life insurance on minors

BUYING LIFE INSURANCE TO COVER ELDERLY PARENTS

Don't Name Minors as Policy Beneficiaries - New York Life ...
Sometimes, seemingly minor oversights can have tremendous consequences. Take life insurance, for instance. Most of us tend to name our beneficiaries when .
http://www.newyorklife.com/nyl/v/index.jsp?contentId=12034&vgnextoid=7a5ece94229d2210a2b3019d221024301cacRCRD

Should you buy life insurance for kids?
Sep 23, 2003 . If you want to start an argument, ask a group of financial advisers what they think about buying life insurance for children. To some, it's a great, .
http://www.bankrate.com/brm/news/insurance/kids-life1.asp

Ask the Expert: Life insurance for children? - Apr. 5, 2005
Apr 5, 2005 . My wife and I recently had our first son and my mother wants to buy him a $50000 life insurance policy. But when I tell her I think it would make .
http://money.cnn.com/2005/04/05/pf/expert/ask_expert/index.htm

Using Life Insurance to Provide for Your Children | Nolo.com
Life insurance may be a good source of income for your kids if you die.
http://www.nolo.com/legal-encyclopedia/using-life-insurance-provide-children-29613.html

Should minor children be named as beneficiaries?
Few people understand the consequences of the specific way they have the life insurance proceeds set up to be paid out on their children's behalf.
http://pgafinancial.com/minor.html

Term Life Insurance (for healthy seniors)

Key features:

  • Medical examination required, to prove that the insured is in good health

  • Life Insurance (Encyclopedia of Everyday Law) - eNotes.com
    While children can lawfully be named as beneficiaries on a life insurance policy, the insurance company will not be .
    http://www.enotes.com/estate-planning-reference/life-insurance

  • 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
While you may name your minor children as your designated beneficiary, we will be unable to pay the life insurance proceeds to your children until the earlier of: .
http://www.aetna.com/faqs-health-insurance/life-insurance-faqs.html

 

 

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