Should I buy Gerber life insuarance for my 5 month old? I, the mother, am 23 and the father is 24...?

No. Its just whole-life life insurance, which is a total rip off. Whole-life means you pay a certain amount each month and the insurace company invests it for you. Most of your money goes in the pocket of the insurance company, not into your investment. You can eventually get a portion of the money you invest back if you let it sit long enough, but the interest rate is terrible. If I were you I would just take the money you would be putting toward the Gerber Life and invest it into good mutual funds instead. Over time you will get waaayyy more money than through a crappy whole-life plan. If you feel you need life insurance for you kid, get term insurance in a small amount, just enough to pay for a funeral if the worst case scenario happens. Its very ver cheap. Don't use insurace as a way to invest moneu. You can do soooo much better investing your money ANY other way. Gerber Life uses guilt to try and get you to buy their crappy product, don't fall for it.