What is required from insurers when offering life insurance policies to minors?

When insurers offer life insurance policies to minors, specific regulations are in place to protect those minors, which is why parental or guardian consent is essential. This requirement ensures that an adult who has legal authority oversees the decision to purchase a life insurance policy for a minor, acknowledging the minor’s best interests.

The involvement of a parent or guardian serves as a safeguard, as minors may not fully understand the implications of such long-term financial commitments. Additionally, requiring consent helps ensure that the adult responsible for the minor's welfare is aware of and agrees with the insurance decision.

This practice aligns with broader consumer protection laws, ensuring that minors are not taken advantage of in insurance transactions, where consequences can carry significant financial implications.