New Underwriting Rules for Juvenile Coverage

Effective immediately, there are new underwriting rules for juvenile coverage (except for NY and foreign nationals).

• Juvenile underwriting applies to issue ages 0-17 (children must be at least 14 days old). Individuals aged 18 or 19 are no longer underwritten as juveniles.
• The amount of coverage that $100 can purchase is no longer a consideration.
• Permanent juvenile coverage increased from $100,000 to $250,000, regardless of the amount of coverage in force (and/or applied for) on parents or siblings.
• National Life can consider juvenile coverage up to 50% of the insurance amount in force on breadwinning parents — if their coverage is in the range of $1,000,001 to $3,000,000.
• The maximum total line of insurance is $3,000,000. For higher coverage, documentation of sufficient financial and estate planning needs to be shared with underwriting.

The following underwriting rules are still in place:

• For coverage in the range of $250,001 to $1,000,000, National Life can consider up to the amount of life insurance in force or applied for by a breadwinning parent or legal guardian.
• Siblings need to have like coverage (equal face amounts or premium contributions).
• Premium-to-household-income rules still apply. The total premium of all family coverage should not exceed 10% of the client’s annual income.
• Juveniles must be U.S. citizens.
• Acceptable ownership only includes parents, legal guardians, and grandparents.