If your child is the major income earner in the family (Hollywood star), the answer is, yes. However, for families with children that spend more of the household money than they earn, a separate life insurance policy isn't really necessary unless your intention is to protects your child's ability to get life insurance in the future. If you fear that genetically there is a chance that your child's medical condition may become an issue in the future, buying a life insurance policy now will protect their ability to buy one in the future.

Another reason for buying life insurance for your child is it can serve as an investment option and provide a nice financial foundation for your child to build on in the future. Let's face it the younger the child is the lower the cost and the policy has more time to grow in cash value

However, if that is not your intention and you are concerned mainly about expenses in the unfortunate event that something happens to your child and you are put in the painful position of having to pay the cost of funeral and burial expenses, you might elect to purchase a child insurance rider under your own life insurance policy.

Many insurance companies offer riders for usually a maximum of $20,000 on all covered children. The child's coverage begins from 15 days old to usually 18 years. Coverage continues until the child reaches the age of 21 (this age varies depending on the insurance carrier) or the insured reaches the age of 65 (which ever comes first). The purpose of this rider is to cover the cost of funeral and burial. The rider provides a small amount of term insurance with relatively little underwriting.

A fully underwritten life policy will result in lower premiums; however the minimum policy limit may be as much as $50,000. Do you need that much life insurance for your child?

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