Term insurance
11 months ago
I have a term insurance done for my kids and nominee is my husband. How to make sure that if anything happens to me, the insurance money will be used for my kids' future education as intended and my husband will not use it for his business?
A.Dear Client,
The status of the Nominee of a minor is like caretaker or the trustee of any benefits including tangible and intangible assets having no power of alienation till the minor becomes an adult or matured to take decisions independently on the subject matter.
So you need not to worry for the future of your kid. The insurer will take care of it in the right time when your term insurance matures. Your husband as the biological father of the kid is equally responsible for her future.
The status of the Nominee of a minor is like caretaker or the trustee of any benefits including tangible and intangible assets having no power of alienation till the minor becomes an adult or matured to take decisions independently on the subject matter.
So you need not to worry for the future of your kid. The insurer will take care of it in the right time when your term insurance matures. Your husband as the biological father of the kid is equally responsible for her future.
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