You ask a great question. Making certain that you have your beneficiaries is a very important part of your financial planning and it is important to mind the details when it comes to leaving your life insurance to children. Like you, I would want my life insurance proceeds to go to my kiddos if something were to happen to both my wife and me, however, they are all minors. That's where a good life insurance plan can be cumbersome but taking some extra steps can avoid any potential headaches.
In most cases, life insurance proceeds cannot be paid out to directly to a minor. If you have a minor child, I recommend that you speak with a legal professional about setting up a trust that would be used to manage your life insurance proceeds for your daughter's benefit. Trusts can be fairly simple or very complex, but at the core, trusts and estate plans are legal documents that you put in place to make certain your wants and wishes are met when you pass.
Having an estate plan is not exclusively for the wealthy; it's actually one of USAA's core financial advice principles. We encourage all members to get their legal documents in place as part of an overall financial plan.
Once your trust is in place, you could have your husband remain as your primary beneficiary and assign the trust as your contingent beneficiary. Speak with a legal professional to get your documents in place and contact us when you are ready to update your life insurance beneficiaries.