Cohen & Malad, LLP filed a class action lawsuit against Gerber Life Insurance Company over claims of deceptive advertising of its “College Plan” and “Grow-Up Plan” products. The lawsuit claims Gerber misled consumers by advertising its “College Plan” as a savings product for a child’s education while the product is actually a life insurance product rather than a tax-advantaged 529 education savings plan as determined by IRS code. Additionally, the lawsuit claims the company deceptively advertised its “Grow-Up Plan” as a savings instrument for a child’s future when it is actually a whole life insurance policy that requires systematic monthly payments to keep the policy active.
If you or someone you know purchased a Gerber Life Insurance “College Plan” or “Grow-Up Plan” product, contact us. Our class action attorneys can provide you more information about this lawsuit and advise you of your legal rights and options.