Grandchild Policy

[Shalom]

Can indy agents write it?

Edit: Do they offer 10 pay?

moo has a child policy that ind agents can write. I don't remember 10 pay or not. (woohoo I just answered a question and have a contract with moo. I am now a padawan and no longer a farm boy on tatooine)

 

[rousemark]

Settlers will issue amounts less than 15K on grandchildren with the Grandparent's signature and without the agent seeing the child. Plan can be issued as Life, 20, 10, or single pay.

 

[moonlightandmargaritas]

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

The death of whomever is caring for and supporting the children is a far bigger risk than the very, very minimal mortality risk on a child.

Better to use the $$$ to maximize the coverage on them. Kids can be covered with a very inexpensive rider.

 

[rousemark]

The death of whomever is caring for and supporting the children is a far bigger risk than the very, very minimal mortality risk on a child.

Better to use the $$$ to maximize the coverage on them. Kids can be covered with a very inexpensive rider.

You don't seem to understand that grandparents often want to give a gift to their grandchildren that will long outlive them. This is not a case of a person whose concern is supporting and caring for the child. It is a legacy gift. You can't impose what you think best on the client... If you try, they will just go elsewhere.

 

[moonlightandmargaritas]

You don't seem to understand that grandparents often want to give a gift to their grandchildren that will long outlive them.

A gift to the grandkids...or the grandkid's beneficiary?

You can't impose what you think best on the client... If you try, they will just go elsewhere.

Don't disagree at all.

My opinion is that a true advisor will point out faulty thinking like this to clients and prospects. If they still want to do it, you can go ahead and do it (and sleep well at night), or let them go elsewhere.

 

[sellinmachine]

I wrote many WL on grandchildren for 2500-5000 FV as result of one question to Gran'ma. "Are your children in a position to have your grandchildrem insured at least for an amoiunt of final expense?"

Gran'ma's usual reply. "No, I'd probably have to at least help them with it." Just like that, 1-7 more applications, always approved by U/W.

 

[moonlightandmargaritas]

Just like that, 1-7 more applications, always approved by U/W.

Absolute textbook policy pushing. Great job!

 

[BenS]

Settlers will issue amounts less than 15K on grandchildren with the Grandparent's signature and without the agent seeing the child. Plan can be issued as Life, 20, 10, or single pay.

And the parent doesn't have to sign?

 

[WinoBlues]

The death of whomever is caring for and supporting the children is a far bigger risk than the very, very minimal mortality risk on a child.

Better to use the $$$ to maximize the coverage on them. Kids can be covered with a very inexpensive rider.

That is the way I approach it also. Grandparents are still the owner so control stays with them. Usually more coverage for the same premium dollars. On the other hand, if they are set on individual policies I sell them.

 

[rousemark]

A gift to the grandkids...or the grandkid's beneficiary?

.

A gift to the grandkid and may one day benefit the grandkid's beneficiary such as their spouse of children which would do for the grandchild's family what you say is important.

Few people buy this type of coverage expecting it to pay a death benefit on the child at a young age. Most assume it will be in force for many years...But they take satisfaction in knowing they have provided something for the child that the child can never provide for themselves.. An insurance plan with an age 3, 4, etc. premium that is normally fully paid up in 10 or 20 years.
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And the parent doesn't have to sign?

That is correct........