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Do I need life insurance for my child?

There are a lot of benefits to purchasing a policy for a young child. The younger you are, the more insurable you usually are – and the lower your rates will be. Whole life or universal life insurance can also be a great way to give your child a way to help protect their own family down the road, or save for the future. The cash value buildup could eventaully be used to help with educations costs or retirement. And if the worst happened, a child’s policy could be used for final expenses, something that could be a financial strain otherwise.