Best Children Whole Life Policy

[rpconrad]

Any suggestions as to the best Whole Life policy for a 13 year old (great health no problems) written in California

Interested in a 10 Pay $1,000,000 policy

Already considering Mass and Guardian

If there are better alternatives for long term cash value accumulation (main focus) please provide

 

[VolAgent]

That is a lot of insurance for a 13 year old.

How much do the parents have? Do they have the income and assets to justify this?

As to your question, you might want to look at Ohio National as well. While none of their policies are a true ten pay, you could use PUAs and then either premium offset or do a reduced paid up after 10 years.

 

[STIBROKER]

The Guardian..........

 

[WPM]

Although they frustrate me bc all the HO folks want to talk about is IUL, Minnesota Life is very competitive in the juvenile WL market.

 

[rpconrad]

That is a lot of insurance for a 13 year old.

How much do the parents have? Do they have the income and assets to justify this?

As to your question, you might want to look at Ohio National as well. While none of their policies are a true ten pay, you could use PUAs and then either premium offset or do a reduced paid up after 10 years.

They have plenty of insurance for them selves and the income to support it.

They are looking at this as a long term savings/cash accumulation vehicle for the kid (as well as using it for possible loan source down the road if required),

 

[VolAgent]

They have plenty of insurance for them selves and the income to support it.

They are looking at this as a long term savings/cash accumulation vehicle for the kid (as well as using it for possible loan source down the road if required),

It is a great idea, but it is a question you have to ask as well. Be prepared to supply a lot more documentation than normal for a juvenile policy.

I'd really look at the Prestige Max from ONFS. It is paid up at age 65. They could short pay it or reduced paid up, but it also lets them continue to contribute as well. Depending on their situation, they may find themselves wanting to continue gifting after 10 years, and it would be a great vehicle for it.

 

[BNTRS]

Guardian and Mass will perform pretty much the same.

Guardian's advantage is in blending an adding additional PUA with great flexibility.

Mass' advantage is being able to maintain a higher CSV balance and db through NDR, if flexibility is a concern forget Mass.

Both would be my go to 10 pay providers.

Longer pay products like those found at ONL or LLIC are nice. ONL's Pretige Max is an excellent product. The client could offset or RPU it, but it's probably more attractive if they are willing to keep funding (it will be a lower premium compared to 10 pay).

 

[rpconrad]

Guardian and Mass will perform pretty much the same.

Guardian's advantage is in blending an adding additional PUA with great flexibility.

Mass' advantage is being able to maintain a higher CSV balance and db through NDR, if flexibility is a concern forget Mass.

Both would be my go to 10 pay providers.

Longer pay products like those found at ONL or LLIC are nice. ONL's Pretige Max is an excellent product. The client could offset or RPU it, but it's probably more attractive if they are willing to keep funding (it will be a lower premium compared to 10 pay).

Can you blend additional PUAs on a 10 pay without creating a MEC as suggested with Guardian

 

[BNTRS]

Can you blend additional PUAs on a 10 pay without creating a MEC as suggested with Guardian

Yup, I do it all the time.

 

[rpconrad]

Yup, I do it all the time.

Without adding a term policy?

Thanks