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.