Minor children cannot receive insurance benefits until they reach the age of majority—which can be as old as 21 in some states. In the event a minor is listed as a beneficiary, the proceeds of your insurance will be distributed to a court-appointed custodian, who will manage the funds (often for a not insignificant fee) until the child reaches the age of majority. At that point, all benefits are distributed to the beneficiary outright and unprotected.
4 Common Mistakes Made on Life Insurance Beneficiary Designations
read more
