What is the Hawaii State law about Beneficieries for minor life insurance policies.
Question Details: I live in Hawaii. I am wondering, if someone opened and bought a policy for my minor child, other than myself, what do the laws state about who the beneficiaries can be? Can we as parents be beneficiaries?
If a minor child is named as a beneficiary of life insurance proceeds, the insurance company cannot pay money to the minor child. Depending on the state, the company would hold on to the money (at interest) until the child turns 18, or pay it to a court-appointed custodian or local bank (where it may be held at even lower interest). Where the amount of proceeds would be significant, it often makes sense to name a guardian for minor children and create a trust for insurance proceeds and other assets to be managed until they reach the age of majority.
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