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Law

Whole life insurance on your child? Dumb or worthwhile?

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My understanding is that whole life insurance is rarely a smart financial move for anyone. There are much better separate life insurance and investment products out there that don’t try to combine the two. I’m not aware of anything that would change that if the insured is a child. But I’m open to being proven wrong.

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This is also my understanding.

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I would do it. My parents did it for me and I felt comfortable handling the premium payment right after college because it was so low.

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Also you don’t know what your child’s future health will look like so this could be the only opportunity your child would qualify

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Waste of money. There are better investment products than whole life. Commissions are high. If you really think you need life insurance on a child for the insurance, get an inexpensive term policy.

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