Sentences with phrase «beneficiary reaches adulthood»

Once the beneficiary reaches adulthood (18 or 21 depending on the state), control of the account is permanently transferred to that person.

Not exact matches

Also, if you a choosing a minor as beneficiary, a guardian must be assigned to oversee / supervise the proceeds of the life insurance policy, and the spending of those proceeds until the minor named beneficiary reaches the age of adulthood.

There are few restrictions on whom you may name as your life insurance beneficiary, but some do exist: several states only allow you to choose a relative if you are bequeathing the proceeds to an individual; also, a minor can only be named as a beneficiary if a guardian is assigned to supervise the life insurance proceeds and the spending of them until the minor reaches adulthood.