I am married with two children, should my spouse and I get life insurance policies for our children?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jul 15, 2021

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Life insurance doesn’t always have to represent death when it is purchased—it can also represent future planning and opportunities. When purchased for children, life insurance does provide a death benefit in the event of their untimely death, but it also can act as a resource for them as they grow into adults. When you buy a life insurance policy on a child, you are getting a policy they might keep for life for a very low premium. If they keep the policy into adulthood they not only keep the premium and avoid any future medical underwriting, but they also have a source of cash value to tap into for tax-free loans. This can help them when they want to go to college get married and have children, even buy a home. If you include them in the premium payment process from the time they are children, you can also use the life insurance policy as a valuable lesson in saving, cash accumulation and responsible financial planning.

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