When you’re taking out a life insurance policy for yourself, you’re most likely doing so to make sure that those you leave behind are taken care of financially. So naturally, if you have children, you’re probably inclined to name your child or children as one of your beneficiaries for the policy.
Before you do so, there are a few things you need to know about naming your child as your life insurance beneficiary.
- If the child listed on your policy is under the age of 18, the life insurance benefit would then go to the guardian you have listed on file.
- That guardian then has every right legally to use the life insurance money as they wish!
- If you want to make sure you have a voice on how that life insurance money is used for your child, then it’s imperative that you put it in writing – preferably a legal contract such as a will.
We know that life insurance isn’t the most thrilling topic of conversation and thinking or talking about it can seem morbid. But here at Clevenger Insurance, we believe it’s a topic of conversation that is essential for everyone! Your loved ones being cared for in the event that you can no longer do so is our top priority.
If you have any questions regarding life insurance or need a recommendation for an attorney to write up that will, give us call at 574-267-2181.