- 24,967
Not if you replaced the term.
Do GA/MGA/IMO/FMO draft cover letters
- Thread starter MoneyNirvana
- Start date
-
- Tags
- life agent.
Not if you replaced the term.
- Thread starter
- #32
MoneyNirvana
Super Genius
- 102
UPDATE:
Since the children are adults (22/23 yrs old) and making only $6k/yr insurance company offered only $100k for the children for 40 years and nothing much else.
The insurance company is telling you, they are not there yet. In effect, they are saying, “No kid, who only works p.t.; whose income is barely $6,000 annually; with zero net worth, is worth a half million dollars. Wait until they obtain full-time jobs, then we will reconsider.”
So another suggestion came up that since they are living with the parents now, they can contribute $500/mo (their salary/income) into a IndexUL and see what kind of death benefit might be available to them. I have my doubts still $500k in death benefit is possible or not?
Any suggestions of should i take the $100k offered and make that a FINAL EXPENSE for them or do things different?
Since the children are adults (22/23 yrs old) and making only $6k/yr insurance company offered only $100k for the children for 40 years and nothing much else.
The insurance company is telling you, they are not there yet. In effect, they are saying, “No kid, who only works p.t.; whose income is barely $6,000 annually; with zero net worth, is worth a half million dollars. Wait until they obtain full-time jobs, then we will reconsider.”
So another suggestion came up that since they are living with the parents now, they can contribute $500/mo (their salary/income) into a IndexUL and see what kind of death benefit might be available to them. I have my doubts still $500k in death benefit is possible or not?
Any suggestions of should i take the $100k offered and make that a FINAL EXPENSE for them or do things different?
- 24,967
The parents were going to pay the premiums for $500,000 policies to cover needs that do not exist on the kids who would most likely going to out live the policies.
Why not Insure the kids for life with WP and ABR for a little less premium. They can get a large term plan later as they need it. but this $100,000 is there forever at age 23 premiums. Sagicor in non med. UoO has a ROP feature and critical illness feature built in. Or even better set them up for a short pay.
You are only talking $40-$50 month. Don't overthink this.
