life insurance on minors law

BUYING LIFE INSURANCE TO COVER ELDERLY PARENTS

Using Life Insurance to Provide for Your Children | Nolo.com
At some time or another, all parents worry about what will happen to their children if one or both parents were to die prematurely. Often, life insurance is the first .
http://www.nolo.com/legal-encyclopedia/using-life-insurance-provide-children-29613.html

What Happens to the Inheritance of a Minor Beneficiary?
What will happen to the minor's inheritance depends on the laws of the state . as in the case of the minor being named as the beneficiary of a life insurance .
http://wills.about.com/od/estateplanning101/a/minorinherit.htm

Life insurance trust - Wikipedia, the free encyclopedia
Part of the common law series . A life insurance trust is an irrevocable, non- amendable trust which is both the owner and beneficiary . If the trust owns insurance on the life of a married person, the non-insured spouse and children are often .
http://en.wikipedia.org/wiki/Life_insurance_trust

Life Insurance : New Jersey Law for Children with Special Needs
Mar 3, 2009 . In preparing a Will, parents of a special needs child must give careful thought as to how to divide up their assets among multiple children.
http://www.njspecialneedschildrenlaw.com/articles/life-insurance/

Life Insurance Law - Lawyers, Attorneys & Free Legal Information
Free life insurance law information for individuals and small businesses written . Should a minor child be named as a beneficiairy of life insurance proceeds?
http://law.freeadvice.com/insurance_law/life_insurance_law/

Term Life Insurance (for healthy seniors)

Key features:

  • Medical examination required, to prove that the insured is in good health
  • N.Y. ISC. LAW 3207 : NY Code - Section 3207: Life insurance ...
    LAW 3207 : NY Code - Section 3207: Life insurance contracts by or for the benefit of minors; on the lives of minors, limitations on amount for Lawyers, Law .
    http://codes.lp.findlaw.com/nycode/ISC/32/3207

  • Insured covered up to the age of 90 or 95 (depends on insurance company guidelines)
  • Premiums increase towards the end of the Term
  • Many seniors outlive the fixed term so look for a policy that can be converted to whole life insurance
  • Consider purchasing Burial Insurance also, should the senior outlive the Term

Burial Insurance (for healthy seniors)

Key features:

  • No medical examination required
  • Insured person is covered for life
  • Premiums are locked-in and do not change
  • Moreover, cash value increases over time
  • If the insured is healthy, then you receive full benefit the day after you pay your first premium
  • Coverage cannot be canceled as long as you pay your premiums on time
  • Proceeds can be used for burial costs and other end-of-life expenses

 

Graded Benefits Burial Insurance (for seniors with health problems)

Key features:

  • No medical examination required
  • Insured person is covered for life
  • Premiums are locked-in and do not change
  • Policy increases in cash value over time
  • You typically only get partial coverage for the first two years, and the full insured amount only in the third year of the policy
  • Insurance company cannot cancel coverage as long as you pay premiums on time
  • Proceeds can be used for burial costs and other end-of-life expenses

Life Insurance FAQs -- Aetna
If you want your minor children to receive your life insurance proceeds, you should consult your legal advisor to determine the best way to accomplish this under .
http://www.aetna.com/faqs-health-insurance/life-insurance-faqs.html

 

 

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