Pass a law that directs insurance companies to require an insured to name their minor children, if any, as beneficiaries to all their life insurance coverage. Wills can be contested. Beneficiaries cannot be contested.
Why is this important?
My ex-son-in-law was killed in a motorcycle accident Jan 2013. He named his on-again-off-again girlfriend as beneficiary during company re-enrollment in the fall of 2012. He has two minor children. The girlfriend received $401,000 in life insurance and AD&D benefits. She will not share the money with his children. I would like to see something changed in the law so that when a person has minor children they MUST be named beneficiaries in order that a trust can be set up for them and they receive the proceeds of the insurance coverage.
