Can life insurance policies be purchased for individuals under 18 years old?
Translation:
Can insurance be purchased for minors under 18 in the case of death? Will the insurance company compensate if the beneficiary causes harm to the insured?My child's aunt wants to buy insurance for the child but in the case of death. I would like to ask whether this purchase is permissible in this situation or not. Additionally, I would like to inquire if the beneficiary harms the insured, the insurance will not pay, correct?Can insurance be purchased for the death of a person under 18 years old?
Based on Article 38 of the Insurance Business Law 2000, the conclusion of human insurance contracts for death cases is stipulated as follows:
- When the policyholder concludes a human insurance contract for the death of another person, the consent of that person must be obtained in writing, specifying the insurance amount and the beneficiary.
Any changes to the beneficiary must have the written consent of the policyholder.
- Human insurance contracts cannot be concluded for the death of the following individuals:
a) Persons under 18 years old, unless there is written consent from their parent or guardian;
b) Persons suffering from mental illnesses.
Thus, according to current regulations, a person under 18 years old can still be insured for death if there is written consent from their parent or guardian.
Will the insurance company compensate if the beneficiary causes harm to the insured person?
Additionally, Article 39 of the Insurance Business Law 2000 also stipulates cases where insurance payments are not made:
- The insurance company is not obliged to pay insurance in the following cases:
a) The insured person commits suicide within two years from the date of paying the first insurance premium or from the date the insurance contract continues to be effective;
b) The insured person dies or suffers permanent disability due to the intentional fault of the policyholder or the intentional fault of the beneficiary;
c) The insured person dies due to execution of a death penalty.
In the case where one or some of the beneficiaries intentionally cause the death or permanent disability of the insured person, the insurer must still pay the insurance to the other beneficiaries according to the agreement in the insurance contract.
In the cases specified in clause 1 of this Article, the insurer must refund to the policyholder the surrender value of the insurance contract or the total insurance premium paid after deducting reasonable related expenses; if the policyholder dies, the refunded amount will be settled according to the regulations on inheritance law.
Thus, according to current regulations, if the beneficiary causes the death or permanent disability of the insured person, the insurer must still pay the insurance to the other beneficiaries as agreed upon in the contract.
Respectfully!
