Under the insurance laws in most states:
- Life insurance, disability income insurance and annuities may be issued to minors under 18 years.
- Life insurance, disability income insurance and annuities may be issued to minors under 16 years, but only with a parent's or guardian's written consent.
- Minors under age 18 can only surrender or exercise contractual rights for money payable under those contracts with a parent's or guardian's written consent.
- Life insurance, disability insurance and annuity contracts made by minors under age 18 that may result in personal liability require a parent's or guardian's written assumption of the liability.
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