Single Pay for Babies/small Children?

SunnyDaze

Expert
85
Looking for a Niche... is there a company with a good single pay that grandparents can gift the grandkids? I just got contracted with RNA, know they have 20 pay. Thanks.
 
annuity's.....

Annuity.... Being so new and never having looked at annuities, I don't know what would be the difference here. Cash value increasing on both....

Why would one purchase an annuity instead of a life policy....cash value? What about future insurability?

Thanks, STIBROKER. Any other input appreciated.
 
Looking for a Niche... is there a company with a good single pay that grandparents can gift the grandkids? I just got contracted with RNA, know they have 20 pay. Thanks.

Illinois Mutual has a single premium policy that is $300 per unit with a max of two units or $600.
For a one time payment of $300 the child is covered for $5,000 til age ? the it increases to $10,000 til around age 15 then jumps to $15,000 til age 23.
I am off on the ages but you get the picture. Just double the coverage for the $600 premium.
At age 23 the child can purchase a $100,000 per unit guarantee issue whole life.

Call them to get the exact numbers but I am close.
Also Cincinnati Life has a single pay and a ten pay.


Shooter
 
Illinois Mutual has a single premium policy that is $300 per unit with a max of two units or $600.
For a one time payment of $300 the child is covered for $5,000 til age ? the it increases to $10,000 til around age 15 then jumps to $15,000 til age 23.
I am off on the ages but you get the picture. Just double the coverage for the $600 premium.
At age 23 the child can purchase a $100,000 per unit guarantee issue whole life.

Call them to get the exact numbers but I am close.
Also Cincinnati Life has a single pay and a ten pay.


Shooter


Thanks, Shooter, that is what I was looking for. I will check them out.

I will also appreciate info on more companies, and why one would choose to get an annuity instead.
 
Thanks, Shooter, that is what I was looking for. I will check them out.

I will also appreciate info on more companies, and why one would choose to get an annuity instead.

An annuity is for retirement income.

Life insurance is for a death benefit and money can be pulled out at any age not just 59.5 +
 
An annuity is for retirement income.

Life insurance is for a death benefit and money can be pulled out at any age not just 59.5 +

Thanks to you, too, Newby. What I am looking for is a market that is comfortable FOR ME to pursue.

Someone I respect told me that in my position, he would look at single premium for kids. As we discussed that, I agreed it is a good idea. I don't know what I can make from $300 annual premiums, but I believe volume would be great (since I like this and believe in it).

What better gift than future insurability? I do know friends whose parents did that for them years ago, and they think that was valuable.

That being said, the link STIBROKER posted, provided a look at annuity use for children. Whether it is a good idea or not, I don't know, but it is something to think about.
 
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