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Son's looks much better. Available in Arizona and Utah, but not Tennessee.
Children's Whole Life for Special Needs
- Thread starter Jackalope
- Start date
Sons of Norway will
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- #13
Jackalope
New Member
- 7
I just spoke to Sons of Norway. Their premiums appear to be 2-3 times more expensive than American Savings Life, along with a one-time S of N $24 initial fee for their "membership". Street comp with Sons of Norway is 35%, where ASL is 100%. ASL also has a Guaranteed Income Account (GIA) rider currently paying 4.0% that is liquid.
- 29,527
ASL takes 4 years to get to full face amount, Son's is 2. Age 75 and under should be paying 50% commission. ASL for a 9 year old is $3.50 a month., Son's is $5.72. ASL for a 14 year old is $3.92 a month, Son's is $7.23. Not seeing 2-3 times the premium. Also ASL's ROP is 6%, Son's is 10%. They did away with the membership for the policyholder.
It's nice to have more than 1 option.
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- #15
Jackalope
New Member
- 7
Thanks for the comparison. I spoke with Sons of Norway's senior wholesaler, Michael, who said their 1st premium draft would also add on top of it the $24 initial fee for grandparents ($18 for parents).
I see you chose the higher ASL age breakpoints to compare (other ages compare even better).
ASL additionally has a "Table-10" Standard policy that can cover some children with Special Needs and significant medical conditions. Attached are the annual premiums. Monthly premiums are only divided by 12 (not using a service fee calculation of 0.085). No premium difference for male or female.
Don't forget about that Guaranteed Interest Account (GIA) rider currently paying 4.0%.
I see you chose the higher ASL age breakpoints to compare (other ages compare even better).
ASL additionally has a "Table-10" Standard policy that can cover some children with Special Needs and significant medical conditions. Attached are the annual premiums. Monthly premiums are only divided by 12 (not using a service fee calculation of 0.085). No premium difference for male or female.
Don't forget about that Guaranteed Interest Account (GIA) rider currently paying 4.0%.
- 29,527
ASL looks like a like a decent plan and you're sold on the plan, so go for it and good luck with it.
I rarely deal with kids, mostly seniors.
I have probably written a dozen polices on grandkids in the last 6 months with United American. Only thing I have written with them.. Haven't even given away any of the the first year free term.ASL looks like a like a decent plan and you're sold on the plan, so go for it and good luck with it.
I rarely deal with kids, mostly seniors.
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- #18
Jackalope
New Member
- 7
Grandchildren life is a quick & easy way to pick up additional sales. I know guys who specialize in using juvenile life with grandparents in order to get appointments for offering other products.
The application appeared to require a parent or guardian signature. Not a very good grandchild plan if it has to have a parent signature.
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In many or most states, the grandparent would have no legal right to purchase the policy without parent/guardian consent nor could the grandparent answer some of the questions for a minor.
Most of the quality carriers I have seen require parent/guardian signature on app. I have even seen some carriers not allow a grandparent to be an owner of a policy even with parent signature & consent. Those carriers claim some state laws don't allow it
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