Have you heard about the Gerber Life College Plan? Since my son was born just over 4 years ago and my daughter 19 months ago (where has the time gone?) I’ve received countless mailings from Gerber about their Grow Up Plan. However, the Gerber Life College Plan is something different. The Gerber Life College Plan is an endowment life insurance product that provides a new way for parents to save for college.
The plan is an adult endowment life insurance product that pays a guaranteed amount of money to the insured at the end of the selected term (between 10 -20 years). The term and amount of your policy (between $10,0000 – $150,000) will determine your monthly costs, but this is a very simple way to put aside some money for your little one. I know it sounds complicated, but it’s not. Basically you put away a predetermined amount of money aside each month based on a certain amount. At the end of the term, you have money set aside for your child to use for their education or other needs.
The Gerber Life College Plan includes the following features:
- Coverage options available: $10,000, $25,000, $50,000, $100,000, $150,000
- Maturity terms of 10, 15, 18 years (or other – as requested by customer)
- Guaranteed lump sum paid at maturity
- Affordable premiums that work with your budget
- Life insurance benefit – if the insured dies before the endowment matures, GLIC
- will fund the remaining premiums so that the endowment still pays the full benefit
- Safe financial alternative in uncertain times – no risk
- The policy builds cash value over time, which can be borrowed against
- Premiums are fixed and level – will not increase
- You can use the money for any purpose – not just college
- Payments can be made monthly, semi-annually, annually. Discounted rate if pay
- by automatic deduction.
This is not a 529 plan, so there is no investment risk, nor is their a penalty if the funds are not used for college. Plus, it provides life insurance protection. So in the event of the death of the insured (typically the parent), the benefit amount will be paid to the designated beneficiary.
The Gerber Life College Plan is a flexible plan with fixed monthly payments. There are a number of options so you are surely able to find a scenario that works for your family.
Gerber Life also recently announced a new project called Project Open Book, a Facebook campaign benefiting Reading Is Fundamental (RIF). To participate, Gerber Life Facebook fans across the country can upload a photo of their child into a mosaic on the Gerber Life Facebook page, and enter to win a $1,000 VISA gift card. For every photo uploaded, Gerber Life will donate $1 to RIF, the nation’s largest children’s literacy non-profit which provides books to children in underserved communities across the country.
Capture those moments of your child by entering to win a $25 Gift Card to Snapfish from Gerber Life College Plan on the Rafflecopter form below. After you’ve entered this giveaway, be sure to check the others on the sidebar!
Disclaimer: This promotional sponsored post was made possible by Mom Spark Media . I was compensated for my time investment and work on this campaign. All prizing for MSM giveaways is handled by a third party unless otherwise noted. For this reason prize fulfillment can take up to 90 days after the winners information is received.