Yes, as a parent, you have an insurable interest in your children, which is required in order to buy life insurance on another person.
Many parents choose to purchase burial insurance plans to cover the cost of their child’s final expenses.
These are permanent life insurance policies that provide a death benefit, and build some cash value inside the policy over time. In the future, your child may take a loan from the cash value when he or she reaches adulthood.
This type of life insurance guarantees your child lifetime protection, even if your child develops a health issue.
And, child burial life insurance plans are quite affordable, starting for as little as a few dollars per month.
Learn more about buying burial insurance for children.