Whole life plans pay out a death benefit upon the death of the insured person, and they build up cash value inside the policy over time, from which you may take a loan if needed.
In addition, ownership of the policy may be transferred to the child when the child reaches adulthood, usually age 18 or 21.
The amount of life insurance coverage may be increased in the future to provide more protection when the child becomes an adult.
Learn more about child life insurance coverage.