Children under age 18 can be named as primary or contingent beneficiaries. The beneficiary might be a child under the age of eighteen. If you die while they are still minors, the proceeds may be distributed to the legal guardian of the minor child's estate in their name. Minor children may not be allowed to access your assets or insurance money until they reach the legal age, so you may wish to set up a trust or guardianship arrangement if you want the payment used for their benefit while they are still minors.