Cash Value Policy for Grandchild

[DHK]

No, but there needs to be enough insurance on the grandchild's parents OR a justifiable reason why there isn't insurance on the parents before coverage can be offered.

 

[VolAgent]

A grandparent buys a whole life policy on a grandchild. The grandparent is the owner and beneficiary of the policy and can, conceivably, keep the cash value for himself or keep the death benefit for himself.

Does the grandparent need the written consent of the child's parent in order to take out the policy?

Someone has to sign as the insured...

So effectively, yes. It has been a long time since I've been with Mass, but I believe they will want the parent's signature as insured to consent to the insurance and to attest as to health.

 

[Lloyds of Lubbock]

GIO options are relatively inexpensive and present great opportunity.
Couple it with waiver and you may become a lifesaver.
BTW this is my first post...Hello everyone

 

[goillini52]

GIO options are relatively inexpensive and present great opportunity.
Couple it with waiver and you may become a lifesaver.
BTW this is my first post...Hello everyone

Welcome to the Forum. Like the username.

 

[Lloyds of Lubbock]

Thanks for the welcome!

 

[f55c6]

A grandparent buys a whole life policy on a grandchild. The grandparent is the owner and beneficiary of the policy and can, conceivably, keep the cash value for himself or keep the death benefit for himself.

Does the grandparent need the written consent of the child's parent in order to take out the policy?

Hello, Mass Mutual required my son's signature on the application.

 

[myinsurebiz]

If you go a well funded type of whole life product, I would not add GIO, But add more coverage that will increase cash value later. Riders are paid for before dollars can bare interest. Most folks - though not all - should be able to access more coverage in the future on term coverage, which is much less in cost and generally has a limited life.

Rule of thumb - agents make higher commissions on whole life products.

I have 2 Term carriers that pay 130% w/ renewals - much more than most of my WL contracts . . .

 

[myinsurebiz]

Subscribed

To what?

 

[goillini52]

I have 2 Term carriers that pay 130% w/ renewals - much more than most of my WL contracts . . .

And they are........................................

 

[myinsurebiz]

Hello, I'm a consumer looking to buy a whole life $100,000 base policy for my 6 year old grandson. I have two 10 pay $150 a month premium illustrations ($18,000) from both Mass and NYL. NYL base of $100,000 with term rider (DOT term rider $65,000) which drops off after year 7.

You aren't a licensed Agent?

Are you related to Lost Dollar?