What is the legal age to own a life insurance policy?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What is the legal age to own a life insurance policy?
I know it is different from the age of majority, usually age 15, but is this in all states?
Asked on May 24, 2012 under Insurance Law, Florida
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Generally speaking, if a person is the owner of a life insurance policy they are the one that contracts for the policy and pays the premiums. In order to do that you need to be an adult (18 generally) AND have an "insuran]ble interest" in the life of the person for whom the policy is taken out. You always have an insurable interest in your own life and in those close to you: spouse, child, parent, even business partner. You can be the beneficiary of a policy at any age. I hope this helped. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.