Grandparent seeking a $3 M Whole Life policy for a 3-year-old with autism. Client had purchased a significant policy for each grandchild.
What were the challenges?
This child was diagnosed as on the spectrum for autism. He is totally non-verbal, but otherwise in good health and functioning. Due to the age, the medical people were unable to assess IQ, but this child is using an iPad. Usually, carriers will not consider a young child with autism until she/he can be tested to determine the IQ and grade level, etc.
What was the First American solution?
We shopped the market to the 8 whole life carriers to determine who would consider this child for insurance at this time. Only one carrier was able to offer without having to provide the cognitive testing the other carriers would have required, since by his age, the doctor was not willing to complete at this time. We focused on the carrier who indicated they would consider him, which was also the carrier that offered the best performing product for the client/ grandparents.
What was the outcome?
A high-quality mutual insurance company offered standard. The family and broker were happy with the result. Offer standard nonsmoker annual premium $13,500.