Life insurance on children

 I’m often asked if life insurance on children is necessary.  They don’t contribute financially to the household, don’t carry debt (at least the minor ones), and are usually pretty healthy.  But that last statement is the reason I encourage families to have policies for their kids or at least a child rider on their own life insurance policies.  Child riders in particular are fairly easy to add to a policy and once it’s added for one child, you can add future children with just a signature.  This protects their insurability moving forward.  We can all think of families who have kids that were diagnosed with an illness during their childhood.  Most survive but it’s difficult for them to qualify for life insurance as an adult.  Taking out a life insurance policy on the child just a couple months after they are born is a great idea.  Not only is it inexpensive but it is an asset that starts building for their future.