FE Client Wants Coverage for Gradkids

[JRoot]

ChildGUARD

Definitely ChildGuard. 1 payment and you're done. Just for the future insurability option at 23, it's worth it.

 

[Norwayguy]

Definitely ChildGuard. 1 payment and you're done. Just for the future insurability option at 23, it's worth it.

I'm not disagreeing about Childguard however one of the questions I would ask is how long the Grandparent wanted to be paying on this policy...If they are ok with a monthly committment then a 20 pay WL might be a better option.

 

[Tom Highway]

For riders, it's hard to beat AmAm's grand-child/great grand-child rider. It's $5000 coverage for $1/mo. per child. At age 20, it's convertable to a $25000 policy with no medical questions. If the primary insured dies, the rider is paid up.

I don't like to do rider, but, sometimes, premium dollars dictate that decision.

For stand alone coverage on grand children or children, I always go with RNA. Did a couple this week. One grandchild was 4 mos. and the other 2 years old. We did a $25,000 whole life that is paid up in 20 years. The monthly premium on the 4 mo. old was $12.68 and on the 2 year old it is $13.29. $10,000 would have been $7.68 and $7.93.

Most grandparents and parents like the idea of a stand alone policy on the kids, especially the ones that are paid up.

It's still about the money. I did one of the AmAm riders for a guy that had 13 grand-children. He could pay $13/mo. He couldn't pay for an individual policy on all 13 of them.

I second this recommendation, and it's because of this (and I think jdeasy even recommended it to me) recommendation that I saved a sale. I pitched it by telling the prospect that they could get a great policy on themselves at a competitive rate, which would possibly take the burden of their own funeral off their kids, AND leave something for their grandkids.

The grandchild rider is an emotional sale, and if the person has already brought this up as an interest, you've got a way to really solve the problem for them!

Thanks again jdeasy!

 

[schealthagent]

Thanks for the advise. I found a participating whole life policy with MetLife investors that is comperable to the RNA quote from jdeasy and is paid up in 20. I'm not appointed with AmAm - not even sure who they are but I'll look them up.

 

[Tom Highway]

Thanks for the advise. I found a participating whole life policy with MetLife investors that is comperable to the RNA quote from jdeasy and is paid up in 20. I'm not appointed with AmAm - not even sure who they are but I'll look them up.

American Amicable
www.americanamicable.com

 

[Norwayguy]

American Amicable
www.americanamicable.com

I've never seen a Grandchild Rider...has anyone seen one on something other than AMAM they do not write in my state.

 

[m2788]

Here is the Info on the Grandchild and Great Grandchild Rider that American Amicable offers.

I've attached the Riders Features

 

[schealthagent]

Thanks for the info on amam. Do they have good FE policies / rates / underwriting as well?

 

[m2788]

Thanks for the info on amam. Do they have good FE policies / rates / underwriting as well?

I use them a lot and market for them.

 

[magagent]

Regarding working with American Amicable, I tried at one to make them one of my main compaines and they would basically reject everything I sent them and Royal Neighbors and Colorado Bankers would take them in a heart beat.

Now, American Amicable is taking everything I send them both final expense and term and getting it issued in 72 hours.

So, give them a chance and see.