Gerber Life Can I Keep my Child's Policy

[Jrccmn32]

I own a policy for my child who is 17 and was diagnosed with ADHD. Now other insurance companies won't touch him for life insurance because of the diagnosis, and medicine he is on. I want to retain ownership and control over the policy after my child turns 21. Per there policy the insurance contract goes to him and the keep fighting me on this matter. Is there a way that I can tell them legally that I don't want ownership or benificiary of that policy transferee and I want to still keep paying premiums, and upkeep on the policy?

 

[///MJay]

What medications is he on? What other companies have you talked to? There may still be other options. Who told you that you cannot retain ownership of the Gerber policy?

 

[LostDollar]

Your child takes over the policy at age 21.

That's what it says on the Gerber website for a Gerber grow up plan.

Says similar on a young adult plan. (ages 15-17)

Plans double face at age 18.
Child takes over at age 21.

 

[Jrccmn32]

What medications is he on? What other companies have you talked to? There may still be other options. Who told you that you cannot retain ownership of the Gerber policy?

Tried American family, and Omaha with no go, he is on medication to control the ADHD. Gerber says that the policy goes to my child when he turns 21 but my parents had policies on me, and brother and sister and retained ownership to this day of said policies, they paid premiums not us kids. I just don't want my child to sell the policy for the cash value when he turns 21 and not be able to get insurance elsewhere because of his history with ADHD or anything else that might come up.

 

[TampaHound]

Maintaining ownership and paying for the policy are two different things.

You child can be the owner, which just means he's the only one that can make changes to that policy - such as the beneficiary and address. I see no reason why you could not continue to pay for the policy?

Is that what your asking?

 

[Jrccmn32]

Maintaining ownership and paying for the policy are two different things.

You child can be the owner, which just means he's the only one that can make changes to that policy - such as the beneficiary and address. I see no reason why you could not continue to pay for the policy?

Is that what your asking?

No I'm talking I maintain ownership that way my child doesn't decide at 21 or later oh there's cash value here "free money" I can cash this in and get money thus having no more life insurance and not being able to get any at a reasonable cost due to his conditions.

 

[LostDollar]

Maintaining ownership and paying for the policy are two different things.

You child can be the owner, which just means he's the only one that can make changes to that policy - such as the beneficiary and address. I see no reason why you could not continue to pay for the policy?

Is that what your asking?

It is quite difficult to know what a person with head issues might do. Cold logic and emotional reaction are two different things. He's concerned about the kid going on a tear and cashing in the policy. I would suspect that is a very real possibility.

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Tried American family, and Omaha with no go, he is on medication to control the ADHD. Gerber says that the policy goes to my child when he turns 21 but my parents had policies on me, and brother and sister and retained ownership to this day of said policies, they paid premiums not us kids. I just don't want my child to sell the policy for the cash value when he turns 21 and not be able to get insurance elsewhere because of his history with ADHD or anything else that might come up.

Would Gerber allow the over 21 owner of the policy to transfer ownership back to you?

Or, is there a conversion to paid up insurance option which you could bribe him to take?

 

[DHK]

1. ADD/ADHD does NOT cause one to lose their insurability. I have ADD/ADHD (whatever they're calling it these days) and I've never had an issue getting coverage due to that. (I am a little on the edge of the height/weight build tables, so I do need to work on that.)

2. What medication is he on? Is he compliant with the medication? This was what ///mjay was referring to.

Now, sometimes some doctors won't prescribe the RIGHT medications for ADD/ADHD because they simply don't know any better, OR their medical group won't allow them to prescribe the proper medication because it is classified as a narcotic. So, if you have a DIFFERENT medication - and often anti-depressants are prescribed, that may be causing an issue in underwriting.

For me personally, Ritalin works just fine for me - 20mg in the morning and 10mg in the afternoon. If I were to get blood work done, it would show up in my blood stream. Ritalin is a narcotic, so it is prescribed once a month on secure prescription pads.

There are many other medications - adderall, concerta, and a bunch of other ones. I've still never heard of an underwriting issue solely based on ADD/ADHD and being compliant with proper medication.


As far as spendthrift issues are concerned, with just about every insurance company (Gerber does things uniquely), you can own an insurance policy on someone else as long as there is an insurable risk relationship at the time of application.

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I'm looking at an impairment underwriting guide from Assurity Life for ADD/ADHD and it says:

- Mild, no behavioral symptoms, school age and up - 0-T4 ('0' meaning not rated down to table 4 for underwriting)
- More severe - T6-decline

I don't know what "more severe" would look like, aside from perhaps a very strong medication or something in the medical file.

 

[jdeasy]

I own a policy for my child who is 17 and was diagnosed with ADHD. Now other insurance companies won't touch him for life insurance because of the diagnosis, and medicine he is on. I want to retain ownership and control over the policy after my child turns 21. Per there policy the insurance contract goes to him and the keep fighting me on this matter. Is there a way that I can tell them legally that I don't want ownership or benificiary of that policy transferee and I want to still keep paying premiums, and upkeep on the policy?

There are many companies that would most likely cover your son on a new policy. I write a lot of policies on kids and it seems about half today on some kind of med for ADD or ADHD. I'm able to get them covered.

As for the ownership change with Gerber, that's their rule. You can continue to pay for it even though he is the owner. And after the ownership is changed he could then assign ownership back to if he's willing to do so. Of he could assign ownership to someone else or to a funeral home.

The owner can do whatever they want except stop that rule change that was written into the contract.

 

[pfg1]

Simple answer if it was me. The kid doesn't even need to know they have the policy until you feel they are ready. You keep paying the premium. "Technically" they would be the owner, but if they don't know they have it...you still keep control until you feel the time is right.

As for the ADHD, I kinda agree...that is not typically a serious issue.