Is it right to have Life Insurnace on a Juvenile or Child

By | February 27, 2009
There are a number of life insurance carriers that just do not like to write policies on children. Washington State Insurance Department is getting a little tougher on the guidelines for these types of plans. I would imagine to see more States fall in line with Washington’s statutes. Well see…
clipped from www.seattlemedium.com
State Has New Restrictions On The Sale Of Juvenile Life Insurance
OLYMPIA ? An eight-year-old law restricting the sale of life insurance policies on juveniles got some new teeth.
The law requires insurance companies that sell juvenile life insurance to have procedures in place to prevent people from buying this type of coverage for fraudulent purposes. Yet, a recent survey of the companies selling juvenile life insurance uncovered that some did not have written standards and others had standards that didn?t go far enough.
?No one should profit from the death of child,
Have justification for selling a life insurance policy in excess of the costs of the juvenile?s funeral, other death expenses or costs of mental health treatment for family members or loss of income to the family.
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