Is it a good idea to buy life insurance for our children?

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Most parents need life insurance, but for children, life insurance is usually a waste of money. A child's future is most often secured by adequate life insurance on the parents and the child's own college-savings fund. In most cases, funds that might be allocated to purchasing life insurance for a child will provide far greater value if allocated to additional insurance on the life of a parent.

You may want to consider buying a small term life insurance policy to cover burial expenses only if you think it might be a burden to pay the $5,000 to $10,000 cost of a funeral.