Children's Whole Life for Special Needs

[rousemark]

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

Columbian and United American allow grandparents to purchase up to $25K on their grandkids... Columbian allows child term riders on their FE that will cover children, grandchildren and even greatgrandchildren. The nice thing about the term riders is you only need the chjild's name and age. You do not have to get the dob, SS# or address.

With the United American juvenile WL policy you do have to have the DOB and SS number but you do not have to see that child and the child can live in another state as long as the applicant (grandparent or parent) is in the state where the application is taken.

 

[Newby]

I haven't found another company that will insure children with special needs or severe health issues. I guess no one else knows of any other carrier who will either. Not spamming, just saying. Only at this time in AZ and UT.

Senior Life, Sons of Norway, every single Pre-Need insurance company which includes NGL, Homesteaders, FDLIC, SNL, and about two dozen more companies all insure ages 0 to 85 with all health conditions.

 

[jdeasy]

Is there a juvenile whole life insurance carrier that issues to special needs children with non-standard conditions or for MS, MD or cancer?

Check with SNL. Their security care plan while not GI will cover many conditions. Possibly level? More likely their 3 yr graded. But it's a true graded plan. Also limited pay options.

 

[Jackalope]

I feel child/grandchild term riders are only a short-term fix. I like to only recommend permanent guaranteed life insurance on children. That way they're not rebuying the coverage again later down the road at a much high cost.

I've found those carriers are using their FE products to sell to children with very non-competitive premiums. ASL's Standard policy underwrites all the way to a "Table-10" (besides also having a GI policy).

 

[Allen Trent]

I feel child/grandchild term riders are only a short-term fix. I like to only recommend permanent guaranteed life insurance on children. That way they're not rebuying the coverage again later down the road at a much high cost.

I've found those carriers are using their FE products to sell to children with very non-competitive premiums. ASL's Standard policy underwrites all the way to a "Table-10" (besides also having a GI policy).

I agree--but sometimes you can get all children in a family covered for 1 low cost on a rider & focus on making sure the breadwinning parent(s) or stay at home parent has proper protection. I have seen death claims in houses where Dad has $50k WL, mom none but all 4 kids $25k WL because that was what the family could afford.

Much better would be for dad to have $500k+ term, Mom sizeaable term, kids as term riders. Then, if money still is available for more the WL on dad & kids, buy it when parents are protected. having the rider literally can be $100 per year to cover all kids living, future kids born or adopted & then they can convert to 5x the term when they are 20-25 years old

WL on kids is of no use if parents die with too little insurance or no insurance. This is why the reputable carriers wont even issue policies on children if their parents dont already have an equal or great amount of coverage on the parents with another carrier or at work, etc

 

[jdeasy]

I feel child/grandchild term riders are only a short-term fix. I like to only recommend permanent guaranteed life insurance on children. That way they're not rebuying the coverage again later down the road at a much high cost.

I've found those carriers are using their FE products to sell to children with very non-competitive premiums. ASL's Standard policy underwrites all the way to a "Table-10" (besides also having a GI policy).

KSKJ also goes to table 10.
And they are in Az.

 

[Jackalope]

I just spoke with KSKJ's home office. They don't offer children's guaranteed acceptance (e.g.: Special Needs coverage). They use their fully underwritten WL with the minimum annual premium requirement of $150/yr. I don't believe it compares to ASL's simplified issue GI and standard T-10 policies. ASL Premiums attached.

 

[Allen Trent]

I don't believe it compares to ASL's

For insurable kids it will be a ton better, especially those in states other than the 2 ASL is in. Also, the only way ASL can offer that program long term is if they are getting more than just the uninsurable. They will need healthy kids in the risk pool to offset the uninsurable. But writing that policy on the 90+% of kids fully insurable is a disservice to the kids & parents with the graded benefit, performance, etc

 

[jdeasy]

I just spoke with KSKJ's home office. They don't offer children's guaranteed acceptance (e.g.: Special Needs coverage). They use their fully underwritten WL with the minimum annual premium requirement of $150/yr. I don't believe it compares to ASL's simplified issue GI and standard T-10 policies. ASL Premiums attached.

They do not have a GI for any age. Sorry for the confusion. I didn't know you only wanted GI.

Their FU goes to table 10. You can get most everyone covered with up to table 10. About the only ones you can't will have to have GI. The KSKJ is level coverage if approved.

The minimum is $25K face or $12.50/mo premium.

 

[Todd King]

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.

I'm sorry that someone told you it is 35%, but that's not true.