Yes. If you have children, you may purchase life insurance on them.
A parent has an Insurable Interest in his/her children, which is required in order to buy life insurance on someone else.
Several leading life insurance carriers offer life insurance for kids, including Globe Life and Gerber Life, among others.
For example, Globe Life offers parents the opportunity to purchase up to $20,000 of life insurance on each of their children.
It's quick and easy to get coverage on your kids. There's no physical examination required, just a few simple health questions to answer about the health of your child.
And, it only costs about $3 per month, depending on the amount of insurance and your child's age.
Here's how to get life insurance for a child.