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Grand child riders /Children's WL
- Thread starter noah
- Start date
- 24,968
Double-check with Primerica. There may be a conversion to an individual policy or a decreasing Term.
- 4,570
if this conversation attached is correct, it looks like the child will have a 60 day window at age 25 to convert & get $50k of coverage on themselves. Albeit, that would mean holding on to the parents coverage for 20 more years. If it was a solid conversion privilege to dividend paying WL with a quality carrier, it might be worth keeping. but considering it is likely just a conversion privilege to primerica term (priced more like table rated policies compared to competition), might be best to go with a guaranteed issue WL.
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- 24,968
Mostly agree. I would advise them to keep the policy and rider for the two years of grading and contestability. The policy can not be that much money on a 15 year term. If they decline I put that in the file.
Then in two years rewrite the term.
- 4,570
considering it is only $50k term, wouldn't you rewrite the term now to get through the new 2 year contestability period with the new carrier too. why wait 2 years to buy the new term, they will be 2 years older. might as well pay a little extra to get the savings going. from experience, should be able to double or triple or quadruple their term coverage for the same price as the Primerica if they are healthy
- Thread starter
- #16
- 1,763
This is for a WL policy,they want out of term.
So far,the best options is Trans Immediate Solution with a 5k grand child rider.
I have not been answered from anyone whether the term rider comes with guaranteed insurability.
This is also a great option for someone who needs day 1 coverage with zero contestability (no health questions)that would be otherwise GI or declined.
You could write a grandmother standard or preferred that has a grand child with Down's Syndrome,terminal brain injury,cystic fibrosis....and put a 5k rider on them.
Multiple policies can be stacked with multiple riders on the same grand child.
So far,the best options is Trans Immediate Solution with a 5k grand child rider.
I have not been answered from anyone whether the term rider comes with guaranteed insurability.
This is also a great option for someone who needs day 1 coverage with zero contestability (no health questions)that would be otherwise GI or declined.
You could write a grandmother standard or preferred that has a grand child with Down's Syndrome,terminal brain injury,cystic fibrosis....and put a 5k rider on them.
Multiple policies can be stacked with multiple riders on the same grand child.
- 24,968
We could do that. However, we are only freeing up what $10 -$15 in premium. depending on age and smoking status. In this case, seems that the mortality risk is highest with the child. The need is, of course, highest on the parent. That $15. is not going to buy much permanent insurance
Child - If a GI or graded policy I would get whatever they can qualify for start the graded / contestability period.
Parent - Really going to go to what they can afford. If they have a couple of hundred dollars for a solution, that is a start. If we are speaking the "typical" FE person the need is going to be much higher than the ability to pay. So a combo WL or GUL and term may be appropriate. Or even a ROP with a RdPdUp at the end. Or a straight 30+ yr term gets the child grown. We really only know about the child.
Keeping the term insures the child death benefit is paid regardless of contestability. Also insures the child's caregivers have at minimum $50,000 to care for the child.
I think we agree that a permanent solution for both would be ideal.
Maybe if we knew the budget.
- 24,968
That does sound like an option. If it is guaranteed. Have you called TA claims? Thay would be a better resource than CS. Stacking multiple policies fixes the small face amount, if allowed.
- Thread starter
- #19
- 1,763
Matthew King my upline is following along this thread and is getting linked up with someone at Trans to find out the skinny.
He takes an interest in helping his agents.
The only contestability is the first 2 years of the insured/owner.
After 2 years they can convert the term rider to WL.I was told by one UW guaranteed insurability,called back and another would not confirm that statement.
He takes an interest in helping his agents.
The only contestability is the first 2 years of the insured/owner.
After 2 years they can convert the term rider to WL.I was told by one UW guaranteed insurability,called back and another would not confirm that statement.
- 24,968
Don't remember if it was Todd or Matthew that told me the same a while back. An underwriter also said no underwriting. I would still talk to claims. If you can stack them sounds like a viable solution.
