My Grandma and her $5k SP Baby Gifts

[fjman]

My grandparents have bought all 20 or so grand kids (me included) and great grand kids SPWL policies when we were born. My grandmother tasked me with finding my latest niece a policy but it was a bit more than she usually spends. It was a few years ago and I placed it with assurity as they seemed to be the lowest DB option I could find then (10k) and premium was about $1k. It's a MEC with about $8-900 CV year one. I think mine has about $120 CV at 35 years! My niece lucked out.

So I'm expecting my first kid currently and there are 2 more great grand kids coming so I need to find three more but... Grandma is not forking out $1000 a piece this time. She's game for about $600 per kid.

Can anyone recommend a carrier? Must be Single Premium and at least a $5k DB.

 

[goillini52]

My grandparents have bought all 20 or so grand kids (me included) and great grand kids SPWL policies when we were born. My grandmother tasked me with finding my latest niece a policy but it was a bit more than she usually spends. It was a few years ago and I placed it with assurity as they seemed to be the lowest DB option I could find then (10k) and premium was about $1k. It's a MEC with about $8-900 CV year one. I think mine has about $120 CV at 35 years! My niece lucked out.

So I'm expecting my first kid currently and there are 2 more great grand kids coming so I need to find three more but... Grandma is not forking out $1000 a piece this time. She's game for about $600 per kid.

Can anyone recommend a carrier? Must be Single Premium and at least a $5k DB.

Settlers Life Female $5K for $477.50/Male $5K for $575.50 Single Pay for 15 days-364 days. Age 1 would be around $12 more.

 

[fjman]

Excellent! Looks like I need to get appointed with them. Thanks for running the quote too!

 

[goillini52]

Excellent! Looks like I need to get appointed with them. Thanks for running the quote too!

No problem. You can go through an IMO, or go direct.

 

[pfg1]

My grandparents have bought all 20 or so grand kids (me included) and great grand kids SPWL policies when we were born. My grandmother tasked me with finding my latest niece a policy but it was a bit more than she usually spends. It was a few years ago and I placed it with assurity as they seemed to be the lowest DB option I could find then (10k) and premium was about $1k. It's a MEC with about $8-900 CV year one. I think mine has about $120 CV at 35 years! My niece lucked out.

So I'm expecting my first kid currently and there are 2 more great grand kids coming so I need to find three more but... Grandma is not forking out $1000 a piece this time. She's game for about $600 per kid.

Can anyone recommend a carrier? Must be Single Premium and at least a $5k DB.

Your grandma is a smart woman! I wish more folks understood the power of this.

For your child personally, maybe talk to her about doing an annual premium policy (at whatever amount), and you pony up the rest. Amazing how it can look long term, if with a mutual and dividends, plus its not a MEC. Or if you want a higher DB than $600 will buy as SP, you kick in the difference.

Either way, good stuff for your family, kudos to grandma!

 

[fjman]

It's definitely a good thing. Maybe I should see if she would consider making the first annual payment on a ten pay? I'm planning to buy one anyway for him (I can even set the commission aside to pay a chunk of next years premium... Hmmmm. It would def beat the commission on a tiny single pay too.

 

[pfg1]

It's definitely a good thing. Maybe I should see if she would consider making the first annual payment on a ten pay? I'm planning to buy one anyway for him (I can even set the commission aside to pay a chunk of next years premium... Hmmmm. It would def beat the commission on a tiny single pay too.

Absolutely! A 10 pay with a div paying mutual would be awesome! You'll put your kid in a strong position, having a nice sized paid up policy by age 10.

 

[blue_wynd]

^ I second this. 10 pay with a par whole life is great. Have the granny pay for the first year premium and you can do the rest.