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Can I appoint my children as beneficiaries of my life insurance policy(ies)?

April 26, 2017appoint beneficiaries children ies Life Insurance policy

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Can I appoint my children as beneficiaries of my life insurance policy(ies)?

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Yes, you may appoint your children as beneficiaries to your plan; however, if your children are under the age of 18, you should also specify a trustee. A trustee is the person you appoint to manage the proceeds of your life insurance policy on behalf of an under-aged primary or contingent beneficiary. If you do not appoint a trustee for your under-aged beneficiaries, the policy proceeds of your life insurance plan will be paid into a government-appointed trust.