The grow up plan offered by Gerber life insurance company, is a whole life insurance product that is marketed to parents and grandparents of children ages up to 18.
The max amount of insurance coverage you can purchase with this policy is $50,000. However when your child turns 18 the coverage amount actually doubles at no additional cost, so you would actually end up with $100,000 in coverage.
One of the factors that make this type of life insurance policy so popular with parents, is that the premium rate is locked in for life, it is guaranteed never to increase.
Also as an adult if your son or daughter wishes to, they can continue with the coverage and even increase the face value of this whole life policy.