Final Expense for Kids?

[riskybiz]

Does anyone know of a guarantee issue graded FE policy for children?

I have a terminal ill 9 year old and the Mom currently has a 20k child rider on her group Life policy. She is leaving the company and the conversion for the policy with the Child rider is 4k a year. The numbers don't work especially since he could live 5-10 more years.

Thanks.

 

[Mark]

What is wrong with the child?

When I think of Terminal Ill, I think of 24 months or less to live.

Most Graded plans start at age 45. I've seen a few go down to age 25.

 

[Newby]

For kids that are VERY terminally ill, I always recommend a funeral preneed plan that kicks in 35% after 6-months, 70% after 12th and 100% at 24th. You need to talk to your local funeral home preplan agents to find this and maybe work a split deal with them.

If they are not AS terminal, a guaranteed issue (or near GI) such would work. The only one I know of that does kids is Western-Southern and again, most of us don't have access to it but you might bird dog it.

 

[WinoBlues]

Just a thought.

Does it work if she converts the group, immediately converts the rider, if allowed, then surrenders her plan. I am sure the rider is small. However, it should not be contestable.

Does anyone know of a guarantee issue graded FE policy for children?

I have a terminal ill 9 year old and the Mom currently has a 20k child rider on her group Life policy. She is leaving the company and the conversion for the policy with the Child rider is 4k a year. The numbers don't work especially since he could live 5-10 more years.

Thanks.

 

[riskybiz]

What is wrong with the child?

When I think of Terminal Ill, I think of 24 months or less to live.

Most Graded plans start at age 45. I've seen a few go down to age 25.

Mitochondrial Disease, she says he could live another 10 years.

 

[Newby]

They could load up on Globe Life and Gerber. Aren't those GI?

 

[WinoBlues]

Does anyone know of a guarantee issue graded FE policy for children?

I have a terminal ill 9 year old and the Mom currently has a 20k child rider on her group Life policy. She is leaving the company and the conversion for the policy with the Child rider is 4k a year. The numbers don't work especially since he could live 5-10 more years.

Thanks.

Looks like Mitochondrial Disease is a muscular disease. She may qualify for a graded plan through United Heritage. Max is $15,000 - graded 30/70/100 - $35.56 per K plus $30 policy fee. Graded down to age 0

Which State?