Life Insurance

If two children are the beneficiaries on a life insurance policy and one is under the age of 18 who gets the money for the minor child?


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2005-10-07 02:23:22
2005-10-07 02:23:22

No one. Each child will be able to collect their share of the money when they are 18. The money for the minor child will be kept by the insurance company until the minor turns 18. This is why it is not a good idea to name minors as beneficiaries of life insurance policies if the money would be necessary for the upbringing of the child. Either name an adult that you trust or create a life insurance trust to be named as the beneficiary.


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A life insurance policy for my father included his 3 children one is deseaced does the deseased child children then become heirs?

If the child is over age 18, then the parent is not responsible for the child's medical bills. The child is legally responsible for anything that the insurance policy did not pay.

In medical insurance, the policy holder of the policy is not automatically the guarantor of a step child. To become the guarantor of the child a formal adoption should have taken place, or the child can be added to the policy.

It is a type of life insurance policy beneficiary designation in which the life insurance benefits are divided among a class of beneficiaries, typically the children of the insured. Best explanation is an example: An insured has two children, and each of those children have two kids. If his children are listed as equal primary beneficiaries, they split the proceeds 50/50. However, if one child predeceases the insured, the surviving child received 100% of the proceeds. If the bene designation is the insured's children per stirpes, they still split the proceeds 50/50 if both alive when the insured dies. However, if one child predeceases the insured, the surviving child only receives 50% of the proceeds and the children of the deceased child will each get 25%, splitting the 50% that was designated for their deceased parent.

Nope. They purchased it when they had the ability to contract and they determine the beneficiaries. You can always purchase your own life insurance with your own money and name your own beneficiaries.

No, 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.

Yes. The owner of a life insurance policy can change the beneficiary at any time. If there are divorce proceedings or child support involved, these things matters often include court orders preventing the change of beneficiaries.

Normally, your child can withdraw their life insurance when they are 18. However, this may vary from policy to policy and between different insurance companies.

If you add the child as a driver on the policy.

Essentially what you need to do is to designate your grandchildren as "contingent beneficiaries" of the insurance policy. Assuming that your child(ren) is now the only person(s) designated as the beneficiary(ies), you would need to contact the agent who sold you the policy, or the insurer itself, and request the proper form by which to add the contingent beneficiary. You would then return the completed and signed document to the agent or the insurer, as directed. A potential complication exists if your grandchildren are minors at the time of your death and your children have predeceased you. The problem is that the insurer will generally be unwilling to pay the proceeds directly to a minor, even if he/she/they are the designated contingent beneficiaries. Therefore, you should think through whom you wish to designate the recipient of the proceeds on behalf of the minors and designate that person/persons/institution as the recipient of the policy proceeds. You can also consider the establishment of a trust to serve that purpose, but you will want to get legal advice to do that.

A life insurance policy can be had from 0 age (child policy) to a person of maximum 65 years (pension policy).

yes, if the child has a good enough reason.

In the state of Texas you do not have to list your child on your policy. If living in your home you can enlist a separate policy for that child. If living in another home it is never a requirement to have them on your policy although there are some policies which certain insurance companies write which require the child on your policy while living in your residence.

I highly doubt it. If the child is not on the policy, then sorry to say, they're not covered. You will need to go in and put them on the policy, if you want that is...

A parent or other adult can purchase insurance for a minor. A minor might not be able to make the payments on a policy.

Absolutely; a step child is legitimately a member of a family and can be insured, or can be the beneficary of a family insurance policy, just like a biological child.

If you can show your insurance co. that your child lives on their own AND has their own car insurance, you should be able to get your child OFF of your policy

No. Step-children have no rights or interest regarding a step-parent's life insurance unless they are a named beneficiary on the policy. Step-children have no rights in a step-parents estate unless they are named in the step-parent's Will. In that case a step-parent can leave the proceeds of a life insurance policy to a step-child by their Last Will and Testament.

The policy is one couple one child, but there are plans to make it two children.

I doubt it. He/she is probably no longer in your household, which is generally the boundary of your policy.

my parents had an insurance for me when i was a child. how do i find out if their is a policy out there . i don't want to contact Met life, i want to see if i could find out on-line

That depends on weather or not your 17 year old has their insurance on the parents policy. It will go up if the child is on the parents policy, but if the child has their own policy, it won't. But it will be cheaper if the child is added on to the parents policy. My husband is a North Carolina State Trooper so I know alot about insurance. Also, call around and go online for the cheapest rates.

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