Asked by Wanda Langley  |  Submitted November 09, 2015

Is it possible to buy a Life Insurance Policy for my Grandchild and not tell the Parents? If so what Type?

I would like for the Child to be able to Cash Out if needed for College.

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  Answers  |  3

November 09, 2015

Hi Wanda, buying life insurance for your grandchild may be a good idea, but even if you can purchase a policy without the parent's knowledge, doing so sounds an alarm that demands a response. Also, an insurance policy may be but one vehicle to support funding college. There are others you may also want to consider. I see many points to discuss in your question. I recommend you seek an insurance agent in your area- someone you feel comfortable with and is sensitive to your concerns.

I hope my response was helpful and I wish you the best.

Darius

Darius Slade, Health Services & Management in Richland, WA | 11.14.15 @ 01:35

Hi Wanda, the "No" Ebrahim provided in his response is absolutely correct.

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November 12, 2015

No, on all applications, you need one of parent or guardian signature, addition to your signature and if minor is over 14 years old, you need child, one of the parent signatures.

Barbara Coats, Financial Adviser in Starkville, MS | 03.08.16 @ 21:10

That actually depends on the company and state law.

$commenter.renderDisplayableName() | 02.26.17 @ 01:18

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March 05, 2016

Yes, you can buy coverage for a grandchild for the purposes you cite as you can claim an insurable interest. There may be limitations on the face amount you can purchase. Personally I would tell the parents, but that would be your choice. You would own the policies so if it's a question of the parents not being responsible, they could not access the policy in any way as you own it and you can transfer ownership over latter when the child is an adult.

$commenter.renderDisplayableName() | 02.26.17 @ 01:18

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