Guarantee Issue Child Policies

[2insureyou]

Longshot question here... I have a client who has children that are definitely not clients for NM or any of my other "go-to" companies. My understanding is that even Gerber and Globe do some underwriting, and my guess is these kids would be declined there as well.

Are there any GI policies available for juveniles that any of you are aware of?

He has 4 children who are perfectly healthy, but 6 who have varying issues from chromosomal defects to heart issues. He's looking for something very basic for them. If anyone knows of anything, please let me know.

Thanks!

 

[WinoBlues]

Longshot question here... I have a client who has children that are definitely not clients for NM or any of my other "go-to" companies. My understanding is that even Gerber and Globe do some underwriting, and my guess is these kids would be declined there as well.

Are there any GI policies available for juveniles that any of you are aware of?

He has 4 children who are perfectly healthy, but 6 who have varying issues from chromosomal defects to heart issues. He's looking for something very basic for them. If anyone knows of anything, please let me know.

Thanks!

First, Sounds like another example of the value of having a child rider on the parents policy.

Many times we will assume that someone is only eligible for GI, when in fact they may qualify for some benefit. Newby would be a good resource on PreNeed info. Depending on the issues United Heritage's SIWL and Graded (30-70-100) both go down to age 0. Not sure if they are in your state.


Lee

 

[Newby]

Longshot question here... I have a client who has children that are definitely not clients for NM or any of my other "go-to" companies. My understanding is that even Gerber and Globe do some underwriting, and my guess is these kids would be declined there as well.

Are there any GI policies available for juveniles that any of you are aware of?

He has 4 children who are perfectly healthy, but 6 who have varying issues from chromosomal defects to heart issues. He's looking for something very basic for them. If anyone knows of anything, please let me know.

Thanks!

I think you said you were in Evansville. I can help you with that one with several different options with funeral preneed insurance if the policies are to be $25,000 or less (plus growth.)

Other than that there are VERY few GI options for people under 25 years old.

 

[LGilmore]

what you might want to point out in this situation is any extra money for coverage should be spent on the parents as they will provide care. When or if they pass, the extra policy would provide additional monies to prolong care for those children who will have lifelong issues.

by chromozonal, do you mean Downs?

 

[2insureyou]

what you might want to point out in this situation is any extra money for coverage should be spent on the parents as they will provide care. When or if they pass, the extra policy would provide additional monies to prolong care for those children who will have lifelong issues.

by chromozonal, do you mean Downs?

One has Downs... two have a very rare genetic disorder...

Mom and Dad have plenty of life insurance, and are currently working with an attorney on a special needs trust. That concern is taken care of. He simply wanted to purchase insurance for them.
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I think you said you were in Evansville. I can help you with that one with several different options with funeral preneed insurance if the policies are to be $25,000 or less (plus growth.)

Other than that there are VERY few GI options for people under 25 years old.

We are only looking for $25k or less. $15k would probably do on the special needs kids.

For the four healthy children, he will likely be purchasing NML contracts for them with APB riders and the like...

 

[JGold814]

Simplified issue whole life is probably gonna be the best route to take. You just got to find the right company for them. I'd suggest reviewing the health question sections on the apps from a few different companies offering SIWL and see if any of them can work with the med hx. Some carriers only go down to 25k others may be able to do 10k, 15k, etc.

If you have a brokerage house you use, they may be able to help you with that.
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(...assuming they work with cases with a very low face amount if you have a brokerage house)

 

[WinoBlues]

One has Downs... two have a very rare genetic disorder...

Mom and Dad have plenty of life insurance, and are currently working with an attorney on a special needs trust. That concern is taken care of. He simply wanted to purchase insurance for them.
- - - - - - - - - - - - - - - - - -


We are only looking for $25k or less. $15k would probably do on the special needs kids.

For the four healthy children, he will likely be purchasing NML contracts for them with APB riders and the like...

Female age 16, $15,000 Graded = $48.70 per month. Same price age 0-25

 

[Newby]

Generally the attorney in these cases is going to want actual Preneed insurance. The reason is in Indiana the original face amount can not be larger than $10,000 or it could get the kids removed from state benefits.

The policy needs to grow to hedge inflation. The policy must be paid in full during the parent's lifetime.

With the Preneed policies the policy is guaranteed paid up in 10 years, a $10,000 policy adds $3,500 per decade in death benefit so if the child lives to his 50's the policy is worth $27,500 without disqualifying him for state benefits. AND mom and dad pay it in full in 10 years or less.

These are used all the time for special needs kids.