Naming Minors as Beneficiaries.
You can name children, minors or those who are under the age of 18 as beneficiaries. All of the proceeds are not payable, however, until the following events occur:
1. The date when a minor reaches the age of majority, which is 18 or 21, according to an individual state’s particular law.
2. The date and appointment of a legal guardian for a minor. Please note: This process can be expensive, with limitations involving which person can be the guardian of your estate until a minor is 18 or 21.
3. Alternatively, you can name your children as beneficiaries of a trust, which can manage and disburse payments to them. In this scenario, the trust would be the beneficiary of your life insurance policy.