Gerber or 20Pay?

TDFnCali

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California
Hey fellow agents,

Im kicking around this Gerber Life Grow Up Plan thing....and I have some concerns. I really really dont like putting kids in "pay til you die" plans when they are like 5.

But Gerber's plan, for those of you who dont know....doubles at 18 & allows you to purchase even more coverage at least 2 more times during the policy. Is that worth, paying forever?

For comparison, I checked out RNA's plan for kids....typically Gerber's plan was between $3-6 higher then RNA's level plan & about $3-5 less then RNA's 20pay plan. So what do u guys think? Im trying to decide if this is worth offering?
 
Offer both and let them choose. I personally wouldn't hand my kids a payment book but many people would.

Sell what sells.
 
The last time i heard an FE vet talking about it, they referred to it as the Gerber Throw up plan.

I didnt take that as a good thing.
 
Offer both and let them choose. I personally wouldn't hand my kids a payment book but many people would.

Sell what sells.

Agreed. I am a fan of short pay plans but we are talking about the FE market I am assuming. They know the name Gerber like they know the names AARP, Colonial and Golden Memorial.

The benefit doubling has some value. And quite honestly most of these plans will not be inforce when these kids die as adults. How many 20 pay, paid up at 65 or endowment plans do we run into any more. Most have been surrendered or replaced years ago. Not counting pre need.

Just my 2 cents.
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Hey fellow agents,

Im kicking around this Gerber Life Grow Up Plan thing.... Im trying to decide if this is worth offering?

I have been just bring it up at the end of my phone conversations along with my standard GI pitch. There seems to be some interest.

While not big commissions on one deal it opens up a new thread to the kid's families. Which works for my way of doing things. Not sure about a straight FE model though.
 
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I've never been a big fan of child life insurance, maybe since I haven't seen much of it that has much appeal. Recently had someone that demanded it, so I began looking at a few products. GPM has a decent child ins plan, appx 9-10 bucks mo for 10K, the face amt doubles at age 18 with no additional prem, and there are 6 additional guaranteed purchase options at intervals between ages 25 thru 40ish. I'm sure there are others that may have more bells and whistles but from a FE company it seems to the best that I've seen in my limited search.

So ask yourself, what are the wants and needs of buying life ins on a child...? 1) Pay for a funeral if it occurred. 2) Future insurability if a health problem was diagnosed. 3) Some form of redemption value for college or life event if the life insurance is no longer a priority or need. The GPM Secure Builder seems to hit on all of those. I've decided to mention this to every client and figured if you sell a couple of them per week it will result in a nice reward for making this suggestion once a day or so.

What is your favorite child plan, and what are its benefits?
 
I've never been a big fan of child life insurance, maybe since I haven't seen much of it that has much appeal. Recently had someone that demanded it, so I began looking at a few products. GPM has a decent child ins plan, appx 9-10 bucks mo for 10K, the face amt doubles at age 18 with no additional prem, and there are 6 additional guaranteed purchase options at intervals between ages 25 thru 40ish. I'm sure there are others that may have more bells and whistles but from a FE company it seems to the best that I've seen in my limited search.

So ask yourself, what are the wants and needs of buying life ins on a child...? 1) Pay for a funeral if it occurred. 2) Future insurability if a health problem was diagnosed. 3) Some form of redemption value for college or life event if the life insurance is no longer a priority or need. The GPM Secure Builder seems to hit on all of those. I've decided to mention this to every client and figured if you sell a couple of them per week it will result in a nice reward for making this suggestion once a day or so.

What is your favorite child plan, and what are its benefits?


I usaully write the RNA's 20 pay. I have used Mon's 10 pay a few times.

I don't prospect for children's insurance. Only when my clainets ask for it. I don't think I've ever recommended a life pay for children.

There is more to just funeral costs involved for children. What if the family still works, {which is a smaller % in the FE market}. do you know of anyone that lost a child and then went right back to work?

RNA also the GIR that's really inexpensive to put on child's policy. Since I only write the ones when I'm asked the need/want is already there. I just show them their options and the advantages/disadvantages of each and write up the one they decide on.
 
Offer both and let them choose. I personally wouldn't hand my kids a payment book but many people would.

Sell what sells.


The problem with that is, most of these ppl cant make a decision on their own....if u present 2 products as if they were equal value, but just different, they will say "I'll have to think about it & get back to you". Therefore I always present options, but recommend 1 they should make...but Im not sure with these 2 child plans which are the best deal.
 
The problem with that is, most of these ppl cant make a decision on their own....if u present 2 products as if they were equal value, but just different, they will say "I'll have to think about it & get back to you". Therefore I always present options, but recommend 1 they should make...but Im not sure with these 2 child plans which are the best deal.

For your market, the cheapest one. A year from now they will only remember the cost not the advantage of the 20 pay. The next guy in will tell them that they could have gotten $15,000 for the same price they are paying for $10,000. That Toby guy just ripped them off. Maybe they should review that Funeral Plan also.

Just my 2 cents
 
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