Can A Minor Be A Beneficiary Of A Life Insurance Policy?
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63333 POINTSview profilePeggy MaceMost of the U.S.Yes, a minor can be a beneficiary of a life insurance policy. If a minor is named as beneficiary, be sure to appoint a financial guardian in your will to manage the money for your child until they reach the age of adulthood (either 18 or 21, depending on where you live). Otherwise, the court will appoint one for your child until they are of the age to manage their own money.Answered on June 21, 2013flag this answer
115 POINTSview profileApril JohnsonIndependent General Agent, April Johnson, CaliforniaMinors can certainly be named as a beneficiary to an insurance policy. But what you want to consider is what the purpose of the insurance is. If you want the insurance to cover your final and burial expenses then you may not want to name a minor because he or she will not have access to the money until age 18 or 21 depending on where you live. If the purpose is to leave a legacy for the minor, the best thing to do is create a living trust. Name the trust as the beneficiary and earmark those funds for the minor. A living trust is very flexible. You can basically say when and for what reason the minor can have access to the funds. You can say that money can be paid for the minors private education; you can say the minor gets 25% at age 21, etc. And the best part is whatever you have specified can't be changed after your passing AND the trust does not go through probate. So, there is no court intervention or delays.Answered on June 22, 2013flag this answer
10968 POINTSview profileTim WilhoitOwner, Your Friend 4 Life, Brentwood TNYes, a minor child can be named beneficiary of a life insurance policy and often are as a contingent beneficiary. It is a good idea to set up a trust to disperse funds to the minor child or name a guardian in your will to take care of the money on the child's behalf.Answered on June 30, 2014flag this answer
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