When selling FE to grandparents, we get asked about policies for their grandkids. There are many low premium policies available from Gerber, Mutual of Omaha and even mail order companies like Globe have cheap plans. Most of those have lifelong premiums.
I prefer to sell limited pay whole-life. That means you can sell them a policy that is paid up in 10-years or 20-years but covers the child for his entire lifetime. That way when grandma gives him the policy as he grows into an adult, she isn’t giving him a payment book along with it. Two good ones are Royal Neighbor’s Essential Life and my favorite Settlers Life.
There is a smarter way to buy life insurance for children
Settlers has a multi-generational benefit. Here is how I present it:
Mrs. Smith, the grandchild policies that have the lowest premiums aren’t always the best option. The problem is that you won’t always be around to pay the premium. And when Timmy is a very young man starting out and has to pay a premium on the policy grandma gave him he will often not be responsible and lapse it and lose the coverage as well as most of the money you paid all those years. Later in life he will wish he had kept it but it will be too late.
But a great option is the Settlers Gold plan. We can set it up for a slightly higher premium that is fully paid up when Timmy is 24 years old (assuming he is 4 now). He will be covered his entire life but he will never have to pay any premiums on it.
Plus when Timmy gets older and has kids of his own YOU have covered them too.
And when Timmy’s kids start having their own kids, they are also covered too.
With this plan you cover Timmy, Timmy’s kids and Timmy’s Grandkids. Now that’s a great way to be remembered for a long time.
And this plan costs much less than you would expect too. Do you want to hear what the cost for you is, Mrs. Smith? (You better believe she does!)
The additional child/grandchild benefit is a one time 1st to die benefit. But it is a great additional benefit at no cost on all of Settlers Gold and Silver policies.
Child-Grandchild-Benefit-Settlers
And if you don’t have Settlers in your line up Call Mark Stover today at (800) 673-5309 and tell him Newby said to give you the highest Settlers contract allowed because you are going to see a TON of this product.
