bluezebra48
Expert
- 67
Hmmm... He must be using a bad quoter. No company will place a 2 year old for 500k
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Hmmm... He must be using a bad quoter. No company will place a 2 year old for 500k
That's just not true. I've not personally done one that high, but a friend of mine has done them much higher than that.
Insurability is the ONLY real reason to buy coverage on a 2 year old.
Genworth Life, 20 year term, $500,000, $245 per year.
Insurability is secondary when I am talking to clients about life insurance on kids. It has also be a non issue on all the child claims I have done. ---------- Life Ready UL. A Current Assumption UL. Just did one, The guy was one notch above decline across the board. It sucks. ---------- What is her budget? Is she covered? If not a small policy on her with a child rider would be cheap. MoO $20,000 = $7.00mo Child WL With 4 purches options built in. Or say 25yo female $100,000 30yr ROP(convertable) w/ABR and $20,000 all current and future (after 15 days) children to age 25 Then convertable to $100,000.00 = $21.38mo with a RdPdUp policy at age 55 of $18,600.00 Same plan with straight term is about $5. less mo. ---------- Also if the 2 yr olds mother is buying a half million $ policy there had better be a ton on her life and a reason. Underwritting is going be to asking why.
MoO will do $20K for $7/mo? That's cheap. The 4 purchase options are for the original face?
Do they have a 10/20 pay option?
Man that's cheap!
You can get a $25k 20pay from Guardian for $13/m. Much better WL policy than MoO in general. Higher dividends/cash value, double the purchase options (8 vs. 4), and double the financial rating (A+ vs. AA+) (I know that is not really double... but it just went along with the last statement, lol)