Momof1 - posted on 08/10/2011 ( 4 moms have responded )
I was just wondering if it was worth it to start the Gerber Life Insurance plan for my son? I was only going to do the $5,000 dollar one which is a little over $3.00 a month. I mean, it kind of makes sense to do it, plus then the amount grows and in 25 years, if he wants he can take the money out to pay for a house or for school loans. I looked into doing their college savings plan, but unfortunately I cannot do the cheapest payment of $38 a month. My son does have a savings account, but we do not put money in, unless we have extra or money we get from selling his old things, which is rare. We also put all our change in his piggy bank, which will eventually go into his account.
Anyway, so is it worth is to start the life insurance policy for him or would it just be better to start putting $5.00 a month in his savings account? Thanks for the advice.