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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?
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.
What else can I help you with?
What is the law concerning a beneficiary of a life insurance policy?
A life insurance policy for my father included his 3 children one is deseaced does the deseased child children then become heirs?
What is the parent's responsibility for medical bills for adult children that are on the parents insurance policy?
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.
Your parents took out life insurance policy on you as child. You just found out at age 50. The beneficiary is parents and then sister-not 4 kids or husband. Do you have a say in this?
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.
How do I change the beneficiaries on my life insurance policy to include my children's children in the event of my child is dead?
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.
Can a husband change his wife as beneficiary of his life insurance policy without notifying her in the state of California?
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.
Is policy holder health insurance automatic guarantor of step child?
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.
Is a parent the beneficiary of their child's life insurance?
This all depends on who took out the life insurance policy and who was named as the primary beneficiary at the time. The primary beneficiary is named within the policy document. The primary beneficiary may or may not be the father and/or mother. If the primary beneficiary is deceased, then check the policy for a named contingent beneficiary. If there are no named beneficiaries living, then the policy proceeds become part of the policy holder's estate. Please consult with a qualified attorney, to determine guardianship of the child's estate. Ask the insurance agent and a lawyer for a free consult to be sure.
How old does my child need to be to withdraw his life insurance?
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.
Will your auto insurance cover your child?
If you add the child as a driver on the policy.
If you purchase life insurance policy on your adult child naming myself as beneficiary can adult child change beneficiary?
The purchaser of an insurance policy names the beneficiary.
Which age group has life insurance?
A life insurance policy can be had from 0 age (child policy) to a person of maximum 65 years (pension policy).
Can you get a life insurance policy on your child?
yes, if the child has a good enough reason.
