Stand Alone Child Life Policies

[WinoBlues]

No. I personally have one on my newest policy.

I look at them as more than current or future coverage of current kids. I also look the huge benefit of automatic coverage at day 15 for children that would not otherwise get coverage.

 

[Cash]

I look at them as more than current or future coverage of current kids. I also look the huge benefit of automatic coverage at day 15 for children that would not otherwise get coverage.

Exactly. Its a form of insurance within the insurance.

It's also really cheap.

 

[LGilmore]

There is nothing wrong with doing it different ways as long as it fits the desires of the person buying. We all have our favorite choice, but our job is to offer choices.

Sometimes the choice is 1, if any. Sometimes it's a dozen. We should present the pros and cons of each choice and let the consumer decide.

 

[rousemark]

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.

Bob doesn't insurance of any type. He is not licensed.

 

[WinoBlues]

There is nothing wrong with doing it different ways as long as it fits the desires of the person buying. We all have our favorite choice, but our job is to offer choices.

Sometimes the choice is 1, if any. Sometimes it's a dozen. We should present the pros and cons of each choice and let the consumer decide.

Agreed. I insure adults. I give them choices and answer their questions. In the end, it is their choice. I will offer my advice, I do not tell them what to do.

 

[ATM]

Insurability is the ONLY real reason to buy coverage on a 2 year old.

Genworth Life, 20 year term, $500,000, $245 per year.

Tell that to the clients I had when I first got into the business. They wouldn't insure the kids because they didn't want to spend the extra $25.

Mom backed the car up in the drive and ran over her daughter killing her. To pay for the funeral they had to take a loan and Mom had to write that check tot he bank every month for 7 years.

There are other reasons than future insurability and better ones too.

 

[UW Guy]

And you think that underwriting is going to approve half a million on most two year olds?

If the parents are walking around with a million each (preferably one is higher than that but it's a good place to start) and the household income is at least $150k-$200k yeah... it happens. I've had juvie policies for $750k, and then throw on additional annual prems and the underwriting amounts can border on $1M.

 

[rousemark]

If the parents are walking around with a million each (preferably one is higher than that but it's a good place to start) and the household income is at least $150k-$200k yeah... it happens. I've had juvie policies for $750k, and then throw on additional annual prems and the underwriting amounts can border on $1M.

Yes, it happens but that on "most" 2 year olds.

 

[UW Guy]

Yes, it happens but that on "most" 2 year olds.

Just saying it doesn't take a lot to qualify for $500k on a kid.

 

[pfg1]

Yes, it happens but that on "most" 2 year olds.

I don't think anyone is saying or even thinks it happens on "most" two year olds.

It was posted earlier in this thread that no companies would issue high face amounts on young kids, and that is just not true. I've done a number of polices at $500k on kids, though none were 2yrs old.