Do Kids need Life Insurance?

There are a number of opinions on this question ranging from it helps ensure their insurability as they get older (they will already have a policy should something tragic happen) to using it as a savings plan because the rates are so low for children.

I once asked someone why you would get life insurance for kids and they responded, “to pay for their funeral.” (gasp….)

The rates are actually pretty cheap. You can get around $2.50 a month for $50k of insurance and it claims to earn interest. On the surface it seems like an easy way to start a savings plan for a tiny bit of money plus have the added bonus of the insurance coverage, although I’m sure a savings account has higher interest rates.

What do you think?
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