Hello and a special welcome to my fellow grandparents:
Let’s get to the point. Your grandkids mean the world to you and all those around you. And I know that grandma meant the world to me too.
I remember how my grandma was. Cool and collected,always ready to feed you,whoever you were. If you showed up at my grandma’s you ate -Hungry or not. And everyone who left her house wished they could return for more of her good old fashioned home cooking. Good times. Good times.
As a grandparent now and as time has passed I have come to realize my own mortality. When I was young I was never going to die. Jumping off the roof would not hurt me. I would always be insurable.
Fast forward a decade or two add in the family’s medical history and voila – Should have gotten a life insurance plan at a young age. Besides the astronomical cost as one gets older the options get more and more limited with time.
Recently I ran across something that is cheap. And being pretty much a cheapskate it appealed to me.
The product is a juvenile life policy. You’ve probably seen a commercial about it. Well,because I love my grandson I recently purchased a juvenile life insurance policy for him. Because of the inexpensive (read that as CHEAP) nature of the juvenile life insurance policy it was an easy purchase. The life insurance policy really has all the elements of a perfect gift.
First – It was cheap.
Second – It provides peace of mind about the future and that “Impossible” thing that happens. Hopefully not to you or me,however,the statistics show that one in three thousand kids will not make it to adult hood.
With the final expenses and other extreme issues surrounding the unthinkable I have peace of mind that cash will come to help with family expenses. It helps to take the dreaded “money equation” out of the picture in times of extreme distress.
Next,is that of guaranteed insurability. There are those that argue that guaranteed insurability is not something to worry about. The argument goes something like this – Many employers offer group insurance plans and that even with an uninsurable condition one could get insurance through this group plan. In my opinion this is a fallacy,as even with many employers offering a group life insurance plan…
There are many who do not offer any kind of group life insurance plan,and many more who offer no benefits at all.
According to a 2011 study by LIMRA it “showed that only About 4 in 10 insured husbands and insured wives have only group life insurance coverage.”(www.limra.com)
That leaves around 60% of people without group life insurance as an option. That then moves us to the point – Guaranteed insurability is,in fact,an issue that many would need to consider.
Imagine you don’t get life insurance at an age when you have very little chance of denial. Most children do not have a problem getting life insurance. If you wait until something as common as type I diabetes to manifest then you cut yourself out of many chances for coverage.
Life insurance companies set rated based on many factors. Age banding,cholesterol levels,diseases you have had,how your family’s (Mother,father,brother,sister,aunts,uncles,etc.) health is or has ever been.
Sometimes one little thing will increase your rates and could render a person uninsurable.
And the last point I want to talk about is – CHEAP – the policy is cheap. I recommend a term juvenile life insurance policy that will convert at a later date and has the ability to increase the death benefit as the child ages.
Some companies try to sell you a policy that costs $30 –$40 a month and tout how great the accumulated value will be at some future age. It is better,in my opinion,to buy a convertible term policy. It is CHEAP. A low annual premium that provides that needed “What if” money,with the possibility to convert later to whole life,and gives you guaranteed insurability. That is the policy for me.
I encourage you to call me and let’s discuss the options available for your grandkids.
I’m James Christmas
Your Insurance Agent™