Guest guest Posted October 27, 2008 Report Share Posted October 27, 2008 I tried to purchase the "Gerber" life policy for my son and THEY ask if there are any conditions .... I put DS and they declined and said to reapply when he is 5 (like they would considered it then, HA). So I am interested to see some of the responses on this topic as well. Dawn Mom to angel , 2 Hi,Has anyone purchased a child policy for your DS children?I met with our insurance guy last week to get acquainted and look things over. My other guy left the job, and this guy is taking over my account.In preparation, he put together two spreadsheets showing how whole life insurance policies would mature for my two boys if we bought policies now. My oldest boy is 8 and my younger boy is 4 and he has DS.The idea w/ whole life ins for children is usually (and in this case) that it requires no health checkup to get a policy. It is very inexpensive and when the child grows up, additional insurance can be added to the policy with no health checkup. In addition to the insurance, the policy's cash value grows. So, the cash value can be used, or additional insurance can be added. Also, the cash value eventually grows large enough that premiums don't need to be paid to keep the insurance coverage going for the lifetime of the policy.Anyway, I asked the rep if he was aware that my younger boy has DS. He said no. Then several days later he called me and told me that he cannot sell me the policy for the younger boy. He said that there are no questions about health in the application, but that he is concerned that I would pay into this policy and then someday the life insurance company would refuse to pay out the insurance because the DS condition was not disclosed. It almost sounded like the insurance COMPANY's policy application made no distinction about DS, but that he PERSONALLY did not want to sell me a policy for those reasons. I am meeting with him later today, and I will get that clarification.My younger was also born with heart defects and they were repaired in three surgeries before he was 2. I did not tell this to the rep.SO.... I am planning to buy a policy for my older boy and turn it over to him when he is grown. And I am distressed that I can't do this for my younger. Have any of you bought a life policy for your DS child? What do you think of this rep's resistance to selling me the policy? Thanks,Suzanne in VT A Good Credit Score is 700 or Above. See yours in just 2 easy steps! Quote Link to comment Share on other sites More sharing options...
Guest guest Posted October 27, 2008 Report Share Posted October 27, 2008 They did accept Sydnie the second time around. ~Angie~ http://www.iGive.com/sydnies1soldiers ~~DREAM BIG~~ An extra little chromosome, that's all it is, you see. Where all of you were born with two, She was blessed with three. From: DownSyndromeInfoExchange [mailto:DownSyndromeInfoExchange ] On Behalf Of Dgaita1013@... Sent: Monday, October 27, 2008 11:20 AM To: DownSyndromeInfoExchange Subject: Re: [DownSyndromeInfoExchange] Life Insurance I tried to purchase the " Gerber " life policy for my son and THEY ask if there are any conditions .... I put DS and they declined and said to reapply when he is 5 (like they would considered it then, HA). So I am interested to see some of the responses on this topic as well. Dawn Mom to angel , 2 In a message dated 10/27/2008 10:05:06 A.M. Eastern Daylight Time, stglesgagnons (DOT) net writes: Hi, Has anyone purchased a child policy for your DS children? I met with our insurance guy last week to get acquainted and look things over. My other guy left the job, and this guy is taking over my account. In preparation, he put together two spreadsheets showing how whole life insurance policies would mature for my two boys if we bought policies now. My oldest boy is 8 and my younger boy is 4 and he has DS. The idea w/ whole life ins for children is usually (and in this case) that it requires no health checkup to get a policy. It is very inexpensive and when the child grows up, additional insurance can be added to the policy with no health checkup. In addition to the insurance, the policy's cash value grows. So, the cash value can be used, or additional insurance can be added. Also, the cash value eventually grows large enough that premiums don't need to be paid to keep the insurance coverage going for the lifetime of the policy. Anyway, I asked the rep if he was aware that my younger boy has DS. He said no. Then several days later he called me and told me that he cannot sell me the policy for the younger boy. He said that there are no questions about health in the application, but that he is concerned that I would pay into this policy and then someday the life insurance company would refuse to pay out the insurance because the DS condition was not disclosed. It almost sounded like the insurance COMPANY's policy application made no distinction about DS, but that he PERSONALLY did not want to sell me a policy for those reasons. I am meeting with him later today, and I will get that clarification. My younger was also born with heart defects and they were repaired in three surgeries before he was 2. I did not tell this to the rep. SO.... I am planning to buy a policy for my older boy and turn it over to him when he is grown. And I am distressed that I can't do this for my younger. Have any of you bought a life policy for your DS child? What do you think of this rep's resistance to selling me the policy? Thanks, Suzanne in VT A Good Credit Score is 700 or Above. See yours in just 2 easy steps! avast! Antivirus: Inbound message clean. Virus Database (VPS): 081027-0, 10/27/2008Tested on: 10/27/2008 11:20:07 AMavast! - copyright © 1988-2008 ALWIL Software. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted October 27, 2008 Report Share Posted October 27, 2008 Just recently we bought a life insurance policy for our daughter through Thrivent, which is a Lutheran fraternal insurance company. They will only sell such a policy if the parent is also insured and it is only a $5000 policy. Be careful in buying life insurance that the child cannot own the policy, such as you are considering. It would be considered an asset at 18 years old. We are the owners and beneficiaries of the policy on her. ette -------------- Original message from "Suzanne Gagnon" : -------------- Hi,Has anyone purchased a child policy for your DS children?I met with our insurance guy last week to get acquainted and look things over. My other guy left the job, and this guy is taking over my account.In preparation, he put together two spreadsheets showing how whole life insurance policies would mature for my two boys if we bought policies now. My oldest boy is 8 and my younger boy is 4 and he has DS.The idea w/ whole life ins for children is usually (and in this case) that it requires no health checkup to get a policy. It is very inexpensive and when the child grows up, additional insurance can be added to the policy with no health checkup. In addition to the insurance, the policy's cash value grows. So, the cash value can be used, or additional insurance can be added. Also, the cash value eventually grows large enough that premiums don't need to be paid to keep the insurance coverage going for the lifetime of the policy.Anyway, I asked the rep if he was aware that my younger boy has DS. He said no. Then several days later he called me and told me that he cannot sell me the policy for the younger boy. He said that there are no questions about health in the application, but that he is concerned that I would pay into this policy and then someday the life insurance company would refuse to pay out the insurance because the DS condition was not disclosed. It almost sounded like the insurance COMPANY's policy application made no distinction about DS, but that he PERSONALLY did not want to sell me a policy for those reasons. I am meeting with him later today, and I will get that clarification.My younger was also born with heart defects and they were repaired in three surgeries before he was 2. I did not tell this to the rep.SO.... I am planning to buy a policy for my older boy and turn it over to him when he is grown. And I am distressed that I can't do this for my younger. Have any of you bought a life policy for your DS child? What do you think of this rep's resistance to selling me the policy? Thanks,Suzanne in VT Quote Link to comment Share on other sites More sharing options...
Guest guest Posted October 27, 2008 Report Share Posted October 27, 2008  Do you know specifically what kind in life insurance is counted as an asset for 18+ young people? Would it have to be a 'whole' life....because it seems to me that whole life is the only kind that a person could 'borrow' from....thus giving them an asset. Please help me understand....I don't know much about insurance. This idea....that it could be counted as an asset is new to me. Thank you so much. Shirley Re: [DownSyndromeInfoExchange] Life Insurance Just recently we bought a life insurance policy for our daughter through Thrivent, which is a Lutheran fraternal insurance company. They will only sell such a policy if the parent is also insured and it is only a $5000 policy. Be careful in buying life insurance that the child cannot own the policy, such as you are considering. It would be considered an asset at 18 years old. We are the owners and beneficiaries of the policy on her. ette -------------- Original message from "Suzanne Gagnon" : -------------- Hi,Has anyone purchased a child policy for your DS children?I met with our insurance guy last week to get acquainted and look things over. My other guy left the job, and this guy is taking over my account.In preparation, he put together two spreadsheets showing how whole life insurance policies would mature for my two boys if we bought policies now. My oldest boy is 8 and my younger boy is 4 and he has DS.The idea w/ whole life ins for children is usually (and in this case) that it requires no health checkup to get a policy. It is very inexpensive and when the child grows up, additional insurance can be added to the policy with no health checkup. In addition to the insurance, the policy's cash value grows. So, the cash value can be used, or additional insurance can be added. Also, the cash value eventually grows large enough that premiums don't need to be paid to keep the insurance coverage going for the lifetime of the policy.Anyway, I asked the rep if he was aware that my younger boy has DS. He said no. Then several days later he called me and told me that he cannot sell me the policy for the younger boy. He said that there are no questions about health in the application, but that he is concerned that I would pay into this policy and then someday the life insurance company would refuse to pay out the insurance because the DS condition was not disclosed. It almost sounded like the insurance COMPANY's policy application made no distinction about DS, but that he PERSONALLY did not want to sell me a policy for those reasons. I am meeting with him later today, and I will get that clarification.My younger was also born with heart defects and they were repaired in three surgeries before he was 2. I did not tell this to the rep.SO.... I am planning to buy a policy for my older boy and turn it over to him when he is grown. And I am distressed that I can't do this for my younger. Have any of you bought a life policy for your DS child? What do you think of this rep's resistance to selling me the policy? Thanks,Suzanne in VT No virus found in this incoming message.Checked by AVG. Version: 7.5.549 / Virus Database: 270.8.3/1748 - Release Date: 10/26/2008 7:53 PM Quote Link to comment Share on other sites More sharing options...
Guest guest Posted October 27, 2008 Report Share Posted October 27, 2008 Good point…..this insurance my parents bought for both girls…not sure what I can do with that…. L ~Angie~ http://www.iGive.com/sydnies1soldiers ~~DREAM BIG~~ An extra little chromosome, that's all it is, you see. Where all of you were born with two, She was blessed with three. From: DownSyndromeInfoExchange [mailto:DownSyndromeInfoExchange ] On Behalf Of cshos Sent: Monday, October 27, 2008 5:13 PM To: DownSyndromeInfoExchange Subject: Re: [DownSyndromeInfoExchange] Life Insurance   Do you know specifically what kind in life insurance is counted as an asset for 18+ young people? Would it have to be a 'whole' life....because it seems to me that whole life is the only kind that a person could 'borrow' from....thus giving them an asset. Please help me understand....I don't know much about insurance. This idea....that it could be counted as an asset is new to me. Thank you so much. Shirley Re: [DownSyndromeInfoExchange] Life Insurance Just recently we bought a life insurance policy for our daughter through Thrivent, which is a Lutheran fraternal insurance company. They will only sell such a policy if the parent is also insured and it is only a $5000 policy. Be careful in buying life insurance that the child cannot own the policy, such as you are considering. It would be considered an asset at 18 years old. We are the owners and beneficiaries of the policy on her. ette -------------- Original message from " Suzanne Gagnon " <stglesgagnons (DOT) net>: -------------- Hi, Has anyone purchased a child policy for your DS children? I met with our insurance guy last week to get acquainted and look things over. My other guy left the job, and this guy is taking over my account. In preparation, he put together two spreadsheets showing how whole life insurance policies would mature for my two boys if we bought policies now. My oldest boy is 8 and my younger boy is 4 and he has DS. The idea w/ whole life ins for children is usually (and in this case) that it requires no health checkup to get a policy. It is very inexpensive and when the child grows up, additional insurance can be added to the policy with no health checkup. In addition to the insurance, the policy's cash value grows. So, the cash value can be used, or additional insurance can be added. Also, the cash value eventually grows large enough that premiums don't need to be paid to keep the insurance coverage going for the lifetime of the policy. Anyway, I asked the rep if he was aware that my younger boy has DS. He said no. Then several days later he called me and told me that he cannot sell me the policy for the younger boy. He said that there are no questions about health in the application, but that he is concerned that I would pay into this policy and then someday the life insurance company would refuse to pay out the insurance because the DS condition was not disclosed. It almost sounded like the insurance COMPANY's policy application made no distinction about DS, but that he PERSONALLY did not want to sell me a policy for those reasons. I am meeting with him later today, and I will get that clarification. My younger was also born with heart defects and they were repaired in three surgeries before he was 2. I did not tell this to the rep. SO.... I am planning to buy a policy for my older boy and turn it over to him when he is grown. And I am distressed that I can't do this for my younger. Have any of you bought a life policy for your DS child? What do you think of this rep's resistance to selling me the policy? Thanks, Suzanne in VT size=2 width="100%" align=center> No virus found in this incoming message. Checked by AVG. Version: 7.5.549 / Virus Database: 270.8.3/1748 - Release Date: 10/26/2008 7:53 PM avast! Antivirus: Inbound message clean. Virus Database (VPS): 081027-0, 10/27/2008Tested on: 10/27/2008 5:13:44 PMavast! - copyright © 1988-2008 ALWIL Software. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted October 27, 2008 Report Share Posted October 27, 2008 Yes, it would be whole life, not term insurance. Whole life insurance builds up a cash value and term does not. Although the policy we bought is whole life it is structured so as not to be an asset for our child. I had the insurance agent talk to our support coordinator to make sure it was set up correctly. ette --------- Re: [DownSyndromeInfoExchange] Life Insurance Just recently we bought a life insurance policy for our daughter through Thrivent, which is a Lutheran fraternal insurance company. They will only sell such a policy if the parent is also insured and it is only a $5000 policy. Be careful in buying life insurance that the child cannot own the policy, such as you are considering. It would be considered an asset at 18 years old. We are the owners and beneficiaries of the policy on her. ette -------------- Original message from "Suzanne Gagnon" <stglesgagnons (DOT) net>: -------------- Hi,Has anyone purchased a child policy for your DS children?I met with our insurance guy last week to get acquainted and look things over. My other guy left the job, and this guy is taking over my account.In preparation, he put together two spreadsheets showing how whole life insurance policies would mature for my two boys if we bought policies now. My oldest boy is 8 and my younger boy is 4 and he has DS.The idea w/ whole life ins for children is usually (and in this case) that it requires no health checkup to get a policy. It is very inexpensive and when the child grows up, additional insurance can be added to the policy with no health checkup. In addition to the insurance, the policy's cash value grows. So, the cash value can be used, or additional insurance can be added. Also, the cash value eventually grows large enough that premiums don't need to be paid to keep the insurance coverage going for the lifetime of the policy.Anyway, I asked the rep if he was aware that my younger boy has DS. He said no. Then several days later he called me and told me that he cannot sell me the policy for the younger boy. He said that there are no questions about health in the application, but that he is concerned that I would pay into this policy and then someday the life insurance company would refuse to pay out the insurance because the DS condition was not disclosed. It almost sounded like the insurance COMPANY's policy application made no distinction about DS, but that he PERSONALLY did not want to sell me a policy for those reasons. I am meeting with him later today, and I will get that clarification.My younger was also born with heart defects and they were repaired in three surgeries before he was 2. I did not tell this to the rep.SO.... I am planning to buy a policy for my older boy and turn it over to him when he is grown. And I am distressed that I can't do this for my younger. Have any of you bought a life policy for your DS child? What do you think of this rep's resistance to selling me the policy? Thanks,Suzanne in VT No virus found in this incoming message.Checked by AVG. Version: 7.5.549 / Virus Database: 270.8.3/1748 - Release Date: 10/26/2008 7:53 PM Quote Link to comment Share on other sites More sharing options...
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