Child whole life

Feb 11, 2019

  1. InviewFinancial

    InviewFinancial Expert

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    my parents never had insurance, and they never got for me either since they didnt have any guidance.
    i always wish that they did.
    So i would like to take some financial stress off from my kids when they grow up.

    I had 1 mil 30 yr term with prudential which $500K is converted to GUL (20pay) and am thinking of converting remaining 500K to GUL.
    My husband also have 1 mil 30 yr term with prudential.
    We have a 2 year old for whom we got $400K wholelife 20 pay. (penn mutual.. cost around 2K/yr) .

    I have been diagnosed with RA and now not sure if i will be able to get more insurance.

    Our financial situations are better at the moment so we want to get our child $600K .
    that will total 1 mil for our child.

    q1) my insurance agent mentioned that getting $600K might be hard or all most impossible becuase me and my wife only have 1 mil. he states Usually companies only insure 50% of parents value.
    but he did state that he can try going to multiple companies and request exceptions as my financial situations will support it and also my future networth will be higher.
    what is your thought on this? and what can we do to get this done.

    Q2) what other type of insurance can we get for our child except whole life?