A minor can be the beneficiary of a life insurance policy; however, the court will appoint a financial guardian to oversee the distribution of the death benefit to the child, unless that has been taken care of in another way. It is better to leave the proceeds to a trust, or to the person who would become the legal guardian of the child.
Yes, as Peggy mentioned you can name a minor as a beneficiary, however, you would be better served by at the very least leaving it in trust for a minor. Setting up a formal trust expressing your wishes would be preferred. In Canada, since you can direct that the proceeds be paid in the form of an annuity this should be explored.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
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If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.