IS THERE SUCH A THING AS . . .

[scagnt83]

Thanks everyone.

Just thought is would be a usuable rider.

It would be.

Another thought that came to mind.

There are products with a Spousal Rider.
Use that Rider to "payoff" the policy.

You could pitch that concept at least.

 

[Allen Trent]

No

Not true. All WL policies have a non forfeiture option. If the default contract language makes the insured the owner if the owner dies, or the insured is named as contingent owner, the insured could elect paid up as non forfeiture right. Sure, it doesn't become paid up for the original amount, but it can provide a paid up policy for an an amount the cash value will buy.

The bigger problem is some carriers send a policy to probate when owner dies to determine who becomes the owner after original owner death

 

[Allen Trent]

Many child term riders added to a parent's term or WL policy have language that converts the child term to a paid up policy if the parent dies.

Soo, if Bob had his own policy of some sort, a child rider could be added. Downside is child riders only provide coverage until child turns 20 or 25, so the parent would have to die ate a relatively young age for this special language to activate.

 

[WinoBlues]

Many child term riders added to a parent's term or WL policy have language that converts the child term to a paid up policy if the parent dies.

Soo, if Bob had his own policy of some sort, a child rider could be added. Downside is child riders only provide coverage until child turns 20 or 25, so the parent would have to die ate a relatively young age for this special language to activate.

Just a note - the child rider is still convertible in many cases.