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I hope he is the next IL politician stamping out license plates... they will probably put him right next to dear old Rod.
Gerber Life Insurance - Teen now 21 now what?
- Thread starter Amy Jones
- Start date
jaygreen002
Super Genius
- 114
And what's that supposedly mean?
- 11,304
You might want to keep reading the thread before picking on an early post to comment.
- 25,063
Yes, there seems to be something missing here. This is when you need a white and black inspection... a review of your paper work, something is amiss.
That said, very few 20 somethings see the value of paying $100 bucks a month for something their not going to do... die. If there is a paid up portion (based on the numbers) you might want to look at using it as "no cost" coverage for rest of your child's life.
There is a cautionary tell of paying for life coverage for years only to turn it over to an irresponsible (maybe not your case) child or grandchild that either cashes it in without replacement or allows it to lapse for non-payment... hence defeating the very thing well meaning folks are tying to do.
Very true. I still own policies on my three youngest. 24, 22 and 19.
Looking at the Non Forfeiture options is sound advice. IMohsoHO
EDIT:
Had a 23 year old call me last week. Her parents are clients. She wanted a life insurance plan. Single, working and living at home. Has her own car, she paid for and a nice little savings account. Smart young woman. After a couple od conversations on wants and future 'plans' we settled up on a $100,000 Non Med GUL with WP at $36. My youngest (22) son EASs the USMC in a few months and he and his wife want to sit down next month while he is on leave to talk insurance. So they are out there, few and far between though.
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- 25,063
I am in the look at the Non Forfeiture options before deciding camp. Even if you or she buys a new policy there is the contestability period.
Just my two cents.
(a dad of five)
- Thread starter
- #36
- 29,527
- 11,304
Yeah... I don't doubt it, except I do. The problem with these ads is, most often, they are quoted at the highest quality possible health rating. Then, when one doesn't qualify, the premiums increases due to the actual health status. Classic "bait and switch".
My recommendation would be to keep the original policy, and if more coverage is desired, check out that ad, or contact an agent in your state who can help you and her to apply for a proper amount of coverage.
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What do you suppose may happen to premiums, coverage levels and insurability at ages 41, 61 and 81?
And what will her burial insurance cost her when she has to buy it at age 71 after she's had cancer?
It amazes me that you have every insurance agent telling you to keep this. It’s a no brainer. But you want to follow a tv ad.
It’s true. A healthy twenty something year old can get 250k in coverage. For 10 whole years. Then what when she’s 30?
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