Requesting A Little Direction

[David Burton]

One of my clients has a grandchild with severe cerebral palsy. He is twenty years old, and I am trying to find a company covering his condition. He has been dependent on his grandmother since birth. Does anyone know of a company that specializes in this area?

 

[DHK]

I would ask first if the grandparent has a policy on themselves to fund a special needs trust.

Who has the risk and who needs the money?

If the 20-year old grand child is not functional enough to be able to work (assuming that since you said 'severe') then it's not that there's a risk if he passes but when the grand parents pass.

Plus, receiving the funds in such a way that does not disqualify him for government benefits. That's what the SNT is for.


If that has already been planned for, then I'd look for a guaranteed issue policy. Just not sure if a GI policy is available at such a young age.

 

[David Burton]

Hello DHK, the grandmother has a guaranteed whole life policy on herself. However, she wanted to know if there is a guaranteed issue policy for her grandson at the age of twenty. The grandchild is on government benefits now. Thanks for your response. I appreciate it.

 

[Life Hawk]

Sons of Norway is my go to in a case like this.

 

[David Burton]

Thank you, Life Hawk.

 

[Todd King]

Thank you, Life Hawk.

David,

Unfortunately, Sons of Norway is not contracting new agents. You may want to find an agent that will write it for you and work out the commission between you.

 

[David Burton]

Thank you.

 

[shonceman]

Sons of Norway is who I’d use, too. But you might want to look at the MIB product from Security National Life in this case. It functions more like a funeral funding vehicle. You can write up to $10,000 and pay it up in 3, 5, or 10 years. The advantages are: once completed it’s paid up for life, and it gets a considerable bump above the premiums that were paid in. The disadvantage is that it’s not in full benefit until the plan is completed. I use the home service version of it for my debit clients, since Sons of Norway has to be done through bank draft.

 

[Life Hawk]

David,

Unfortunately, Sons of Norway is not contracting new agents. You may want to find an agent that will write it for you and work out the commission between you.

Got slammed by agents looking for competitive solutions. Whish they were out of the chisel and tablet era.

They have always been helpful on the phone for me and that there is a feather in their cap.

 

[goillini52]

I would ask first if the grandparent has a policy on themselves to fund a special needs trust.

Who has the risk and who needs the money?

If the 20-year old grand child is not functional enough to be able to work (assuming that since you said 'severe') then it's not that there's a risk if he passes but when the grand parents pass.

Plus, receiving the funds in such a way that does not disqualify him for government benefits. That's what the SNT is for.


If that has already been planned for, then I'd look for a guaranteed issue policy. Just not sure if a GI policy is available at such a young age.

Sons of Norway has GI ages 0-85.