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Shawn P Adamo
Shawn P Adamo, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
Category: Finance
Satisfied Customers: 2884
Experience:  CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
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I have a grandniece who is seven years old, I would to like

Customer Question

Hello,I have a grandniece who is seven years old, I would to like open an insurance policy that would mature by the time she age 25.
Where to start? And any recommendation?
Submitted: 1 year ago.
Category: Finance
Expert:  Rakhi Vasavada replied 1 year ago.

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

We are prohibited by the terms of service to recommend any specific investment product. However, I can certainly provide you with a clear direction.

Explore a whole life policy just like this.

https://www.gerberlife.com/gl/view/guide_products/growup/index.jsp

If your grand niece is a live-in, you may also consider adding her to your existing insurance, if any.

Just get in touch with the company and they will guide you through different product. However, I believe the one that I mentioned above, or such similar product may be of some use to you.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,

Expert:  Shawn P Adamo replied 1 year ago.

You cannot use a term policy as that is only as good as you pay premiums. You want a universal life policy, or a whole life policy. The faster you start the less the premiums.