Can A Minor Be A Life Insurance Beneficiary?

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    Peggy Mace
    Most of the U.S.
    A minor can be a life insurance beneficiary, but it is generally in the child's best interest to make the beneficiary of your life insurance policy be a trust, or trusted relative or friend who will use the money for the welfare of the child. That is because minors cannot legally handle the proceeds and the court could appoint a guardian to do so for them.
    Answered on May 5, 2013
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    David RacichPRO
    Fountain Hills, Arizona
    Yes and they often are with young families. Many attorneys recommend declaring a financial steward or custodial trustee for the financial disbursements to minors. Sometimes a trust is the beneficiary on behalf of minor children. Interestingly, there is always a contingent beneficiary option in a life insurance application. 
     
    Answered on May 27, 2013
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