Best Life Insurance for Children?

Apr 23, 2012

  1. educateme
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    educateme New Member

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    I am considering life insurance for my kids? I have a term policy on myself and wondering about getting a policy for my kids while they are young and insurable. I'm looking for any suggestions as to term, permanant, and any company suggestions?

    Thank you
     
  2. STIBROKER
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    STIBROKER What may I do for you........ Moderator

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    whole life......
    Guardian Life - Home






    .
     
  3. 0b1kanobee
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    0b1kanobee Guru

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    Why do you like Gaurdian so much for child policies? Any particular reasons?

    I clicked on the link and it didn't tell me squat about their child policies. :skeptical:
     
  4. STIBROKER
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    STIBROKER What may I do for you........ Moderator

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    because they have done great on all my kid app's in the past.....
     
  5. 0b1kanobee
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    0b1kanobee Guru

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    Define great :GEEK::idea::idea::idea:
     
  6. STIBROKER
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    STIBROKER What may I do for you........ Moderator

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    good rates.....great underwriting......solid company.......
     
  7. CFP83
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    CFP83 Guru

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    Most insurers are neck and neck here with juvenile whole life insurance
    A major difference you may find though is most carriers only give the child standard non-smoker rates because of the lack of having a physical. I've even seen some carriers rate children as Standard Tobacco. I would go with a carrier that has a solid whole life contract and offers preferred rates to children, or the ability to get reconsidered for preferred rates once their 18.

    Also the additional purchase option should be a close second to the above point.....guaranteed insurability is an invaluable gift.
     
    Last edited: Apr 23, 2012
  8. educateme
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    educateme New Member

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    Thank you for your suggestions and reasons behind it. I have a friend whose child is uninsurable and it got me thinking about my own kids.
     
  9. BNTRS
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    BNTRS Guru

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    Guardian certainly has the best GIO in the industry, but you're only going to max that benefit if you purchase $250k on your children.

    Ohio National will automatically bump the risk class from standard non-smoker to select at age 18 (no underwriting)

    Penn Mutual will let you include any blended (term insurance on top of the base whole life policy) portion of the policy in the GIO (their GIO caps at $100k per exercise date)

    Massmutual has a decent GIO at $150k per exercise date, but fewer exercise dates than Guardian.



    Term is not something I'd waste time with.

    UL products are also available, but some carriers won't write UL contracts on children.
     
  10. bstang46
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    bstang46 New Member

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    A GUL with Mass Mutual isn't a bad idea if you aren't using the policy for any type of significant cash accumulation, or concerned with GIO. Mass will let you dial in face, premium, guarantees, and years payable.
     
    Last edited: Apr 24, 2012
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