9. My son is now 15 years old. Can I name him as the beneficiary in my life insurance policy? Would he be entitled to receive all the proceeds if I die before he reaches the age of majority (i.e. the age of 18)?

9. My son is now 15 years old. Can I name him as the beneficiary in my life insurance policy? Would he be entitled to receive all the proceeds if I die before he reaches the age of majority (i.e. the age of 18)?

Yes, you can name your son (who is a minor) as the beneficiary of your life policy.

You should arrange to name a guardian and/or trustee to receive and manage the proceeds on his behalf until he reaches the age of majority after which he can inherit all the proceeds directly.