Life Insurance on Children with Terminal Illiness

[blue_wynd]

So someone had asked me this question and not sure of the answer. For the Guaranteed Issue life, those comes with an age limit. Is there any options for children who has terminal illness, like cancer? I was thinking of the child riders you can tack on the parents policy. I know it isn't much coverage, but don't think the riders comes with underwriting? Basically sell the parents the life insurance and get coverage for the children with the child riders. Any other options?

 

[DHK]

Even with child riders, approval is not automatic. My brother has a premature baby daughter, and apparently she didn't meet the weight/height requirement for her age stated in months. Otherwise, she is a perfectly happy and healthy baby girl.

Also, the child should be insurable. They will check medical records, even though they won't do a medical exam.

It's a sad reality, but insurance companies are businesses that want to earn a profit. They won't "insure a burning building" after the fact. It's just the way it is. And yes, that sucks for the family, but that's how the business works.

The only other kind of coverage I could think of... would be an accident policy. It won't cover death in the event of an illness, but should something else happen, it should be covered. Usually the only medical question asked is in relation to HIV.

If there's anything else out there, I'd love to hear about it too.

 

[blue_wynd]

Even with child riders, approval is not automatic. My brother has a premature baby daughter, and apparently she didn't meet the weight/height requirement for her age stated in months. Otherwise, she is a perfectly happy and healthy baby girl.

Also, the child should be insurable. They will check medical records, even though they won't do a medical exam.

It's a sad reality, but insurance companies are businesses that want to earn a profit. They won't "insure a burning building" after the fact. It's just the way it is. And yes, that sucks for the family, but that's how the business works.

The only other kind of coverage I could think of... would be an accident policy. It won't cover death in the event of an illness, but should something else happen, it should be covered. Usually the only medical question asked is in relation to HIV.

If there's anything else out there, I'd love to hear about it too.

Thanks, not doing too much life, I had thought the child riders are just approved with no underwriting requirements; that you can just tack it on the parent's policy and it's done.

 

[WinoBlues]

Even with child riders, approval is not automatic. My brother has a premature baby daughter, and apparently she didn't meet the weight/height requirement for her age stated in months. Otherwise, she is a perfectly happy and healthy baby girl.

Also, the child should be insurable. They will check medical records, even though they won't do a medical exam.

It's a sad reality, but insurance companies are businesses that want to earn a profit. They won't "insure a burning building" after the fact. It's just the way it is. And yes, that sucks for the family, but that's how the business works.

The only other kind of coverage I could think of... would be an accident policy. It won't cover death in the event of an illness, but should something else happen, it should be covered. Usually the only medical question asked is in relation to HIV.

If there's anything else out there, I'd love to hear about it too.

Another reason for child riders.

 

[blue_wynd]

Another reason for child riders.

He said that the baby didn't qualify for child rider, so you told him that is another reason to get child rider. Do you have a carrier that would have approved the baby in the story?

 

[WinoBlues]

He said that the baby didn't qualify for child rider, so you told him that is another reason to get child rider. Do you have a carrier that would have approved the baby in the story?

My point was that if the brother in law had a child rider on a policy all his children would be covered after day 15 regardless of health. BTW, the comment was more of just a comment. David appears to be a pretty thorough agent so I am sure he knows.

The child in the story may be able to insured under a rider. It will take some digging. Example a company I know of used to not ask any health questions of the child rider if the app was submitted online. That particular hole has been closed.

 

[Newby]

So someone had asked me this question and not sure of the answer. For the Guaranteed Issue life, those comes with an age limit. Is there any options for children who has terminal illness, like cancer? I was thinking of the child riders you can tack on the parents policy. I know it isn't much coverage, but don't think the riders comes with underwriting? Basically sell the parents the life insurance and get coverage for the children with the child riders. Any other options?

The PreNeed insurance policies that funeral homes sell are all GI and go to age zero. Death benefit kicks in after 12-months instead of 24 too.

 

[Hmac]

I think Life of Alabama still doesn't ask health questions on their child rider. They
are only in the Southeastern states though. But you can purchase a term or whole life and add the rider.

 

[rousemark]

Settlers includes a "First to Die" benefit on the insured's children and grandchildren ages 6 months through age 17. No underwriting. You don't even list the children's name. Only exclusion is suicide during the policy's first two years. There is no additional cost for the benefit.