Grandparent Ownership

[smokin goose]

Forgive me if this is elementary. If the grandparent is the owner/payor and the grandchild is the insured. When the grandparent dies, where does the ownership transfer to?

 

[lgreen]

Grandparents estate I believe.

 

[Speck]

That's why there should be a contingent ownership section if there isn't one. Sometimes it reverts back to the insured if they're of age. Not sure otherwise.

 

[Gooner]

Forgive me if this is elementary. If the grandparent is the owner/payor and the grandchild is the insured. When the grandparent dies, where does the ownership transfer to?

Lol, you got 2 answers...both are effectively "I don't know"

 

[HoosierLife]

Lol, you got 2 answers...both are effectively "I don't know"

I think I might know the answer...but I'm not sure. Llllkkkkk

 

[SPUR CITY]

Forgive me if this is elementary. If the grandparent is the owner/payor and the grandchild is the insured. When the grandparent dies, where does the ownership transfer to?

Grandchild becomes owner. Grandchild can't make ANY changes until they are age of majority.


Or


In the agent section write a contingent owner if there is no section for it in the app

 

[HoosierLife]

Grandchild becomes owner. Grandchild can't make ANY changes until they are age of majority. Or In the agent section write a contingent owner if there is no section for it in the app

How could the grandchild become the owner before 18 or whatever age they need to be?

And what is "age of majority"

 

[Gooner]

Grandchild becomes owner. Grandchild can't make ANY changes until they are age of majority.

Or

In the agent section write a contingent owner if there is no section for it in the app

Now you went and ruined it...I was wondering how many post this could've gotten with I don't knows

 

[Jerard]

How could the grandchild become the owner before 18 or whatever age they need to be?

And what is "age of majority"

I think it's the era or two that came after the "Age of Aquarius".

 

[SPUR CITY]

How could the grandchild become the owner before 18 or whatever age they need to be? And what is "age of majority"

By default


Age of majority is different in different states.


For instance I think in Arkansas age of majority is 10 because that's when they start losing teeth due to Mountain Dew