Stand Alone Child Life Policies

[Robert Barney]

According to the National Funeral Directors Association, the average inflation rate of a funeral over the past 15 years is in the 1.5%-3% range. And it has been on the low end of that for the past decade.

In 2013 they saw a 1.6% increase. In 2012 it was a 1.2% increase. The 80s and 90s saw larger increases of around 4%-6%.

Either way, since the national average cost for a funeral with a casket is around $8k; a $25k policy increasing at 1.5%-3% is plenty to keep up with the cost. And considering that they can purchase more in $25k increments, it will serve as a lifetime final expense policy without a problem.

Some progress. It's nice of you to acknowledge that the purpose of this policy is to buy a box and get it buried.

I was NEVER very concerned about that particular problem when selling life insurance.

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We dont know what day we will die.

And we don't know what day we will wreck the car or what day the house will burn down.

In fact during the many years I have paid for home owner's insurance, I have never had a claim. Should I regret having bought the policy?

Never had a claim on a auto insurance policy. Isn't it a shame that the government forces you to buy the stuff?

 

[scagnt83]

Some progress. It's nice of you to acknowledge that the purpose of this policy is to buy a box and get it buried.

I was NEVER very concerned about that particular problem when selling life insurance.

When was it not? At it's core it is about final expenses and income replacement. Income replacement might go away eventually, but final expenses never do.

I was NEVER very concerned about that particular problem when selling life insurance.

Which is why many of your former clients have likely bought a small WL or GUL by now. Those agents thank you for not fully doing your job when you had the chance.

And we don't know what day we will wreck the car or what day the house will burn down.

In fact during the many years I have paid for home owner's insurance, I have never had a claim. Should I regret having bought the policy?

Never had a claim on a auto insurance policy. Isn't it a shame that the government forces you to buy the stuff?

Leave it to you to bring politics into the discussion... lol.

You failed to comprehend the point I was making. The actual insurance agents on this forum understood it though.

 

[Cash]

You quote this question:

Give me a conservative estimate of what you think inflation will be during that time period.

Then you didn't answer it.

0%

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insuring a child is insuring a financial liability. It's stupid. While the death of a child will cost you a funeral, you don't have to feed and clothe them anymore, you are financially ahead.

Sorry but my kid is not a liability.

Now we know how you feel about children.

 

[Robert Barney]

When was it not? At it's core it is about final expenses and income replacement. Income replacement might go away eventually, but final expenses never do.

Final expenses are a drop in the bucket, and most agents undervalue what it takes to replace income. Happens all the time.

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0%

Clearly an economic genius. Obama and the Fed print money, and you think there is no inflationary impact. You get an F grade.

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Sorry but my kid is not a liability.

We are talking about monetary value, not the "apple of your eye". What is your kid clearing a week?

Now we know how you feel about children.

I care enough about the welfare of children I emphasize that their parents carry sufficient insurance to take care of those if a parent dies. You beat your chest and say you care, while recommending parents put policies on their kids, often at the expense of properly insuring the real assets which are themselves.

Another F grade.

Continuing education? That's not what I would call it.

 

[Norwayguy]

Final expenses are a drop in the bucket, and most agents undervalue what it takes to replace income. Happens all the time.

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Clearly an economic genius. Obama and the Fed print money, and you think there is no inflationary impact. You get an F grade.

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We are talking about monetary value, not the "apple of your eye". What is your kid clearing a week?

I care enough about the welfare of children I emphasize that their parents carry sufficient insurance to take care of those if a parent dies. You beat your chest and say you care, while recommending parents put policies on their kids, often at the expense of properly insuring the real assets which are themselves.

Another F grade.

Continuing education? That's not what I would call it.

Since the kid is clearing nothing weekly where do you get your 500k guess with no knowledge of the parents coverage?

 

[Cash]

Final expenses are a drop in the bucket, and most agents undervalue what it takes to replace income. Happens all the time.

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Clearly an economic genius. Obama and the Fed print money, and you think there is no inflationary impact. You get an F grade.

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We are talking about monetary value, not the "apple of your eye". What is your kid clearing a week?



I care enough about the welfare of children I emphasize that their parents carry sufficient insurance to take care of those if a parent dies. You beat your chest and say you care, while recommending parents put policies on their kids, often at the expense of properly insuring the real assets which are themselves.

Another F grade.

Continuing education? That's not what I would call it.

Barney. I am afraid you are not tall enough for this ride.

 

[pfg1]

I'm having a hard time understanding why a product that gives the child permanent life insurance, and gives the parents peace of mind (not to mention all the additional benefits perm insurance provides) that has an irr of around 5% long term a bad thing?

 

[LGilmore]

I'm having a hard time understanding why a product that gives the child permanent life insurance, and gives the parents peace of mind (not to mention all the additional benefits perm insurance provides) that has an irr of around 5% long term a bad thing?


Cause Bob doesn't sell whole life. Bob owns a term quote engine, so if it's not term, it's crap.

 

[WinoBlues]

Does anyone have a negative on adding child riders to the parent's policy?

 

[Cash]

Does anyone have a negative on adding child riders to the parent's policy?

No. I personally have one on my newest policy.