Looking for a 10 or 20 Pay Whole Life Policy for a 9 Year Old

[NCAgent]

Hey guys,

I'm looking for a whole life policy for a 9-10 year old in NC. 25-50k is perfectly fine for this child. The parents currently have a 20 pay on the kid but would like another one, and specifically asked for one. They want a "fire and forget" policy rather than one with a rider to change the face amount in the future. I can always talk to them about it later on when they become a client of mine.

I can't seem to find any companies that offer it right now but I only have American General, Genworth, Mutual of Omaha, and Assurity. Any ideas on a good company that you would use for a similar client?

A limited pay policy is what they want. 10-pay, 20-pay, 5-pay, 7-pay, single premium policy, it doesn't matter to me. I just want to show them a few options and then present the mutual of omaha product as an alternative for them.

Thanks!

 

[STIBROKER]

The Guardian....good place to start..........

 

[BenS]

Monumental 25k Face - 10 Pay Life - 10yr old - $51.00/Month

 

[rousemark]

Settlers 25k Male age 10.. 20 Pay $37.18 10 pay.. $43.14

 

[leenow65]

Illinois Mutual for 25k 20 pay life $26.42 monthly or 50k 20 pay life for $38.19 monthly. Can also do 10 pay or single pay.

 

[WinoBlues]

I'll add one.

Cincinnati Life

$25,000 10 pay $28.34 pac.
ROP cash value year is 24. CV = $3,467.
includes ABR (no cost)

edit: I am guessing you could make a div paying policy sing.

 

[BNTRS]

Guardian 10 pay.

.....

 

[jdeasy]

Hey guys,

I'm looking for a whole life policy for a 9-10 year old in NC. 25-50k is perfectly fine for this child. The parents currently have a 20 pay on the kid but would like another one, and specifically asked for one. They want a "fire and forget" policy rather than one with a rider to change the face amount in the future. I can always talk to them about it later on when they become a client of mine.

I can't seem to find any companies that offer it right now but I only have American General, Genworth, Mutual of Omaha, and Assurity. Any ideas on a good company that you would use for a similar client?

A limited pay policy is what they want. 10-pay, 20-pay, 5-pay, 7-pay, single premium policy, it doesn't matter to me. I just want to show them a few options and then present the mutual of omaha product as an alternative for them.

Thanks!

RNA 20 pay $25000 face is $24/mo for a male, $21/mo for female.

 

[Larry Tew]

Do they want a limited pay policy or do they want to pay premiums for a limited time? There is a little difference. You could just "fill their order" as they have asked or you could offer a "value added" idea.

I would show them a full-pay product with maximum PUA rider. With dividend scales at historic lows, if the illustration shows a premium offset by the 10th year, it is reasonable to believe the premium will stay offset assuming any loans or withdrawals are paid back at interest. But I would make sure they understand the offset is likely but not guaranteed.

The value to this approach is that IF the parents or child later decide that they want to continue over-funding, they can. This will provide a higher inflation-adjusted DB and a growing pool of advantaged money.

This assumes they are open to an alternative and appreciate your desire to give them more than they asked for.

 

[Newby]

I would go with Monumental Life. They offer it and the commission rate is 108%. Here is a contact number for licensing in NC 919-957-9410.

Yes because $51 sounds way better than $43