Best Life Insurance for Children?
- Thread starter educateme
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- 2,455
Is anyone using RNA for LI on children?
I have a 16 y.o. where the parents want a 25k to 50k policy. I ran the quote with RNA and it comes out at 25.86 per month for 25k.
Just wondering how these rates compare to say ONL or Guardian as I'm not licensed with either of those two. Is it even an apples to apples comparison?
I have a 16 y.o. where the parents want a 25k to 50k policy. I ran the quote with RNA and it comes out at 25.86 per month for 25k.
Just wondering how these rates compare to say ONL or Guardian as I'm not licensed with either of those two. Is it even an apples to apples comparison?
- 18,980
I use them almost in every case for children. Especially the 20 pay. The bad thing they did was take a rate increase a little over a year ago on the 17 and under. If you run that same quote for an 18 year old you will that it's less premium than for the 16 year old.
Aboput the only time I don't use RNA is when RNA's underwriting is too strict or for a 10 pay. I use Monumental then.
- 2,455
Hummm thanks JD. I forgot to add this is a 20 pay. There is a boy as well so there would be two children policies. RNA also does NOT write any accident coverage unless the child is at least 16 Y.O.
I'm wanting to write 25k with 25k accident for 20 pay. Of course I'll write it for more but we'll see. I'm trying to keep it affordable.
Funny, I asked this lady why she wanted life insurance on her children and she says "well heck they are kids and they do crazy stuff. I need something just in case" I had to laugh. I was basically trying to get at having some cash accumulation down the road ect. They are white middle class and it's not typical for them from what I have found so far to have life insurance on their kids. So far I have found it to be lower income, African American and higher income white folk.
and no I'm not prejudice. My sister is adopted African American. Colored people tend to get a kick out of it when I show them her picture.
I will check Monumental. Is it fully underwritten like RNA and does it build cash just as well?
- 18,980
Hummm thanks JD. I forgot to add this is a 20 pay. There is a boy as well so there would be two children policies. RNA also does NOT write any accident coverage unless the child is at least 16 Y.O.
I'm wanting to write 25k with 25k accident for 20 pay. Of course I'll write it for more but we'll see. I'm trying to keep it affordable.
Funny, I asked this lady why she wanted life insurance on her children and she says "well heck they are kids and they do crazy stuff. I need something just in case" I had to laugh. I was basically trying to get at having some cash accumulation down the road ect. They are white middle class and it's not typical for them from what I have found so far to have life insurance on their kids. So far I have found it to be lower income, African American and higher income white folk.
Colored people tend to get a kick out of it when I show them her picture.
I will check Monumental. Is it fully underwritten like RNA and does it build cash just as well?
Monumental is the same app as for the older ages. They are considerably higher than RNA. It also build cash. It would build more cash than RNA.
- 4,132
"The best insurance may be no insurance. Most financial advisors recommend you buy no insurance on your child's life"
Are these financial advisors like the ones at my bank who take my deposits for me?
Again the strongest benefit to insurance on a child is setting up for future use. How valuable is the ability to take away "NO" from an insurance company? Your answer may depend on how long you've been writing coverage. How many policies have you had go south because of "something" in underwriting that pops up?
Taking that option away from an insurer is very valuable as outside of term conversions I can't think of many other situations where the insurered has power over the insurer.
As far as college funds and what not... nope the math doesn't support a $25 a month premium as paying for an 80k college tuition bill. If you're selling life this way, watch your E&O.
A life policy on a child beyond the obvious death benefit "if" something happens is simply the idea of buying a piece of raw land. You buy raw land in hopes that you can develope it later. Why buy raw? Cause the price is the best compared to later.
Are these financial advisors like the ones at my bank who take my deposits for me?
Again the strongest benefit to insurance on a child is setting up for future use. How valuable is the ability to take away "NO" from an insurance company? Your answer may depend on how long you've been writing coverage. How many policies have you had go south because of "something" in underwriting that pops up?
Taking that option away from an insurer is very valuable as outside of term conversions I can't think of many other situations where the insurered has power over the insurer.
As far as college funds and what not... nope the math doesn't support a $25 a month premium as paying for an 80k college tuition bill. If you're selling life this way, watch your E&O.
A life policy on a child beyond the obvious death benefit "if" something happens is simply the idea of buying a piece of raw land. You buy raw land in hopes that you can develope it later. Why buy raw? Cause the price is the best compared to later.
- 170
I have a problem with this. Life insurance isn't about who dies, it's about who lives. The parents will incure very real costs to a death of a child. Critical care hospital bills, funeral, lost wages from work, family grief counceling, bills that still need to be paid. A straight up 25k-50k policy on a child is cheap compaired to the debt you'll be hit with if, God forbid, they die. You want investment too? Then look into investments and keep them seperate if that's what you're comfortable with.
I've also worked with Financial Advisors the past 15 years. The majority of them are fairly information lean on "the big picture" and complexities of insurance products on the market and proper application for long term goals. A few of them are great, but in my opinion, most of them ...not so great in the insurance realm.
- 4,689
"Colored people tend to get a kick out of it when I show them her picture."
**************
I can see showing a prospect a picture of your wife or kids....but showing a picture of your sister is just showing off. I have four sisters and never even had a picture of them in my wallet.
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I can see showing a prospect a picture of your wife or kids....but showing a picture of your sister is just showing off. I have four sisters and never even had a picture of them in my wallet.
- 4,132
" I have four sisters and never even had a picture of them in my wallet."
what do your sisters look like?
I mean I use one of my late dogs as my avatar instead of my picture for a reason....
Always better to show a hansom dog, than an ugly agent.
what do your sisters look like?
I mean I use one of my late dogs as my avatar instead of my picture for a reason....
Always better to show a hansom dog, than an ugly agent.
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