at the age of 30 (for example) they would get back all premiums paid by you, and theirselves. IT's a WIN-WIN situation! |
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cybersharque
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They don't get a nest egg at 21.
"Whole life" refers to a life policy that stays at the same premium for life, unlike a term policy, under which the rate goes up every five or ten years.
A policy that pays out its face amount at 21 would be an endowment policy. Technically, a Whole Life policy is an endowment at age 100, which means if you live that long, you collect your own insurance policy. But normally, your beneficiary collects when you die.
Any endowment policy builds cash value that you can borrow against or even cash in. But whole life does not pay out its face amount unless you die or live to be 100. |
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phillipfostercpa
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Basically, whole life insurance is a combination of 1) pure life insurance, which pays on the death of the Insured (your baby, in this case), plus 2) cash value build-up, often touted as a college fund for the child.
Here, it seems that you are intrigued by the doubling of your money. Do not confuse the $70,000 Face Amount, which is paid on the death of the child, with the growth in Cash Value.
Cash Value growth, in a traditional Whole Life Insurance policy is, typically, very low. For example, in 1979, when interest rates of Certificates of Deposits were skyrocketing to the mid and high teens, a Federal Trade Commission study concluded, and reported that interest rates in Whole Life Policies were averaging in the 2% to 2 1/2% range, not at all impressive!
That FTC report was often referred to, during the "buy term and invest the difference" movement of the 1980s, a movement inadequately responded to by the insurance industry with "Universal Life Insurance."
Continued efforts of the life insurance industry to satisfy the demand of savvy consumers brought about a new concept, which became increasingly more popular, in the 1990s, i.e Variable Life Insurance, a combination of pure life insurance and investment subaccounts, which carry investment risks as well as the opportunity of investment rewards.
If building up cash value is your main focus, it is imperative that you learn how money works. It really isn't as difficult as many have thought.
Yes, as had been suggested by other Yahoo Answerers, and though Gerber Insurance is a reputable company, you are likely better off in another life insurance and/or investment structure than in a traditional Whole Life Insurance plan.
One challenge you may face, however, is that a person who is licensed to sell life insurance, only, is prohibited from selling you any investments, and a person who is registered with the National Association of Securities Dealers (NASD), only, is prohibited from selling life insurance. You are better off to talk to someone who has all of the licenses to recommend action appropriate to accomplish your varied goals and objectives.
Phil
http://www.phillipfostercpa.com/money.html |
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aaron p
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It means that the death benefit will be $70000. The cash value on a traditional whole life is guaranteed to indemnify itself (or equal the death benefit) at maturity (usually age 100 or 95, depending on company).
Insurance is designed for protection. Some types of insurance contain investments in them, but the primary reason to buy insurance should always be the need to displace a risk.
If you are interested in getting your kids covered, talk to a local independent agent. There are a lot of good plans out there that don't cost anything near $50/month. You may or may not decide it's worth it, your call. |
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