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Reply to $1M of Term on 8 Month Old     
Old 07-23-2017, 06:36 PM   #1
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$1M of Term on 8 Month Old $1M of Term on 8 Month Old
Does anyone know of a career that will write $1 million term policy on an 8 month old?
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Old 07-23-2017, 07:09 PM   #2
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$1M of Term on 8 Month Old Re: $1M of Term on 8 Month Old
Try Lloyd's of London.
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Old 07-23-2017, 07:29 PM   #3
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$1M of Term on 8 Month Old Re: $1M of Term on 8 Month Old
Is there a good reason?

I'm thinking that baby won't live long.
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Old 07-23-2017, 07:36 PM   #4
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rousemark on $1M of Term on 8 Month Old
 
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$1M of Term on 8 Month Old Re: $1M of Term on 8 Month Old
Originally Posted by BeeSelective View Post
Is there a good reason?

I'm thinking that baby won't live long.
That was the horrible thought that I had when I saw the thread title...
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Old 07-23-2017, 10:41 PM   #5
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$1M of Term on 8 Month Old Re: $1M of Term on 8 Month Old johndf is the thread starter for: $1M of Term on 8 Month Old

One of my new Agents called me this evening asking that question on a client he is writing a health plan on. My first thought was, whats wrong with the baby? It does not make sense. He said they are an Indian couple and this is their first born male. I have no idea what that means but it still does not add up. He is going back to get more details. In my 30+ years in this industry this is the first for me. None of the companies we work with will take this on. I did not know if I was missing something. Thanks.
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Old 07-24-2017, 12:27 AM   #6
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$1M of Term on 8 Month Old Re: $1M of Term on 8 Month Old
Try a no lapse UL.

Pru can do $1m for $1,550.90 per year.
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Old 07-24-2017, 01:16 AM   #7
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LGilmore on $1M of Term on 8 Month Old
 
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$1M of Term on 8 Month Old Re: $1M of Term on 8 Month Old
Usually a policy on a child has to be within a certain range comparable to the parents coverage. It is unlikely any company would write a million on a child if the parents have say 250k, unless there is a special exception (entertainment for example) that would create a need for more coverage.
Check your underwriting guidelines.
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Old 07-24-2017, 08:46 AM   #8
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$1M of Term on 8 Month Old Re: $1M of Term on 8 Month Old
If there is a legitimate need, most any major life carrier will cover it. The parents will need to have sufficient income/assets/life coverage. No need for specialty coverage from Lloyds.

I would look at a carrier that has strong conversion options, like NA. Generally speaking, people from India like permanent insurance. I would bet they will like the idea of strong conversion options in the future.
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Old 07-24-2017, 04:33 PM   #9
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$1M of Term on 8 Month Old Re: $1M of Term on 8 Month Old
"One of my new agents..." do you mean new to you or new in general?

I would of told him to go back and tell those parents no they cannot have that and explain why insurance on children is prohibited.

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I'm just guessing but it sounds like he is new in general or he was never told you cannot sell everyone insurance when he first started.
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Old 07-24-2017, 04:41 PM   #10
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$1M of Term on 8 Month Old Re: $1M of Term on 8 Month Old
Insurance on children is not prohibited. If one looks at their financial underwriting guide, they'll see the guidelines for coverage - generally up to $100k without additional financial underwriting or other explanations. Plus, the parents would also need to have the same or far more coverage on themselves - unless uninsurable.

I simply don't see how an 8 month old can need a $1m policy.
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