Carriers Offering 20 Pay for Child?

[TXInsuranceAgent]

Hi y'all,

It has been some time since I have been on here. I am currently working for an independent P&C agency and we do have a broker for mainly term life insurance products. They offer some WL products but only have one company that has a 20 pay life product for a child.

I am looking for other companies that offer this type plan. I have a mother of a 7 month old girl that is looking for a $25K policy. She is healthy and does not have any medical issues. Anyone that can provide me with some quotes?

Thanks for your time!

 

[goillini52]

Hi y'all,

It has been some time since I have been on here. I am currently working for an independent P&C agency and we do have a broker for mainly term life insurance products. They offer some WL products but only have one company that has a 20 pay life product for a child.

I am looking for other companies that offer this type plan. I have a mother of a 7 month old girl that is looking for a $25K policy. She is healthy and does not have any medical issues. Anyone that can provide me with some quotes?

Thanks for your time!

Settlers Life is $27.63 MBD.

 

[Newby]

Hi y'all,

It has been some time since I have been on here. I am currently working for an independent P&C agency and we do have a broker for mainly term life insurance products. They offer some WL products but only have one company that has a 20 pay life product for a child.



I am looking for other companies that offer this type plan. I have a mother of a 7 month old girl that is looking for a $25K policy. She is healthy and does not have any medical issues. Anyone that can provide me with some quotes?

Thanks for your time![/QUOT

Settlers, Lafayette and RNA.

 

[rousemark]

Take a look at the 20 year reduced paid insurance on any whole life policy you have avaiable.. For example, I just took a look at Columbian.. A $53,500 New Century Whole Life will cost $20.00 per month. At the end of 20 years, the insured can take fully paid up coverage in the amount of $25,155.00 .... Cost is usually no more than most 20 pay Life plans but the insured has twice the amount of coverage during the premium payment period.... plus if they have a need for 50K coverage at the end of 20 years or are uninsured, they have the object of continuing the full face amount for only $20.00 per month.

 

[goillini52]

Take a look at the 20 year reduced paid insurance on any whole life policy you have avaiable.. For example, I just took a look at Columbian.. A $53,500 New Century Whole Life will cost $20.00 per month. At the end of 20 years, the insured can take fully paid up coverage in the amount of $25,155.00 .... Cost is usually no more than most 20 pay Life plans but the insured has twice the amount of coverage during the premium payment period.... plus if they have a need for 50K coverage at the end of 20 years or are uninsured, they have the object of continuing the full face amount for only $20.00 per month.

That's a nice feature. 1/2 whole life, 1/2 term...kind of...almost.

 

[Newby]

Take a look at the 20 year reduced paid insurance on any whole life policy you have avaiable.. For example, I just took a look at Columbian.. A $53,500 New Century Whole Life will cost $20.00 per month. At the end of 20 years, the insured can take fully paid up coverage in the amount of $25,155.00 .... Cost is usually no more than most 20 pay Life plans but the insured has twice the amount of coverage during the premium payment period.... plus if they have a need for 50K coverage at the end of 20 years or are uninsured, they have the object of continuing the full face amount for only $20.00 per month.

That's a good option.

 

[moonlightandmargaritas]

I have a mother of a 7 month old girl that is looking for a $25K policy.

Are the mother and father correctly insured?

 

[rousemark]

That's a nice feature. 1/2 whole life, 1/2 term...kind of...almost.

Actually it is all whole life..Just taking advantage of all the options that are inherent in a WL policy. Another option would be to utilize the Extended Term coverage instead of the reduced paid up insurance. The girl would be 27 when she stopped paying the premium and the ET would run for around 60 years meaning she would have the full $53,500 until she was in her mid 80s.

Think what this could mean if the insured gets to the paid up period and has been diagnosed as terminal.. She can quit paying the premium and yet the family would still receive the full benefit at death.

The wonderful thing about using a life pay whole life instead of a 20 pay is all these decisions can be made under present day circumstances which may be quite different than when the policy was written.

(Hint - when you are helping a beneficiary with a death claim, ask them to search for any old lapsed policy they can find.. ET is the automatic non forfieture benefit so if they just quit paying the premium and did not cash it out, it may still be in force)

 

[Pete Cormie]

Take a look at the 20 year reduced paid insurance on any whole life policy you have avaiable.. For example, I just took a look at Columbian.. A $53,500 New Century Whole Life will cost $20.00 per month. At the end of 20 years, the insured can take fully paid up coverage in the amount of $25,155.00 .... Cost is usually no more than most 20 pay Life plans but the insured has twice the amount of coverage during the premium payment period.... plus if they have a need for 50K coverage at the end of 20 years or are uninsured, they have the object of continuing the full face amount for only $20.00 per month.

What he said.......................

 

[asher]

Rousemark,
Can this be done with any whole life policy--like MoO?
How does one learn all this stuff. I want to learn Life Insurance.
Really want to leave health behind-totally burned out on health.
I interviewed with Transamerica-not for me.
What's the best way to learn Life ins- TERM< WL> UL etc. Not just FE?

Any and all direction would be greatly and gratefully taken and appreciated.