G
Guest
Guest
I have a question for the life gurus: On a life insurance policy, how does one limit the death benefit proceeds until a child reaches the age of 25?
Can it be done on the policy itself, or through a trust, or with a will, or what? What is the best way? What do YOU do?
For example, the parent has a life insurance policy with the child as beneficiary. If the parent dies, they don't want the child to receive the proceeds until the child is 25 years of age.
Another related (or perhaps the same) question is, how is this handled for minor children under 18 or 21. Do most insurance companies pay proceeds to minors? If so, how do you best circumvent that so they don't receive the funds until a certain age?
Thanks in advance for your replies!
Can it be done on the policy itself, or through a trust, or with a will, or what? What is the best way? What do YOU do?
For example, the parent has a life insurance policy with the child as beneficiary. If the parent dies, they don't want the child to receive the proceeds until the child is 25 years of age.
Another related (or perhaps the same) question is, how is this handled for minor children under 18 or 21. Do most insurance companies pay proceeds to minors? If so, how do you best circumvent that so they don't receive the funds until a certain age?
Thanks in advance for your replies!