The Gerber Grow-Up plan is a whole life insurance plan for children that doubles at age 18. If a parent purchases a $10,000 plan for their 3-year-old, the plan doubles to $20,000 in 15 years when the child turns 18.
A parent, grandparent or permanent legal guardian can purchase a plan for children between the ages of 14 days to 14 years. The doubling is not based on how long the child has the plan, so even a plan bought for a 14-year-old doubles in four years when the child turns 18. Rates are locked in for life, and a child can keep his or her insurance or cash out after age 18.