Cohen & Malad, LLP attorneys are investigating consumer complaints of deceptive marketing against Gerber Life Insurance Company for its “College Plan” and “Grow-Up Plan” products. Consumers claim Gerber Life College Plan is not a college savings product as advertised but rather is a life insurance product which offers no unique benefits like tax-advantaged 529 education savings plans under Internal Revenue Code do. Similarly, consumers also claim the Gerber Life Grow-Up plan is being deceptively advertised as a savings instrument for a child’s future when it is actually a whole life insurance policy which does not help save a “nest egg” for a child. Both of these “plans” lock consumers into long-term products that do not offer similar tax benefits or competitive rates of return in relation to other financial instruments and require systematic monthly payments to keep the policies active.
If you or someone you know purchased a Gerber Life College Plan or a Gerber Life Grow-Up Plan, contact us. Our class action attorneys would like to gather additional information about your experience.