There are a great number of issues to keep in mind when filling out insurance paperwork and one is of course, who is going to be named beneficiary. In most cases, you have a basic idea of who you want to get the policy in the event of your death, but you may still have questions. For those that live in or around the Myrtle Beach, SC area, the agents with Benefit Insurance Services can help.
A beneficiary can be pretty much anyone you want, if you are naming a child however, there may be special provisions. A child that is under the age of 18 is not typically the best choice when it comes to beneficiary, the reason being that most insurance companies will not pay out a policy to a minor. There is a way to get around this however. One is to choose someone you trust, maybe even the person that will be getting custody of your children if you die, and name them trustee.
You can do this two ways, you can name them as the trustee for the child and draw up the legal paperwork or you can simply name them beneficiary on the policy. Generally if you trust someone enough to take custody of your children you can trust them to keep the child’s best interests in mind and to use the money from the policy to take care of your children.
Though you can name anyone as beneficiary, naming a child that is under the age of 18 is likely to incur legal action which will take time, money, and will add to the stress that the child is already going through. For those in the Myrtle Beach, SC area, the agents with Benefit Insurance Services can help.