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boy | Is it possible to make my life insurance for my daughter who's not of age (10 y.o.)? |
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Jim C
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Yes, it's possible, and perfectly legal. However if something does happen to you before she's at least 18 years old, she won't be able to tap into that money, nor will anyone else. So if someone needs the money to take care of her, or to help out with your final expenses, they won't be able to get at it.
It's very common for people to want to name young children as beneficiaries, but you might be better off naming whoever would be taking care of your daughter, then when she gets a little older, change the named beneficiary to your daughter. If you don't have anyone you trust to handle the money the way you want, then leave it to your daughter. At least you know it will be safe and waiting for her.
Like someone earlier mentioned, you may want to talk to a lawyer about setting up a trust in this situation, because you may not want an 18 year old to get a huge chunk of money. You can almost be sure that the money will be squandered very quickly. |
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insuranceguytx
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I assume you want to make your daughter the beneficiary of YOUR life insurance policy.
The prior answers are correct. You should talk to a lawyer about setting up a trust.
If you just make your underage daughter the beneficiary and you die, the court will appoint a guardian for her. The guardian will be in charge of the money. How the guardian spends the money may not be how you would spend it for your daughter.
Go meet with a lawyer.
Good Luck
* |
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halestrm
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Yes!
I have a 7 yr old. She has a trust worth $30K and the life insurance will add $1M to it if I die. She cannot control the money until she is 30 yrs old. Talk to an atty and CPA and an investment advisor that you can trust so that you do it right. My kid pays no taxes, and it is set up with a secondary acct to pay expected taxes. The executor/guardian has no worries because I prepaid the fees to manage the acct. |
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Phil
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I agree with the previous answers. Don't make it to your daughter. Whoever gets custody of her would determine what happens to the money. Get a children's trust set up. This works really well in the case where you don't trust the child's other parent to spend the money wisely on the child. You get to select who runs the trust, and can give instructions about how to spend the money. |
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chindu
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Hazual, you can take life insurance policy to your daughter. All companies are providing special policies for children viz. smart kid from ICICI, Jeevan Chaya from LIC. |
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pro_v_0003
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it is possible to make any person you want your benificary. we always advise clients of my firm who have underage children to do one of two things. 1. leave the money to the person your daughter would live with or be taken care of if anything were to happen to you. 2. establish a living turst, within that trust you would leave your policy to, in your will, or living trust you could specify to an exact tee how and when you want your daughter to recive money. |
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