Life Insurance for my 6yr Old Niece

[WinoBlues]

How exactly do they go about verifying identity in the event of a claim?

I did not know so I just called MoO claims department. What she told me was that they do not even need a Death Certificate if they can verify the death another way. Such as an obituary or calling the Funeral Home. The no SSN is not an issue. The example I asked her about was a policy that was out of contestability, insured died last night. She said that if they can call the funeral home today and they confirm death on the phone, they pay the claim. No paperwork. Or if they get an assignment they pay.

One of my companies pay on notification of death but it takes a faxed form signed by the funeral director and the beneficiary

 

[Baseball7]

Omaha requires a parental signature on a child whole life application in Pennsylvania

 

[ferrari550]

Each carrier has different guidelines. Its best to make your sister the Ben. and Owner. You can pay the premiums.

 

[Guest]

Who's your upline?

........

somebody in Nigeria?

 

[KaseyNM]

Couldn't you name a trust as the owner and beneficiary for the policy? That keeps the parents out of it entirely. And solves an income-tax implications when the owner isn't the payer and also isn't the insured. (Right? Did I say that right?) I always get turned around trying to keep owner/payer/insured/applicant straight when you throw a trust in there.
But setting up a trust for your niece may solve the problem the most efficient way.