- 2,455
Does it have to be a rider? Does the grandparent have to have a Settler's policy OR can they just purchase a policy on the grandchild/grandchildren?
Grandchild Policy
- Thread starter BenS
- Start date
Does it have to be a rider? Does the grandparent have to have a Settler's policy OR can they just purchase a policy on the grandchild/grandchildren?
It is individual WL coverage on the child.. Settler's does not have the so called grandchildren rider.. The grandparent does not have to be a policyholder.
- 25,026
I find that these policies tend to fall into groups.
One group tend to be middle class grandparents that understand the benefit of life insurance and want to give it as a gift to the grandchildren. Something that will be long paid for when the kids are grown. They are buying long term security. These are usually the single or ten pay sales that you want to lead to doing a policy reviews with the parents.
The other group tends to be on the lower income scale. They are buying a death benefit because they know that death brings a financial burden. And some shame. They mostly believe that their children do not have the means or character to handle it themselves. Many cases the grandparents are also protecting themselves because they know the burden will fall to them. These are where I many times write the children's parent(s) and put the kids as riders. In the case of a single mother the grandparents know that they most likely will be raising the kids if their daughter dies.
my 2 cents.
Man, remember when you could get a couple pieces of Double Bubble for that?
One group tend to be middle class grandparents that understand the benefit of life insurance and want to give it as a gift to the grandchildren. Something that will be long paid for when the kids are grown. They are buying long term security. These are usually the single or ten pay sales that you want to lead to doing a policy reviews with the parents.
The other group tends to be on the lower income scale. They are buying a death benefit because they know that death brings a financial burden. And some shame. They mostly believe that their children do not have the means or character to handle it themselves. Many cases the grandparents are also protecting themselves because they know the burden will fall to them. These are where I many times write the children's parent(s) and put the kids as riders. In the case of a single mother the grandparents know that they most likely will be raising the kids if their daughter dies.
my 2 cents.
Man, remember when you could get a couple pieces of Double Bubble for that?
- 2,455
OK thanks. Only snafu I've found is that the legal guardian will have to do the POS interview.
- Thread starter
- #25
Yeah writing these policies are difficult considering all the information you need to gather, plus coordinating things like that... So a POS is required on minors as well?
- 2,455
My prospect was going to add it to the term policy she is going to pay for on her son but her son is only doing a 10 to 15 year term so I didn't see any sense writing it as a rider for three kids and neither did she.
She can't put them on a rider with the fully underwritten WL I'm doing on her because it is not available at this time so Settlers seems like the best option.
They have had two children and one grandchild already pass away so they see value and they requested policies before I could even offer them.
- 25,026
individual policies are probably a better option if they have the premium dollars. Why use a company that does a POS PHI? Just do a non med.
- 2,455
With Settler's and writing a grandchild policy, a POS interview is required by the legal guardian. That's what I was just told when I called them.
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Good question. Here are the reasons that come to mind:
1) I have Settler's and have not written a policy with them yet so this could be my chance and it would get them off my back. I'm not happy about it because it will cost me $60 for my state appointment fee.
2) I'm not sure who I have already as far as carrier goes that would do it. I have MOO and they might IDK haven't checked. I also have Gerber.
3) I'm not overly zealous to go pick up another contract unless it is a carrier that appoints with new business. My prospect/client is ready NOW and the only thing holding up all my deals is me coming back. So in one way it might be easier then again it could be harder or just as much work if not more depending on which way I go with it. Use who I have or contract with another carrier. I have a boatload now. Seems as though I'm always missing one though.
Question........what carrier/carriers are you thinking?
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- 25,026
With Settler's and writing a grandchild policy, a POS interview is required by the legal guardian. That's what I was just told when I called them.
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Good question. Here are the reasons that come to mind:
1) I have Settler's and have not written a policy with them yet so this could be my chance and it would get them off my back. I'm not happy about it because it will cost me $60 for my state appointment fee.
2) I'm not sure who I have already as far as carrier goes that would do it. I have MOO and they might IDK haven't checked. I also have Gerber.
3) I'm not overly zealous to go pick up another contract unless it is a carrier that appoints with new business. My prospect/client is ready NOW and the only thing holding up all my deals is me coming back. So in one way it might be easier then again it could be harder or just as much work if not more depending on which way I go with it. Use who I have or contract with another carrier. I have a boatload now. Seems as though I'm always missing one though.
Question........what carrier/carriers are you thinking?
All good reasons. Use who you have if they fit. #1 is a good way to handle several things at once.
I did not have anyone in mind. I would have probably started my search with Ohio National. But, your reasoning seems sound to me. Small cases, just write them.
- 2,455
Since all three of these children have the same father but different mothers , what carrier/s would not require a signature from the legal gaurdian, just the grandmother wanting the policies NOR a POS interview?
, what carrier/s would not require a signature from the legal gaurdian, just the grandmother wanting the policies NOR a POS interview?
