Robert Remin, Life Insurance Agent
Robert Remin
Robert Remin
Life Insurance Agent Licensed in NY
Contact Details
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Location
White Plains, NY
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Website
Robert Can Help With:
About Me
Good day! My name is Robert, and I am passionate about helping people understand their life insurance choices. I provide no-cost guidance while reviewing options from top-rated companies, so you can feel confident knowing your family is taken care of.
Q&A with Robert Remin
What happens if my life insurance beneficiary is a minor child?
Answer: Yes but with following caveats-
The issue is that insurance companies generally cannot pay life insurance proceeds directly to a minor. If the insured dies while the beneficiary is still under age 18 (or 21 in some states), a court may need to appoint a guardian to manage the money, creating delays, expense, and administrative complications.
Better options include:
UTMA/UGMA Custodian – Name an adult as custodian for the child under the state's Uniform Transfers to Minors Act.
Trust – Create a trust and name the trust as beneficiary. This provides the most control over how and when the money is distributed.
Minor Beneficiary Rider/Designation – Some carriers allow special beneficiary arrangements for minors.
For example, instead of naming "Sarah Smith, age 10" directly, you might name:
"John Smith, as custodian for Sarah Smith under the New York UTMA."