What is the legal age to own a life insurance policy?

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What is the legal age to own a life insurance policy?

I know it is different from the age of majority, usually age 15, but is this in all states?

Asked on May 24, 2012 under Insurance Law, Florida

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Generally speaking, if a person is the owner of a life insurance policy they are the one that contracts for the policy and pays the premiums.  In order to do that you need to be an adult (18 generally) AND have an "insuran]ble interest" in the life of the person for whom the policy is taken out.  You always have an insurable interest in your own life and in those close to you: spouse, child, parent, even business partner.  You can be the beneficiary of a policy at any age.  I hope this helped.  Good luck.


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