Life Insurance Policies On Grandchildren

[0b1kanobee]

Everything /// and add double check the signature requirements for the minors. Got one right now with Genworth that they now request that the 14 year old sign as insured. We argued it of course, but was just easier to have her sign it.

RNA told me at age 12 the child must sign the app as well.
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Looks like it's been answered. They are simply signing as parents. The owner is the only one that can make any changes to the policy.

What's odd to me is that Settlers does not require the parents to sign because they said the grandparents have insurable interest.

I'm scratching my head wondering why Settlers is one of the only ones who will allow it and MOO to from what I have read. Then again these carriers all have there own little quirks they do that don't make any sense.

 

[WinoBlues]

RNA told me at age 12 the child must sign the app as well.

That is the youngest I have seen. But would not be surprised if one comes back younger.

Maybe the forum underwriter will check in on how a child's signature figures into this. What are they signing to?

 

[0b1kanobee]

That is the youngest I have seen. But would not be surprised if one comes back younger.

Maybe the forum underwriter will check in on how a child's signature figures into this. What are they signing to?

Well so far the parents sign indicating they are the parents. The grandparents, well that they are the owners and the grandparents. The child must be signing that he indeed is the child LOL

Yeah if my son who is 12 had to sign this app he would have no idea why nor would he care less. Me at 12 on the other hand would have wanted to know all about it.

I'd like a better understanding of it myself and just what is the thinking process

 

[seeknulfind]

It would seem to me (from my layman's standpoint, not to be taken as a legal opinion since I am not lawyer nor a legal professional in any sense) since a contract with a minor is voidable by the minor but enforceable as far as the insurer is concerned, requiring the minor to sign "could" backfire. Having the parent sign for the minor not only should be sufficient but is also "safer" in my eyes. IF I WERE a lawyer, I may feel more comfortable without the child's sig. Then again most lawyers seemed to be trained to take either side of the argument and state their case without ever coming close to that dangerous concept called a conclusion. Thus this discussion which, in the end also accomplishes nothing.

So smile, do what they want and collect your check.

Andy

 

[Newby]

It would seem to me (from my layman's standpoint, not to be taken as a legal opinion since I am not lawyer nor a legal professional in any sense) since a contract with a minor is voidable by the minor but enforceable as far as the insurer is concerned, requiring the minor to sign "could" backfire. Having the parent sign for the minor not only should be sufficient but is also "safer" in my eyes. IF I WERE a lawyer, I may feel more comfortable without the child's sig. Then again most lawyers seemed to be trained to take either side of the argument and state their case without ever coming close to that dangerous concept called a conclusion. Thus this discussion which, in the end also accomplishes nothing.

So smile, do what they want and collect your check.

Andy

I see this the same as you. Anyone under 18 is legally incompetent and can't be held to any contract. It seems worse to have them sign.
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Well so far the parents sign indicating they are the parents. The grandparents, well that they are the owners and the grandparents. The child must be signing that he indeed is the child LOL

Yeah if my son who is 12 had to sign this app he would have no idea why nor would he care less. Me at 12 on the other hand would have wanted to know all about it.

I'd like a better understanding of it myself and just what is the thinking process

The thinking on the parents may be that they certainly know the health history on the child and the grandparents possibly do not know everything. Or it could be that RNA just wants to cover their arses for bad family dynamics. Lots and lots of bad relationships between grandparents and the child's mother. If your child died and one of your worst enemies profited from your child's death and you only found out about the policy after the death and never consented, you MIGHT make it your life's mission to stir up a lot of ****.

Settlers on the other hand does not require the parent's signature at all. The are owned by NGL and they sell most of their policies through funeral homes. Funeral home life insurance policies never have to have anyone sign that isn't the owner. Even the insured doesn't need to sign (even if they are an adult.) the way settlers does it is much easier for the agent (and the grandparents) when a desire is discovered on an FE appointment. You just pull out the app and get it done. They can also buy smaller amounts ( even under $5,000) AND offer a 10-pay or single pay as well as a lifetime pay.

On a 20-pay that is for $10,000 or more, RNA Essential Life will be priced cheaper. But if you offer both to the grandparent and explain the application process to them for each, most go with Settlers in my experience unless it's a pretty big policy.

 

[HoosierLife]

So I am going to write a Mon app ona 9 year old tmw. Do I need him to sign just in case?

 

[WinoBlues]

So I am going to write a Mon app ona 9 year old tmw. Do I need him to sign just in case?

Check with the company. I just wrote a large policy on my 14 year old and the company comes back for a signature from her. I argue it of course but in the end easier to just have here sign it. Sometimes companies are just stupid.

 

[moonlightandmargaritas]

So I am going to write a Mon app ona 9 year old tmw. Do I need him to sign just in case?

Better bring plenty of crayons - just in case.

 

[VolAgent]

I see this the same as you. Anyone under 18 is legally incompetent and can't be held to any contract. It seems worse to have them sign.

It is a legal requirement here in Tennessee. I believe here it is age 16, but it could be 14. It isn't something I think about often so the thread may be confusing me about the age. I do recall a few states that are age 12. Generally it isn't the insurance company's rule, but the state's rule. The insurance company just follows it and is happy as long as it comes back with all the right signatures.

 

[deadhead]

In North Carolina the age is 14