In addition, purchasing a whole life insurance policy gives your child a head start. The price is cheap for up to $30,000 of life insurance coverage that can be there for the rest of their life.
Once the life insurance is purchased the insurance company can't come back and take it away. The cash values never go backwards, it grows over the years inside the policy. If your child needs money in the future, he/she can take a loan from the cash value inside the policy.
Ans, once your child reaches adulthood, they can purchase additional coverage if they choose. Then rate charged for the initial life insurance plan never increases and your child will have guaranteed lifetime life insurance protection.
Learn more about whole life insurance for children.