It is common to get that many life policies with such a combined total payout on such a young child? I can perhaps understand funerary expenses or the cost of “replacing” the child if you adopted or needed fertility treatments but 3 policies totaling $500,000 seems excessive.
The agent who sold these didn’t see s red flag? I sell insurance and have a policy on each one of my grand kids with a $10,000 benefit. The agent should be questioned as well.
Can I ask what the motivations are for buying any life policies on people so young (like your grandkids) are? Is it a whole-life versus term savings thing, is it for death expenses, or is it to ease pain and suffering after a child dies? I was always confused on the motivations for this.
I insured my son with a term life policy, when he was only 6 months old. It can be converted to whole life without evidence of insurability when he turns 25. (He is now 24.) I wanted to be sure he could be insured at a later age, regardless of what turns his health might take as he grew up. For all any of us know when a child is born, that child may develop debilitating medical conditions that make them uninsurable at a later point in time; it’s good planning to insure against the risk of later uninsurability. (Although I agree, the amounts in this case seem a bit over the top!)
It is common to get that many life policies with such a combined total payout on such a young child? I can perhaps understand funerary expenses or the cost of “replacing” the child if you adopted or needed fertility treatments but 3 policies totaling $500,000 seems excessive.
Me thinks the guy who bought 3 different policies on a child had ulterior motives. Send him up.
The agent who sold these didn’t see s red flag? I sell insurance and have a policy on each one of my grand kids with a $10,000 benefit. The agent should be questioned as well.
Can I ask what the motivations are for buying any life policies on people so young (like your grandkids) are? Is it a whole-life versus term savings thing, is it for death expenses, or is it to ease pain and suffering after a child dies? I was always confused on the motivations for this.
I insured my son with a term life policy, when he was only 6 months old. It can be converted to whole life without evidence of insurability when he turns 25. (He is now 24.) I wanted to be sure he could be insured at a later age, regardless of what turns his health might take as he grew up. For all any of us know when a child is born, that child may develop debilitating medical conditions that make them uninsurable at a later point in time; it’s good planning to insure against the risk of later uninsurability. (Although I agree, the amounts in this case seem a bit over the top!)