Life Insurance Benefits To Minors. (this is in effect for most states.) Protecting the financial security and future of minor, young adult and disabled children from a parent’s untimely death is critically important.
Please contact us if you have any questions about leaving life insurance to a minor, the best life insurance companies or anything life insurance related. Instead, your next of kin must name a guardian, and the court must appoint that guardian to take care of the money until the child is 18 or 21, depending on what state you live in. Most child life insurance policies are whole life, a type of permanent life insurance.
(this is in effect for most states.)
If you name a minor child as the beneficiary on your life insurance at work, the insurance company will not pay the benefit to the child. If you are unsure about your beneficiary options or who to nominate, you can fill in the quote form above or call a specialist on 1300 743 254. If you haven't created a trust or made any legal arrangements for someone to manage the money, the court will appoint a guardian, a costly process, to handle the proceeds until the child reaches 18 or 21, depending on the state. Click a link below to jump right to the section you’re most interested in or just read on.