Many clients have considered naming their children as beneficiaries of their life insurance plans. Insurance brokers will answer any question and they will explain the pros and cons of such a decision. The newly released blog post should be read by anyone who wants to purchase life insurance and by clients who already have coverage.
Depending on state jurisdiction, children will not be able to claim the benefit unless they are older than 18 years. This means that if the insured passes before his/her children are minor, they cannot claim the benefit. Instead, the legal guardian will have control over the death benefit.
The best option is to open a trust fund and have the insurance benefit directed there. A trust fund will be handled by a lawyer or a trustee designated by the insured. The trustee will be in charge of the account. The insured can settle several clauses that allows withdrawals. For example, the insured can make it so that the money will be spent only on college education.
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Russell Rabichev, Internet Marketing Company, 800.475.3410, [email protected]