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Can
a minor be named as a beneficiary in a life
insurance policy?
- Yes. A minor can be designated as a beneficiary
in a life insurance policy, except if the case falls within
the prohibition proscribed by Article 2012, in relation to
Article 739 of the Civil Code.
Article 739, provides the following donations as void:
1) those made between persons who were guilty of
adultery or concubinage at the time of donation;
2) those made between persons found guilty of the same criminal
offense, in consideration thereof…
What
is
the effect if a minor is designated as an irrevocable beneficiary
in a life insurance policy?
- When a beneficiary is designated irrevocably, the insured
or policyowner of the policy cannot
1) assign the policy
2) take the cash surrender value of the policy
3) allow his creditors to attach or execute on the policy
4) add or delete a beneficiary
5) change the irrevocable designation to revocable without
the consent of the irrevocable beneficiary
The
minor irrevocable beneficiary/ies should be represented. Other
than his parents, the ordinary rules on guardianship under
the Rules of Court shall apply. The representative must secure
the required guardianship documents which include Letters
of Guardianship, Oath of Office and Court Decision.
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