I've also been told I have little tact, so if this offends you simply ride on.

Sunday, June 9, 2013

Gerber's Term Life Charade

If you're like me, you've seen the ads for the Gerber Life College Plan, however we may not be having the same reaction.  In my opinion, the commercials are so much false advertising.  It isn't until you go in and look at the website do they let you know what you're really buying is term life insurance.  Wait... what was that?  This isn't a savings plan?  It's term life insurance?  Damn right!  Which means (and they tell you this on the website) they're going to ask you questions about your health.  On the website, they also inform you the plan you choose can pay out from $10 thousand to $150 thousand upon reaching maturity.  Nice, right?  Sure, they just don't tell you what you monthly payments are going to be.  I'm going to be that to hit that $150 thousand mark they're going to be pretty damn salty.
Corrupting an image?

One of the things I always do when hitting a product website is check the reviews.  I was surprised there were on 23, 2 being negative.  You would have thought that with all the years Gerber Life has been around there would have been many more than that, of course maybe a lot of those who buy into it don't have an opinion, at least one they think they can share.

What I really don't like is that they are trying to snooker people into buying term life insurance.  Instead, the words "saving for college" are mentioned several times during the commercial.  Surprise, there are other ways to save for your child's college education.  Very few of them force you to lock yourself into a 10 to 20 year term life insurance plan.  And, believe it or not, many of them have a better rate of return.  So, if you are interested in saving money for your kid's future, go to your bank first.  Believe it or not, odds are they'll give you the better deal.  

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