$1M of Term on 8 Month Old

Discussion in 'Life Insurance Forum' started by johndf, Jul 23, 2017.

  1. LostDollar
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    LostDollar Well-Known Member

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    We may not understand the culture, concepts of primogeniture, and perceived "value" of a male child well enough to duplicate the parents' thought processes.
    This child may be the future CEO of the family "Sleepy Time Motel" or "StopQuick" store chains, as well as the parents' old age support system. As such he may be their most valuable asset.
     
  2. pfg1
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    pfg1 Well-Known Member

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    I don't think I'd run away... I'd find out what they have (adequate enough?) and educate them on a permanent policy. It doesn't get any better than when they are super young. The long term performance is excellent.

    The Ramsey deal... he doesn't tell people to buy term on kids, so while he does put BTID, I doubt that is the driving force.

    Maybe the OP will chime back in and fill in the gaps.
     
  3. johndf
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    johndf Well-Known Member

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    I appreciate the segue into "filling in the gaps", but unfortunately some gaps may never be filled only assumptions. Neither the husband or wife have any life ins., they have Obamacare and are complaining about it being to expensive (that was the only normal part of the conversation per the agent), never would answer the agent about why they felt they actually needed the coverage other than getting aggravated with him because they said he was asking "to many questions" and asked if they could assign the death benefits to someone in India. They also never answered who will be paying the premium. To many red flags.
     
  4. pfg1
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    pfg1 Well-Known Member

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    Well in that case, it really doesn't matter anyhow. They wouldn't get the covg regardless. Red flags... YUP! No idea for sure what they are thinking, but it doesn't sound good.
     
  5. eersfan
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    eersfan Well-Known Member

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    Insurance on a juvenile requires a multiple of the same face amount, typically, on the parents. I cannot think of any company which would write this simply based upon the age of the child and how the amount can be justified.

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    This smells like insurance fraud. Walk.Away.
     
  6. jboussea
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    jboussea Well-Known Member

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    I would have them call DCF to see if they offer any life insurance
     
  7. eersfan
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    eersfan Well-Known Member

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    I am not familiar with DCF. What is it?
     
  8. johndf
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    johndf Well-Known Member

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    Department of Children and Family Services.
     
  9. pfg1
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    pfg1 Well-Known Member

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    lol! ............
     

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