Can A Life Insurance Beneficiary Be A Minor?
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63333 POINTSview profilePeggy MaceMost of the U.S.Yes, a life insurance beneficiary can be a minor. However, if naming a minor as beneficiary, the policy owner should consider naming a financial guardian for the child at the same time, as that will be required by the court if the insured person dies before the child reaches the age of adulthood. If a financial guardian is not designated to handle the life insurance proceeds for the child, the court will appoint one.Answered on August 11, 2013flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! It will depend upon the insurance companies rules. I have worked with some that will not allow a minor without guardianship or an established trust fund to be named as a beneficiary. Others are not so particular, but it may not be in your best interests to allow it. Often there are problems legally transferring funds to minors, and unless the guardian or trust is established, the money gets held up needlessly. Check with your State laws concerning minors, and then with your agent, and see if that can even be done. I hope that helps, thanks for asking!Answered on July 3, 2014flag this answer
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