Life Insurance Policies On Grandchildren

[0b1kanobee]

I have some grandparents who would like to purchase life insurance for one of their grandchildren for a face amount of $25,000. What carrier would allow them to do so without requiring the parents to sign? I'm looking for a 10 pay or 20 pay option.

The parents live in another state I'm not licensed in so I'm running into some problems with that with RNA. MOO is not an option for me if it is one since I need to move that contract. Looks like Settlers can do it for me in Florida BUT they are $13.00 or so more per month than RNA.

Anyone know of another carrier?

 

[jdeasy]

I have some grandparents who would like to purchase life insurance for one of their grandchildren for a face amount of $25,000. What carrier would allow them to do so without requiring the parents to sign? I'm looking for a 10 pay or 20 pay option.

The parents live in another state I'm not licensed in so I'm running into some problems with that with RNA. MOO is not an option for me if it is one since I need to move that contract. Looks like Settlers can do it for me in Florida BUT they are $13.00 or so more per month than RNA.

Anyone know of another carrier?

Pricewise you won't best RNA but they are very difficult in situations you mentioned. Might be easier to just get licensed in that state.

I had to get licensed in Texas and Michigan last year just for situations like this with RNA. Still was worth it.

 

[FEproducerKen]

Pricewise you won't best RNA but they are very difficult in situations you mentioned. Might be easier to just get licensed in that state.

I had to get licensed in Texas and Michigan last year just for situations like this with RNA. Still was worth it.

JD, will RNA accept the app without the parent signature?

 

[jdeasy]

JD, will RNA accept the app without the parent signature?

No. It has to have the owner's sig, the parent's sig, if not the owner and the insured's sig if 12 or over.

 

[tomoverton0123]

I have some grandparents who would like to purchase life insurance for one of their grandchildren for a face amount of $25,000. What carrier would allow them to do so without requiring the parents to sign? I'm looking for a 10 pay or 20 pay option.

The parents live in another state I'm not licensed in so I'm running into some problems with that with RNA. MOO is not an option for me if it is one since I need to move that contract. Looks like Settlers can do it for me in Florida BUT they are $13.00 or so more per month than RNA.

Anyone know of another carrier?

Are the Grandparents their legal guardians? If not, are the parents visiting any time soon? If grandparents are guardians I have a plan.

 

[0b1kanobee]

Thanks for the replies. Had a little bad intell. The parents actually live in my state. The grandparents have a concern about the parents having access to the policy. The parents are young. Anywho I presented Settlers and RNA and they actually went for the $50,000 20 pay with RNA. They just want me to check just how much dammage the parents could do being they must sign below the grandparents on the app.

Now when I spoke to RNA earlier, they told me the grandparents would be the owners. With the parents signing as well, what does that make them?

I'll call RNA tomorrow and ask but like most people I want to know now lol. JD do you know or anybody else know?

 

[Jerard]

Only the policy owner can make any changes to the policy.

 

[SportsNut]

Now when I spoke to RNA earlier, they told me the grandparents would be the owners. With the parents signing as well, what does that make them?

That makes them parents... and in the case of the minor, they are executing on behalf of the minor child as insured... and since a minor cannot enter into a contract as the guardian (parent) of the minor children they are ratifying the contract. Not withstanding, the owner (grandparents) will have all the control over policy changes, aka surrenders, withdrawls, prem pymts, etc.

Just have the parents sign the darned thing and then have the grandparents sign as owners and you are home free here.

 

[WinoBlues]

That makes them parents... and in the case of the minor, they are executing on behalf of the minor child as insured... and since a minor cannot enter into a contract as the guardian (parent) of the minor children they are ratifying the contract. Not withstanding, the owner (grandparents) will have all the control over policy changes, aka surrenders, withdrawls, prem pymts, etc.

Just have the parents sign the darned thing and then have the grandparents sign as owners and you are home free here.

Everything /\/\/\ and add double check the signature requirements for the minors. Got one right now with Genworth that they now request that the 14 year old sign as insured. We argued it of course, but was just easier to have her sign it.

 

[jdeasy]

Thanks for the replies. Had a little bad intell. The parents actually live in my state. The grandparents have a concern about the parents having access to the policy. The parents are young. Anywho I presented Settlers and RNA and they actually went for the $50,000 20 pay with RNA. They just want me to check just how much dammage the parents could do being they must sign below the grandparents on the app.

Now when I spoke to RNA earlier, they told me the grandparents would be the owners. With the parents signing as well, what does that make them?

I'll call RNA tomorrow and ask but like most people I want to know now lol. JD do you know or anybody else know?

Looks like it's been answered. They are simply signing as parents. The owner is the only one that can make any changes to the policy.