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Just got a piece from AARP on their Grandparent child policy. $5. for $10,000 or $10. for $20,000 up to age 17. Those are good rates at the older ages.
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Where is the original agent who sold these policies and how did you get into the picture?
Why isn't the grandfather continuing to fund these policies that he started?
Why do you (or she) think they are expensive? Is this an analysis of the internal costs... or just because she thinks $1k per year for each child for "life insurance" is expensive?
A 529 plan + term rider is simply buying term and saving the difference with market risks. These WL policies are permanent protection that will (most likely) have the GIO rider to increase total insurance coverage at various points of these children's lives without proving evidence of insurability.
If you think that market risk savings is the way to do, I'd suggest reading this article carefully:
Doing right by clients in volatile markets: 3 examples | LifeHealthPro
Other than that, insuring a child is insuring a financial liability. It's stupid. While the death of a child will cost you a funeral, you don't have to feed and clothe them anymore, you are financially ahead.