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4 Common Mistakes Made on Life Insurance Beneficiary Designations

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.

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