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If you write a GUL on a child, you better short pay it.
Best Life Insurance for Children?
- Thread starter educateme
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- life insurance
If you write a GUL on a child, you better short pay it.
Most that I write are 5 to 10 years or paid until child is 18.
- 150
Good points. If you're wanting some affordable whole life MOO has a child policy that runs $9.10 for $30k up to 7 yrs old. It can be increased to $60k at specific ages.
I also like Cincy's 10 pay whole life. Around $36 for a 4 yr old for $50,000.
Mike
MOO is a good company to bring up. I tend to skip over them a lot, but for the smaller face amounts they are a contender.
You have to be somewhat careful when it comes to 10 pays and child policies, especially on smaller death benefits. They sometimes turn into MEC's.
- 4,132
"I've found that the best one to sell in my book is the term life insurance that lasts them till they're about 21 to cover the expensive parts of their life. "
What in the HELL are you talking about? The real idea behind establishing a separate life insurance plan for a kid is to set the kid up for life, not till 21. If that's all you're about then spend a couple bucks a month for a term rider..
I take it you don't have kids, at least not yet.
When you write a child for life, the idea is to give them a solid base policy and a guarantee of future insurability that allows them to add coverage without underwriting.
The best G dam gift you can give your kid is taking away an insurance company's ability to say "NO" to them, especially if later on in life, they should say "no". If you don't understand that, you don't understand insurance.
What in the HELL are you talking about? The real idea behind establishing a separate life insurance plan for a kid is to set the kid up for life, not till 21. If that's all you're about then spend a couple bucks a month for a term rider..
I take it you don't have kids, at least not yet.
When you write a child for life, the idea is to give them a solid base policy and a guarantee of future insurability that allows them to add coverage without underwriting.
The best G dam gift you can give your kid is taking away an insurance company's ability to say "NO" to them, especially if later on in life, they should say "no". If you don't understand that, you don't understand insurance.
FSPNYL2012
New Member
- 8
I have access to a couple very good childrens policies and have not heard of many that compare, obviously like previously stated a whole life policy is going to be best and may insurers don't even offer term insurance to minors as there is no benefit other than death and technically a child doesn't have that insurable value necessarily, so whole life is the way to go. Looking for this to guarantee insurability is the reason most parents do this for their children as well as to possibly fund a college plan if it is within the budget. It is huge to be able to do this for your kids to not only lock in insurablity but because it is very inexpensive to do in most cases. I also have an option within these childrens policies to guarantee additional insurance throughout the childs adult life with no additional underwriting required regardless of health at that time called a PPO or policy purchase option that allows the insured to add a predetermined amount of insurance at qualifiying life events and or every few years with no additional underwriting like previously stated, if you would like any additional information please don't hesitate to ask as I love to help people understand the options they have available, take care til then.
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