Yes, a minor can be a beneficiary on life insurance. However, until they reach the age when they are legally considered old enough to manage their own money (which is either age 18 or age 20, depending on the state in which you live), someone else will need to be named to manage their money for them.
1) This can be someone you specify in your will. Some people even name two guardians: one to take care of the money (guardian of the estate) and one to take care of the children (guardian of the person).
2) You can create a trust to be the beneficiary of the policy, with the trust spelling out how you want the money to be used on the minor's behalf.
3) If no guardian is specified or trust created, the court may have to appoint a guardian at the time after death when the policy proceeds are collected.
You may want to visit with your lawyer and life insurance agent to be sure that you have your policy set up in the way that you want it to, if a tragedy should happen.
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1) This can be someone you specify in your will. Some people even name two guardians: one to take care of the money (guardian of the estate) and one to take care of the children (guardian of the person).
2) You can create a trust to be the beneficiary of the policy, with the trust spelling out how you want the money to be used on the minor's behalf.
3) If no guardian is specified or trust created, the court may have to appoint a guardian at the time after death when the policy proceeds are collected.
You may want to visit with your lawyer and life insurance agent to be sure that you have your policy set up in the way that you want it to, if a tragedy should happen.