What to do if I want to name my granddaughter as my contingent beneficary on my lide insurance policy but my broker said no?
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What to do if I want to name my granddaughter as my contingent beneficary on my lide insurance policy but my broker said no?
I want to put her on in case my husband dies first but she is only 12 years old. The insurance broker told me not to do that. What can I do to make sure she would be the one to get the money when she is 18?
Asked on June 19, 2012 under Insurance Law, Wisconsin
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
If you wish to name your granddaughter as a contingent beneficiary on your life insurance policy although she is only 12 years of age, then you should. The caveat is that the naming of her and her rights to receive the money would be that the proceeds would be placed in trust with a trustee until she reaches a certain age such as 18 as you have suggested. Such direction should be specifically set forth in the policy beneficiary statement.
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