<prompt> Human: Like I stated in the title I was talking to my SO the other day and she was telling me how her parents took out life insurance for her and her siblings when they were very young. Why would someone possibly think it is a good idea to take out a life insurance plan for their child? In doing research I have come to the understanding that there are 2 main reasons to buy life insurance to replace wages and protect others in the event of a premature death or for tax savings. No one is counting on a child for wages and there are many other investment alternatives that can provide tax advantages. Can someone please play devils advocate and explain why getting your children life insurance could be a good idea. If not, I guess just let me know if I am correct. Thanks  <response>: In doing research I have come to the understanding that there are 2 main reasons to buy life insurance to replace wages and protect others in the event of a premature death or for tax savings. No one is counting on a child for wages and there are many other investment alternatives that can provide tax advantages.Yeah, but you forgot the second thing that came up in your research - protecting others in the event of a premature death. Funerals arent free. 