Whole Life for Child ?

[Agent Ben]

Don't assign the ownership of the policy over until the child has family of their own; by which time they should see the value of the policy their parents have paid up for them.

Indeed! Its annoying to see a paid up policy that someone worked hard and funded for decades get cashed out for some frivolous financial need.

 

[jsbarber12]

You know there is a free look period right? lol. Just curious here, which company you got the whole life from?

Uh oh and now I get crucified . Farmers

 

[carithomas5141]

Hi, I am starting my new career tomorrow. Quick question please. Why will someone buy a whole life policy on a young child vs a savings account etc...? Other than the death benefit, ( which really would mostly benefit the survivors. It will accumulate some cash value over time but it seems to be only a small amount of the premium going into the cash value part of the policy. And the policy only adds the monthly average interest once per year. How can i demonstrate value here? Thank you!

Hello,

Most whole life policies,if you hold them long enough,actually have an okay return.The returns often even beat inflation.Unfortunately,that usually doesn't happen for a while.

I hope this information is useful for you.

Thanks...

 

[carithomas5141]

Hello,

Most whole life policies,if you hold them long enough,actually have an okay returns.The returns often even beat inflation.Unfortunately,that usually doesn't happen for a while.
I think this information is useful for all.

Thanks...

 

[draconian]

That was the first post i have ever read that truly sold me on a product

I agree, well said. I really believe juvenile policies are a must have for families. I've had close family and friends lose children and they were devastated. I know I would be.

 

[seeknulfind]

Uh oh and now I get crucified . Farmers

Crucified? Probably not.

Farmer's is a good company though many here (myself included) would decline to work for them for various reasons.

While it may not be the very best policy to meet your needs, at least it's something. Years ago, when we purchased those small policies on the kids, I now know I could've done much, much better. Even so, I do not regret buying what little we did. Not one bit.

I'd suggest you have your policy reviewed by someone who can give you an up-front answer on how it could be improved. As was mentioned before, you are still in the free look period so there is no better time than the present.

Andy

 

[jsbarber12]

I agree, well said. I really believe juvenile policies are a must have for families. I've had close family and friends lose children and they were devastated. I know I would be.

I truly believe it is a must. My boss's son was actually struck by lightening while playing baseball and sadly passed, it was a big event in our community and highlights the need for it.

 

[jfnyl]

It's a no-brainer and a must. That's the youngest and healthiest they will be in their lifetime, and will need coverage as an adult. Get it in early. And with rates of return beating savings, why not?