Which condition must be met for a life insurance contract to be valid?

A life insurance contract must involve legally competent parties to be considered valid. This means that all parties involved—typically the insurer and the insured—must have the mental capacity to understand the terms of the contract and the implications of entering into it. This competency usually includes being of legal age, which in most jurisdictions is 18 years or older, and not being mentally incapacitated or under the influence of substances that impair judgment at the time of contract formation.

In insurance, this legal framework ensures that contracts are binding and enforceable, providing protection for all parties involved. When both parties are legally competent, it establishes a basis for mutual understanding and agreement, fostering trust in the contractual relationship.

The other options pertain to important aspects of contracts but do not constitute necessary conditions for a life insurance contract's validity. For example, informed consent is important but may not always be formally articulated; consideration is usually required but can take various forms; the presence of a financial advisor, while beneficial for guidance, is not a requirement for the contract itself to be valid.