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Whole life insurance for my son

Posted by on Nov. 9, 2011 at 1:04 PM
  • 9 Replies

I'm looking into this for my son, however, I've read many stories on the web about kids with ASD being denied. Then I stumbled onto this person's post and it made total sense. BTW I applied to Mutual of Omaha, has anyone dealt with them before? I'll update if ds was accepted or denied.


"As a financial adviser life insurance is a major piece of my practice. A few years ago I gave my new nieces and nephews what I call, "The Gift of Life". Insurance carriers will allow you to purchase life insurance after 14 days of birth. I always recommend this for all my clients in purchasing a small whole life policy of $25,000. Typically the premiums run about $14.00 per month and about age 36 they should vanish if you purchase this from a Mutual Insurance Co. This will be with about every insurance carrier in the market. Unfortunately most don't really think about this. Sidebar** My little nephew was just diagnosed with Autism. Who would have guessed? He now has a whole life policy and I will execute the Waiver of Premium for disability and the premiums will be paid in full until age 65. Now I have built a nice nest egg for this little guy that he will have at retirement. Just transfer the ownership of the life policy to a "special needs trust" and, Whala... Magic.


Read more: http://www.city-data.com/forum/special-needs-children/463874-problems-getting-life-insurance-autistic-children.html#ixzz1dES2CTpd

by on Nov. 9, 2011 at 1:04 PM
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Replies (1-9):
twins0506
by on Nov. 9, 2011 at 7:43 PM
I have Gerber for my boys. But I got that for them when they were infants before they were diagnosed. If I were to get it now knowing they would deny me because they have it... I just wouldn't tell them lol. How would they find out?
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nicksmom217
by on Nov. 9, 2011 at 7:52 PM

  i have a Gerber life ins for my son, that i started, when he was born.

Eva1973
by on Nov. 9, 2011 at 9:47 PM

It's pretty much impossible to buy any type of insurance for someone already diagnosed with autism.  

shell3m
by on Nov. 9, 2011 at 10:40 PM

I was going to get Gerber but they won't cover a child with a Autism.  Maybe before but not after they get DX.  Let us know how it goes!  :)

twins0506
by on Nov. 9, 2011 at 10:48 PM
But that's what I mean, why tell them they have it? Its not a life threatening illness so they don't need to know about it. There's no way they can find out about it.


Quoting shell3m:

I was going to get Gerber but they won't cover a child with a Autism.  Maybe before but not after they get DX.  Let us know how it goes!  :)


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cspmmm
by on Nov. 10, 2011 at 10:46 AM

I agree they probably wouldn't know if I didn't disclose his dx. Especially since I fully expect ds to live to a ripe old age! I really don't see ds disclosing his dx when he reaches adulthood, so if mutual omaha denies him, I will apply to gerber. 


Eva1973
by on Nov. 10, 2011 at 4:18 PM

I haven't applied for whole life, but if it's anything like health, they ask a lot of questions about pre-existing conditions and want your doctors' contact info.  And even if they don't do that, if you ever want to get any money from the policy, they will for sure do a thorough check at that time and will void your policy for not disclosing their medical history.  These insurers aren't stupid.  They are in the business of making money.  

Quoting twins0506:

But that's what I mean, why tell them they have it? Its not a life threatening illness so they don't need to know about it. There's no way they can find out about it.


Quoting shell3m:

I was going to get Gerber but they won't cover a child with a Autism.  Maybe before but not after they get DX.  Let us know how it goes!  :)



lvlyldy0129
by on Nov. 29, 2011 at 12:07 PM

i do know of a life insurance company that will insure your son with WHOLE LIFE. Message me for the info if interested

DeniseMancini
by on Dec. 6, 2011 at 6:31 AM

Most people are skeptical about buying life insurance for a child, but the OP has brought out a significant benefit. The life insurance to buy for a child would be a whole life policy. It guarantees lifelong coverage as long as premiums have been paid. When the policy matures in cash value, premiums can be paid through interest accumulated in the policy- this means the policy will eventually pay for itself. Whole life insurance works best when started at a young age. This gives time for the policy to mature and grow in cash value.


Denise Mancini
Disclaimer: I work for AccuQuote and this is my personal opinion.


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