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13. Can a person under 18 years of age purchase a life insurance policy?

The rule under the law is that a minor (a person under the majority age of 18), usually cannot make contracts. An exception to this rule is that if the contractual goods or services are considered as "necessaries" for the minor, such contract is legally binding (please refer to the topic of Consumer Complaints).


If the insurance contract is beneficial to the minor, the contract may be upheld by the Court. In practice, when a minor submits an application for buying life insurance, the insurance company may first assess the income of that minor (i.e. whether or not he/she can pay the premiums).


You should also note that a minor can be named as the "beneficiary" in a life insurance policy (please refer to the relevant question and answer).