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What happens when a minor is the benefitionary of a life insurance policy?
Wiki User
∙ 13y ago
The problem is a minor can't sign a binding contract, so when the company pays off, his signature doesn't agree that he's been paid. The best thing to do is make a trust or leave the $$$ to a guardian.
Wiki User
∙ 8y ago
Wiki User
∙ 13y agoGenerally, the funds will be placed in an account, with a trustee or with a court appointed guardian. Sometimes a will specifies that the bequest can be paid over to the child's parent to hold on behalf of the child. The laws vary in different jurisdictions. You should consult with an attorney who specializes in probate law.
Wiki User
∙ 11y agoYes, there is no age restriction on who can be the beneficiary of life insurance. However, some state laws do no permit payments to minors until they either have a guardian appointed or they turn 18.
Wiki User
∙ 15y agoIt can be done but is not often reccommended. I would suggest you look into setting up a trust and name the trust the beneficiary.
Wiki User
∙ 15y agoNo. A life insurance policy is a contract and you must be an adult to sign a legally binding contract. However, the legal guardian or parent may buy one on behalf of the minor.
Wiki User
∙ 14y agoNo, the insurance company will hold the money and will pay interest on proceeds until the child is of majority age in the state where the children were born.
Wiki User
∙ 13y agoI believe their guardian has control over it until their 18 or emancipate them selves
Wiki User
∙ 12y agoShort answer - no.
You need to have an insurable interest, or be the legal guardian of the child.
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