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A minor's ability to legally hold a life insurance policy is contingent upon the consent of a parent or guardian. This requirement is rooted in the legal principle that minors typically cannot enter into binding contracts without adult assistance. Life insurance policies are contracts, and therefore, the involvement of a parent or guardian is necessary to ensure that the minor's rights and interests are protected.

The other options involve requirements that are not legally mandated for a minor to hold a life insurance policy. For instance, while having a social security number may be helpful for identification purposes, it is not a requirement for obtaining a policy. Proof of income is irrelevant for minors, as they are generally not employed or earning an income suitable for life insurance. Additionally, written agreements from two adult witnesses are not standard requirements in the life insurance process for minors. The focus is firmly on obtaining consent from a responsible adult to safeguard the minor's interests.