Jumping Juvenile

[emg35]

I was just speaking with a friend of mine and he asked about jumping juvenile plans. I have done a little research and I haven't found anyone I could contract wit to sell the policy to him. Anyone know what co. out there I could go with?

 

[Winter_123]

I was just speaking with a friend of mine and he asked about jumping juvenile plans. I have done a little research and I haven't found anyone I could contract wit to sell the policy to him. Anyone know what co. out there I could go with?

Have you done fact finding and analysis with the client to determine what his goals are and why he wants insurance for the children rather than just finding out where to get a juvenile policy because he asked about it? How much income are we trying to replace with the kids? What are the needs beyond burial expenses? Is he trying to build cash value or just wants a policy that pops up to five times the original amount, etc. Is he better off just getting a small amount of term and investing in a savings plan for college or whatever. What does he want an old type of policy like that to do beyond the fact that he heard about it from his grandmother so that is what he wants?

Winter

Winter

 

[emg35]

Have you done fact finding and analysis with the client to determine what his goals are and why he wants insurance for the children rather than just finding out where to get a juvenile policy because he asked about it? How much income are we trying to replace with the kids? What are the needs beyond burial expenses? Is he trying to build cash value or just wants a policy that pops up to five times the original amount, etc. Is he better off just getting a small amount of term and investing in a savings plan for college or whatever. What does he want an old type of policy like that to do beyond the fact that he heard about it from his grandmother so that is what he wants?

Winter

Winter

He want the policy for a few reasons. He want it for burial expenses and and is planning on paying for it well into the future for his children. I spoke with him about other investment opportunities but he only wants and can afford one avenue right now and he feels this kills two birds with one stone.

I have just started in this business so if you have any advise I'm all ears.

 

[Steve]

Make sure you know what the client has for an ultimate goal. If he's concerned about final expense for the kids and guaranteed insurability, you can set him up with a Perm policy and many companies have a "guaranteed insurability" or "generation builder" rider. The child will have seven buying opportunities in the future at set ages usually between 21 and (under) 40. If they become uninsurable or rateddown the road, it's a good way for them to acquire more insurance at todays (probably standard) rating. If they are healthy in the future, they still have this option, or the same market options as anyone else. It's a better deal for this purpose than the JJ.

 

[LGilmore]

the problem with small face permanent products is they never really do much of anything. Look at 100k, and add a guaranteed insurability rider along with it. At least with a 100k the policy when looked at years later will have more than a couple hundred bucks in it as the smaller face plans would.

the other aspect about that is the "GIO". In most cases the GIO is limited or restricted by the base policy's face amount. So if the face is real small (cheap burial policy) the GIO will be real small as well, pretty much shooting down the concept of GIO.

Another thought is an emotional one... you take out a 15k policy on your kid, they die. the service your spouse wants costs alot more than your 15k will cover, do you say "no, honey we can't afford it?" Also if your kid died on friday, when would you be ready to go back to work? Monday? Tuesday? The loss of a child is devastating, guilt and blame have easy inroads into the marriage.. are you helping or hurting by not thinking the possibilities through and making sure enough coverage is available to pay for the time needed?

 

[Guest]

In addition to adding a GIO rider, may I suggest a dissability rider.

Heck, if the insured is permanently dissabled, they can avail themselves of the GIO each time they have the election option.

 

[HomeService]

One of the better juv. policies I have ever seen is with UA, United American. The ones at Physicians Mutual are not too shabby, either.

 

[STIBROKER]

One of the better juv. policies I have ever seen is with UA, United American. The ones at Physicians Mutual are not too shabby, either.

yea rightttt......All my kid policy's go to Guardian whole life's.....