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| Term life insurance is a valuable and affordable tool to have in your toolbox. Protecting your family for cents on the dollar. We insure our house, farm equipment and crops but sometimes forget the most important asset in the family, us!! the bread winner. Whole life insurance is one of the best purchases I ever made for my family. Most whole life insurance policies issue dividends. These dividends can purchase more coverage while your family and needs are growing. A good whole life insurance company will let you borrow the cash for short term needs without effecting the dividend accumulation. I've done this several times. When your kids are gone out of the house and your debts are paid you can set your policy up to supplement your retirement without paying a dime in taxes and still have enough death benefit to bury you. I also look at whole life insurance similar to the bond portion of my investment portfolio.
The reasons why it would be a good idea to insure your child now have been mentioned above, cheaper premiums, insurability issues, also some companies have an endorsement for children for a couple of dollars you can purchase a Guaranteed insurance option that allows a child to purchase several times there base amount when they become adults without having to prove insurability. The key with whole life insurance is to start early and purchase a lot.
I might add life insurance agents to do not get rich selling policies on children.
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