Grandchild Policy

[BenS]

Here's the deal...

I've got a guy that wants to take out policies on his 3 grandkids. The problem is that he will not let any of children sign the application. Even though I tried to explain to him that he would be the owner of the policy, he will not let his kids touch the application. He thinks they will try to cash it in.

Is there any way around this? I spoke with Monumental (the only carrier I currently have that offers kids) and they said that the legal guardian must sign the application. I thought that grandparents had insurable interest, but I'm not sure I can get around having the parents sign. Thanks for your help!

 

[Todd King]

Moo now has a child policy and the grandparent can take it out on them without the parents involved.

 

[BenS]

Moo now has a child policy and the grandparent can take it out on them without the parents involved.

Can indy agents write it?

Edit: Do they offer 10 pay?

 

[GoCubsGo]

Illinois Mutual ChildGuard will do the trick I think but it's a one time payment with limited death benefit amounts.

 

[jillybean410]

Lincoln Heritage can do it too. Only if the kid is over 18 they have to sign.

 

[FEX Quotes]

Lincoln Heritage can do it too. Only if the kid is over 18 they have to sign.

Not gonna find too many LH fans around here..

 

[BenS]

Not gonna find too many LH fans around here..

Yeah really... However if that is my only option, I may actually have to look into it. There has to be something else! Where are all the recruiters when you actually need them!

 

[moonlightandmargaritas]

I've got a guy that wants to take out policies on his 3 grandkids.

Begs the obvious question. Why?

 

[FEX Quotes]

Yeah really... However if that is my only option, I may actually have to look into it. There has to be something else! Where are all the recruiters when you actually need them!

A few more options to look into:

American Amicable
Northcoast Life
Assurity

These were just companies that I pulled from the FEX rater for a minor in California. Not sure of ownership requirements.
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Begs the obvious question. Why?

For the same reasons a parent would buy a policy on a child.

 

[BenS]

Begs the obvious question. Why?

It's pretty common. Many times the parents are deadbeats... The grandparent not wanting his kid to touch the app is the issue...