Many parents and grandparents feel children’s life insurance is worth it because of the flexibility it offers through financial protection for the family and potential for creating a sizable financial asset for the children.

Children’s life insurance is a protection product, which provides a lump sum of tax-free cash should anything happen to the insured child. Parents can use this benefit for covering funeral costs, bereavement counselling, any medical expenses that occurred, or to offer the ability to take time off to grieve.

Life insurance for children is worth it for several other reasons. For one, you are providing an avenue for guaranteed insurability and life long coverage for your children or grandchildren.

Children’s insurance also provides an attractive savings vehicle with tax-advantaged growth and cash value they can access for future expenses, like education or making a downpayment for a house. The sooner your child is covered by a whole life insurance policy, the longer (and faster!) the cash value component can grow until they’re ready to use it.

For these reasons, many find children’s life insurance is worth it.