R
rainwolfe
Guest
I live in Maryland. My father recently passed away, leaving a MetLife policy payable to my children, who are all minors. MetLife tells me that the policy cannot be paid to minors, and that it is illegal for minors to 'own' insurance, so they cannot receive the benefit until they are 21. Also if I want to keep the policy I have to pay the premiums, or they will take loans out of the policy to pay the premiums. At this point, the policy, meant to be used by the children for college, will be completely useless for that purpose, and nearly worthless (because of the loans being taken out to pay the premiums)by the time they are 21. I do not want to pump more money into a policy that will not be able to serve its original purpose- paying for college. I just need some clear answers on what the law REALLY is on minor beneficiaries and MetLife taking loans from the policy.