Should I purchase policies for my children?

The time to buy life insurance is when you’re healthy, not when you have a condition that may shorten your lifespan. While some people think purchasing a policy on their children may not make sense, it may be a valuable strategy to securing a policy when the child is healthy. For example, a child who becomes a diabetic may become uninsurable. If they’ve purchased a policy prior to the diagnosis, they can carry the policy the rest of their life.