Juvenile Insurance > Q & A

Q. What are the age limits for the policy?
A. Any healthy child from 15 days to age 15 can be insured with Peace of Mind for Tomorrow.

Q. What amounts of coverage are available?
A. You can choose to insure your child/grandchild for $5,000 or $10,000.

Q. Can I increase the coverage during the 10 year payment period?
A. Yes, if your original coverage is $5,000 and the child still qualifies, you can purchase an additional Peace of Mind for Tomorrow policy for $5,000. The second policy will have a new 10-year payment period. At any time, you can apply for one of Old American's other policies, including an adult policy with a 10-year payment period.

Q. What is the advantage of the Discount Pre-Payment Plan?
A. It saves you money. This single payment plan deducts just under two years of premiums from your total cost. For example, if you insure a child at 15 days old for $5,000, 10 years of payments would equal $1,440. Your discount single premium would be just $1,214.69, a savings of $225.31. And with this plan, if the insured dies during the first 10 years, the policy pays both the full death benefit and all the unearned premiums.

Q. If my child/grandchild develops a debilitating health problem during the 10-year payment period, will the premiums be increased?
A. No, as long as payments are made on time, the premium remains the same throughout the 10 years even if the child's health changes.

Q. If my child/grandchild engages in a hazardous job or recreational activity as an adult, will he/she still be covered for the full amount?
A. Yes, the full coverage remains in force for the child's entire life. However, if there are any outstanding policy loans, the death benefit is reduced by the amount of the loan.

Q. Can a policy loan be taken at any time and who can apply for a loan?
A. As the owner of the policy, you can request a loan whenever cash value is sufficient.

Q. If the policyholder dies before the 10-year premium period ends, does it remain in force?
A. In that case, another person, perhaps the child or guardian, becomes responsible for continuing premiums. If these premiums are paid on time, the policy will remain in force.