Parents and grandparents work diligently to provide opportunities for their children that they were not provided. With financial security ranking among many seniors’ top factors of a successful life, grandparents seek ways to provide for their descendants as they reach adulthood. Those looking to provide for their grandchildren’s futures can give a gift that lasts a lifetime through American National’s Signature Whole Life Policy.
Whole Life Policies
Whole life insurance guarantees benefits to the insured party for the duration of their life, so long as the required premiums are paid or until the policy reaches maturity. These plans are increasingly common, as child life insurance can provide financial stability for the child as they age. American National’s Signature Whole Life Policy allows grandparents to pay a fixed premium toward a fixed benefit amount until the insured party turns 21 and the policy transfers to the insured.
Ensure their Financial Future
While traditional life insurance is meant to protect the beneficiary from loss of income after the death of the insured, a whole life plan started for a child can provide security throughout their lifetime. A Signature Whole Life Policy ensures a death benefit and builds guaranteed cash value through continued premium payments that can be borrowed for expenses like school loans or a mortgage down payment.
Policyholders may opt to add a Guaranteed Insurance Option Rider (GIO Rider) that would allow the insured to purchase up to $50,000 of additional life insurance without evidence of insurability. Additional coverage can be purchased during open periods every three years. It starts on the year the insured turns 25 and ends the year they turn 40.
Invest in Those You Love
Purchasing a whole life insurance plan not only protects your grandchild but also protects their future family. Included in the GIO Rider is the ability to purchase permanent insurance on a spouse when the insured marries and the option to add a Children’s Term Rider if they have or adopt a child.
Should the insured fall ill at any point, the Signature Whole Life Policy’s Accelerated Benefits Rider allows them to use their policy to cover critical, chronic, and terminal illnesses at no additional premium.
American National’s Signature Whole Life Policy is one of the lowest-priced participating whole life products currently on the market. By investing in a whole life insurance policy, you ensure that your loved ones start their lives off on the right foot, financially.
Got Life Insurance Questions?
We hope this information on the Signature Whole Life Policy is helpful. If you’d like to learn more about planning for your grandchild’s future through a whole life insurance policy, please give us a call at (888) 539-1633.
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