I am afraid that you are going to have to be declared guardian over the property of a minor, which is more than just being his parent and legal guardian, this is a specific court process that grants you guardianship over his property AND it places you as a "trustee" over that property. What this means is that if you mismanage the property or use it other than for his direct needs, you can be held liable for violating your duty (this is over and above that as just a parent). The insurance company can require a court declaration of guardianship for financial and property purposes to release the money to you and if you do not provide it they will hold the money for your son until he turns 18.
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