Can Minors Be Beneficiaries On Life Insurance?

  1. 0 POINTS
    Contact Me
    David RacichPRO
    Fountain Hills, Arizona
    Minors can be beneficiaries on a life insurance policy. Most of the time minor children are contingent beneficiaries as a backup to their parents if both were to die. But just because you can do it doesn’t mean you should it. When minors receive death benefit proceeds after both parents have died custodial control and/or guardianship can arise. The creation of a trust could be a better alternative. Consult with an attorney before placing minor children as beneficiaries on your policy.
     
    Answered on July 9, 2013
    +0
    1 Thumb up 0
    +1 this answer
    flag this answer
  2. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Yes, minors can be beneficiaries on life insurance. If the insured person passes away while the child is still a minor (under age 18 in some states, under age 21 in others), the death benefit must be managed by an adult until the child reaches the age of adulthood.

    This helpful article describes some ways of legally handling this situation. http://www.nolo.com/legal-encyclopedia/using-life-insurance-provide-children-29613.html
    Answered on July 10, 2013
    flag this answer
    3. Did you find these answers helpful?
    Yes
    No
    Go!

Add Your Answer To This Question

You must be logged in to add your answer.


<< Previous Question
Questions Home
Next Question >>