Sarah is sharing with us today how the Gerber Grow Up Plan paid off a debt as they began their debt snowballing Dave Ramsey style.
I just wanted to share with you how we were able to get a $1600 jump start on our debt reduction when we started getting serious about reducing our debt.
We started life insurance policies for both of our children through Gerber Life when they were born. We opted for the Grow Up Plan and started paying the premium monthly and promptly forgot about anything to do with it except know it was there if something happened to the kids and pay it every month.
Then, we decided to start paying down our debt and took a good look at all of our expenses and assets. Though not having the policies was not an option for us, we remembered that the policies had a cash value to them, so we made a call to Gerber Life about them.
We found out that after an average of 10 years between our two kids that our policies had a cash value of $1600. We also asked about new policies for the kids and found out that for just $5 more per month we could start new polices on both kids for the same coverage we already had.
We took a couple days to think it through and do some math. The $1600 cash out of the policies would eliminate $64 per month in payments we were making on a credit card. That still put our net savings at $59 per month when we figured in the $5 more per month we would pay on the new policies.
We decided to go for it. In the end we decided that it was totally worth it to save $59 per month, plus much more in interest over the course of what might have been an extra year paying down the credit card debt.
Plus when you check out Gerber Life right now (fill out both pages for a quote), you can score a free Child ID Kit and will have the opportunity to enroll in the Gerber Good Start program for free baby formula and formula checks. There is NO requirement to buy the life insurance to get the freebies.
Baby formula checks are processed at the store just like a CHECK and you CAN COMBINE coupons and other sales with them!
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