Can I Add My Child as the Beneficiary of My Life Insurance Policy?

Life insurance is a vital part of planning for your future in Greensboro, GA. You’ll want to be sure your family is well taken care of after you pass. This means they will need to cover burial expenses, pay off any debt you may have, and have some money left over for living expenses like college tuition and day-to-day expenses. If you’re wondering whether you can add your child as a beneficiary to your life insurance policy, the answer is yes. However, there are factors you need to understand before doing so. Read on to learn more.

1. Is your Child a Minor?

If your child is under eighteen, then you’ll need to assign a custodian to oversee the benefits. After you pass, the funds will not go directly to the minor child. Instead, they will go through the custodian, who is responsible for overseeing the funds. This way, it will be certain the funds are spent wisely. 

2. Consult with an Attorney to Establish a Trust

Before adding a child as the beneficiary of your life insurance, it’s a good idea to first consult with an attorney. This way you will know that trust is properly set up for your child and when he or she comes of age, they will be able to receive the funds directly.

To learn more about adding a child or other dependent as the beneficiary of your life insurance policy, contact Silverton Insurance Specialist LLC, serving the Greensboro, GA area. Our reputable team of insurance agents will answer all of your questions and concerns and help you through the process. Contact Silverton Insurance Specialist LLC today at 404-850-7071.