Losing a child is an unthinkable tragedy. As a result, many insurance companies offer life insurance policies for children.

In general, children do not need life insurance. Since children typically don't have either income or dependents, life insurance policies for them are usually not necessary. There are a few unfortunately exceptions such as funeral arrangements can cost thousands of dollars, and if you don't have the money to cover that expense, life insurance can be useful. Consider buying a small term policy just to cover burial and funeral expenses.

Buying insurance for a child ensures the child's insurability later on in life ( For example: your child develops a long-term illness such as diabetes, getting her insured will be difficult. But if your child already has coverage, you can retain the policy).

To really safeguard your children's future, invest in a college fund and make sure that you are insured.