Do your kids really need their own life insurance policy?  Do your kids really need to be added onto your own life insurance policy?

These two forms of life insurance for children: Life Insurance Riders and Standalone Kiddie policies are somewhat controversial.

Buying life insurance for your children often goes the common logic of the use of the product.  After all – Since children usually have no income, what is the use of the insurance policy?

Of the two options standalone life contracts for children are the most expensive and potentially the biggest waste of money.  A parents life insurance policies that adds the child as a rider is often a better idea.  However when compared with saving for college with a 529 account, typically a life insurance policy for a child in any format is not a great idea.