Life insurance is not just about preparing for a possible future for your family that doesn't include you. It isn't solely about paying college tuition, paying off debt and replacing your salary after your death. Life insurance is also for burial expenses.
Burial expenses exist no matter how old you are when you die, and that's why some parents buy life insurance policies to cover their children. Parents don't want to consider, contemplate and least of all, plan for, the death of their child. Unfortunately, while the risk of your child dying may be small, it does still exist.
A small final expense policy on your child can take away the financial stress and hardship that their death would bring, and will allow you the time and presence of mind to heal. When you buy a whole life final expense policy, it also creates an asset for your child to bring into adulthood with him or her.
Life insurance on children, while depressing, is a practical option for hedging financial risk in the event of your child's death and gives your son or daughter some cash value to start their adulthood with.
