15. Do I Need Life Insurance on My Child?

This depends on who you ask and what they are attempting to sell you. A child’s policy can provide a saving vehicle, the ability to buy more coverage in the future without proving insurability and also pay the death benefit in the event of a child’s death, which can be used for burial expenses.

However, most child coverages aren’t large enough to begin with (maximum benefit is typical $25,000), and they aren’t supporting a family financially, so none depends on them. Besides, cases for a child’s death are very slim, statistically, and although it may be the most tragic experience, life insurance won’t really help.