If a dad owns a insurance policy on his 18 yr old son, does the son have to sign it?

Question

If a dad owns a insurance policy on his 18 yr old son, does the son have to sign it?

Answer 1

Spartan Warrior, the fellow above is correct.

It is often advisable to have another person own the policy when estate taxes are contemplated.

If you plan on becoming wealthy, you better hope he has a giant policy on you.  He can assign his ownership later, even prior to his demise, instead of by bequest.  

Further, he could establish an irrevocable life insurance trust, funded by that policy.  

You are in an excellent position.

Wish more people had dads who thought ahead.

Remember this:

Proper Prior Planning Prevents Pathetically Poor Performance.

Answer 2

Only if the polciy is applied for after the son is 18.

If the policy was taken out when the son was a child the father can keep it even though the son is now an adult.

Answer 3

Assuming you're talking about a life insurance policy, if the policy was taken out when the child is a minor, then the child does NOT have to sign anything.