What Is Life Insurance For A Child? 
There are two main reasons to purchase child life insurance . The first is to insure against the unthinkable tragedy of losing your child early to cover the cost of final expense . The second is to protect the child 's insurability should they develop a disease or disorder such as Type I diabetes or cancer which would be difficult to purchase life insurance . Permanent plans like whole life and universal life insurance protect insurability and allow cash accumulation for that can be used for college funds , a new house or even a retirement plan . Adding a child life rider to an adult term life or permanent life insurance plan is a very affordable way to insure children , especially multiple children for one low rate will cover all children and allow for guaranteed conversions in case they should lose their insurability . 