QUESTION
Is it okay for my children to take out a life insurance policy on me and will it be touched by any outside sources?
Asked on Jun 05th, 2014 on Estate Planning - California
More details to this question:
I am 52 year old woman. I have life insurance with my job but I believe Welfare will grab it after my burial costs therefore leaving nothing to any of my children.
3 ANSWERS
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Your children can get a life insurance policy on your life. You won't own it and it will not be subject to your debt, if any. (But it is probably not a good way for them to invest their money.)
Answered on Jun 09th, 2014 at 6:28 PM
Edwin K. Niles
As long as you have the children as named beneficiaries, you should be OK.
Answered on Jun 09th, 2014 at 6:28 PM
2 Awards
Yes they can if you can qualify.
Answered on Jun 09th, 2014 at 6:28 PM