Most people buy life insurance to provide a financial safety net for dependents following the breadwinner's death. It's important to take care of your own life insurance needs first. Reasons for exploring life insurance on a child follow.

• Guaranteed insurability. A medical exam is not necessary to secure life insurance on a child. The child will have coverage even if he or she develops a health condition later in life.
• Life insurance rates are tied to life expectancy. Buying insurance on a child locks in a low premium.
• Children's life insurance policies are permanent, whole life plans that build cash value. Limits are low, however, and cash value builds slowly.
• Policy benefits can offset the child's final expenses if the unthinkable happens.

Talk to a local life insurance agent if you decide to proceed with life insurance on your child. There are multiple options. Do you currently have term life coverage? The company may offer a rider that extends term coverage for your child's life. If you prefer a separate policy, get quotes from several companies. Confirm each insurer is financially sound and licensed to operate in Illinois. Unlicensed companies are not subject to this state's insurance laws.