About The Grow-Up® Plan What kind of insurance does the Grow-Up® Plan provide? The Grow-Up® Plan is a whole life insurance policy for a child that builds cash value. You’re the policy owner until your child reaches age 21. At that time, your child becomes the policy owner and is guaranteed lifelong insurance protection, as long as premiums are paid. Plus, your child has the option to buy additional coverage as an adult, regardless of health or occupation. What is Cash Value? Each time you make a monthly premium payment for your child’s Grow-Up® Plan, Gerber Life sets aside a small amount of that money. Over time, this becomes the cash value of your policy. This money is available for you to borrow if you ever have the need for ready cash. As an adult, your child will have the option to turn in the policy and receive the available cash value. Click here to learn more about cash value. How much are the premiums for the Grow-Up® Plan? The cost of a Grow-Up® Plan varies based on the amount of coverage you choose, your child’s age at the time of your application, and the state where you live. Scroll below to get a free quote instantly. When the coverage doubles on the Grow-Up® Plan’s anniversary date during age 18, will the premium double, too? No! With the Grow-Up® Plan, your premium is guaranteed to stay the same for your child’s lifetime. In other words, your child will get more coverage at a better value. Can I use the cash value if I need it? Yes. You can borrow from the cash value, as long as premiums are paid, by taking a policy loan. Policy loans are subject to 8% interest rate and may impact cash value and death benefit. You can also surrender the policy and receive the available cash value. Is my child required to buy additional insurance? No, there is no obligation to buy additional insurance. As long as premiums are paid, your child’s existing whole life insurance coverage will continue automatically. As an adult, your child is guaranteed the option to buy additional life insurance at our standard age-based rates should they want greater protection, no matter their health or occupation. Can Gerber Life cancel my child’s Grow-Up® Plan coverage? Once coverage begins, and as long as the premiums are paid, Gerber Life cannot cancel the insurance for any reason. Only you (or your child at age 21) can cancel the Grow-Up® Plan. Can I cancel my child’s policy at any time? Yes. If you decide to cancel the policy, you’ll receive the accumulated cash value that has built up over time, minus any outstanding debt against the policy. The same is true after your child becomes the policy owner. What payment methods are available for my child’s Grow-Up® Plan? You can pay your monthly premium by mail, by phone, or online using a checking/savings account or a credit/debit card. You can save 10% on your Grow Up premium by setting up automatic payments from your checking or savings account. You can also set up automatic payments to make managing your policy even easier through our eService platform. What can I expect from the application process? You can apply for a Grow-Up® Plan policy online, by mail or by phone. Applying online is quick and easy – just provide some basic information about you and the child you want to insure, and choose your coverage amount. Your application will be reviewed by our underwriting team and you will be notified as soon as it’s approved. You may be contacted by our underwriters if any additional information is needed to approve your application. I already have a Grow-Up® Plan policy for an older child but I would like to add another child. How do I do that? To apply for a Grow-Up® Plan policy for another child, please complete and submit a new application. You can do this by filling out the form at the bottom of this page and following the easy instructions. Can a grandparent give the gift of a Grow-Up® Plan? Yes. A child’s parent, grandparent or permanent legal guardian may apply for the Grow-Up® Plan – a parent’s signature is needed only where required by law. The person applying is the policy owner until the child reaches age 21. My grandchild and I live in different states. When applying for the Grow-Up® Plan, which state do I choose — my grandchild’s or mine? You should select the state that you live in when filling out the application. Are there any limitations to the Grow-Up® Plan policy? If the Insured dies by suicide within two years from the Issue Date (one year in ND), the only amount payable by Gerber Life will be the premiums paid for the policy less any debt against the policy.