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Ask Dave

Get Rid Of Gerber

Cody has Gerber life insurance for his daughter. Should he cancel it? Dave says yes.

QUESTION: Cody in Los Angeles has Gerber life insurance for his daughter. Should he cancel it? Dave says yes.

ANSWER: Cancel it. Immediately.

I don’t know if there’ll be a cash value after seven years or not. There probably isn’t. If there is, it’s not going to be much. Mostly what you’ve bought is just a really, really bad product. It’s a rip-off thing they sell you as you’re coming out of the hospital with a new baby to send them to college, and let me just tell you: that thing is not going to send anybody to college anywhere. You’re not going to end up with any money. It’s just a really, really horrible product. Whole life insurance for children is a nasty bad thing when you do the math on it. So yeah, I’d cancel it as soon as I possibly could. That’d be my plan.

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