{"id":247,"date":"2020-10-02T14:01:36","date_gmt":"2020-10-02T14:01:36","guid":{"rendered":"http:\/\/pvainsurancegroup.com\/agent\/vincent-desantis\/?p=247"},"modified":"2020-10-05T14:09:35","modified_gmt":"2020-10-05T14:09:35","slug":"buying-life-insurance-policy-nuts-bolts","status":"publish","type":"post","link":"https:\/\/pvainsurancegroup.com\/agent\/vincent-desantis\/buying-life-insurance-policy-nuts-bolts\/","title":{"rendered":"Buying a life insurance policy: Nuts and bolts"},"content":{"rendered":"

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Buying a life insurance policy: Nuts and bolts<\/strong><\/h1>\n

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\"The<\/a><\/p>\n

Buying life insurance for a child can be pretty easy. Usually they don\u2019t have much of a complicated health history and generally there is no medical exam required. You\u2019ll need to have basic information for the application: name, date of birth, relationship and Social Security number.<\/p>\n

But certain limits and restrictions can make children\u2019s policies different than purchasing whole life insurance on an adult. Generally, the insurance coverage will be limited to a maximum percentage of the coverage that the parents have on themselves. This is the case even when grandparents are the ones buying the life insurance policies. The thinking is, why would anyone have insurance policies on children and not have at least some sort of insurance on their parents? Despite this restriction, children can usually get some coverage, even if their parents are unhealthy and do not qualify for life insurance. Also, you can\u2019t play favorites\u2014siblings need to have equivalent amounts of life insurance coverage.<\/p>\n

Another important element is who will own the life insurance policy. The policy must be owned by either the parents, grandparents, or a trust. There are multiple factors to consider when determining ownership. These include the size of the insurance policy, control of the policy values, and gift tax implications.<\/p>\n

With all of the various decisions to make when it comes to purchasing a whole life insurance policy for the special children or grandchildren in their life, many people opt to consult a\u00a0financial professional\u00a0who can evaluate their personal situation and help navigate the options available.<\/p>\n

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Please contact me from the info below!<\/span><\/p>\n

Vincent De Santis, CLTC<\/strong>
\nLong Term Care Planning Specialist
\nNY State Partnership Certified
\nhttp:\/\/www.ltcsolutionsbyvince.com<\/a>
\nhttp:\/\/www.linkedin.com\/in\/vincedesantis
\nDeSantis.puravida@gmail.com
\n<\/a><\/p>\n

516-652-4944<\/strong><\/p>\n

\"Vince<\/a><\/p>\n

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  Buying a life insurance policy: Nuts and bolts       Buying life insurance for a child can be pretty easy. Usually they don\u2019t have much of a complicated health history and generally there is no medical exam required. You\u2019ll need to have basic information for the application: name, date of birth, relationship and […]<\/p>\n","protected":false},"author":1,"featured_media":249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/pvainsurancegroup.com\/agent\/vincent-desantis\/wp-json\/wp\/v2\/posts\/247"}],"collection":[{"href":"https:\/\/pvainsurancegroup.com\/agent\/vincent-desantis\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pvainsurancegroup.com\/agent\/vincent-desantis\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pvainsurancegroup.com\/agent\/vincent-desantis\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pvainsurancegroup.com\/agent\/vincent-desantis\/wp-json\/wp\/v2\/comments?post=247"}],"version-history":[{"count":1,"href":"https:\/\/pvainsurancegroup.com\/agent\/vincent-desantis\/wp-json\/wp\/v2\/posts\/247\/revisions"}],"predecessor-version":[{"id":250,"href":"https:\/\/pvainsurancegroup.com\/agent\/vincent-desantis\/wp-json\/wp\/v2\/posts\/247\/revisions\/250"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pvainsurancegroup.com\/agent\/vincent-desantis\/wp-json\/wp\/v2\/media\/249"}],"wp:attachment":[{"href":"https:\/\/pvainsurancegroup.com\/agent\/vincent-desantis\/wp-json\/wp\/v2\/media?parent=247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pvainsurancegroup.com\/agent\/vincent-desantis\/wp-json\/wp\/v2\/categories?post=247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pvainsurancegroup.com\/agent\/vincent-desantis\/wp-json\/wp\/v2\/tags?post=247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}