I know that right now, you’re probably only thinking about making the mortgage payment, buying diapers, and keeping your little one’s closet full of clothes that actually fit. But what about college? People keep telling me that I’m going to blink twice and my kids will be grown. While I may not be emotionally ready for that, I want (and need!) to be financially ready.
Gerber has a new endowment life insurance product that helps parents save for college. The Gerber Life College 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).” So essentially, you pay a premium, and once your child hits a certain age, they receive a lump sum to help pay for the costs of college. Here’s a little bit more info that shows you how it works:
- 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 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.