What is the minimum age for a minor to contract for annuities or insurance upon their own life?

In Montana, the minimum age for a minor to contract for annuities or insurance upon their own life is 15 years old. This provision allows minors at this age to enter into contracts in a way that recognizes their growing capacity to understand and engage in financial agreements. The legal framework acknowledges that by the age of 15, individuals often possess enough maturity to understand the implications of life insurance and annuity contracts.

Contracts made by minors below this age might be deemed voidable, meaning they could choose to cancel the agreement at a later time, reflecting the law’s intention to protect younger individuals from entering into agreements that they may not fully understand. As a result, the specified age serves as a threshold where the law considers them capable of making informed decisions regarding their financial futures.