initial face value of the juvenile life insurance policy is approximately $500,000. When the insured is age eighteen, an annual withdrawal of $10,000 (shown in bold) for four years is illustrated. This is to pay for tuition, room and board, and any other costs associated with college. When the insured is age thirty, the policy owner withdraws $14,000 (shown in italics) towards the wedding of the insured. Withdrawals can be used by the policy owner for any purpose. The policy owner could transfer the policy to the newly married insured. The insured, who is now the owner of the policy, would be able to withdraw up to the remainder of the cash value ($56,565). If no withdrawals are taken, the designated beneficiaries are also protected by a fully paid policy of $500,275, which grows to $1,129,967 when the policy owner is eighty years old. Cash value would be $800,225 when the insured is eighty years old. Criticisms and responses Critics assert that juvenile life insurance is unnecessary due to the low likelihood of child mortality and that the insurance premiums should be used for other purposes. Proponents of juvenile life insurance argue that a well-structured policy minimizes the initial death benefit and maximizes cash value growth to provide a savings vehicle with a lifetime of benefit. Critics also claim that investing in stocks, bonds or mutual funds can provide higher returns with lower fees than a comparable juvenile life insurance policy. Although juvenile life insurance is not an investment product, proponents point to many juvenile life insurance products where cash value is 100% linked to equity indexes. This allows a policy owner to participate in stock market growth and do this in a tax advantaged environment. In addition, some of these products offer a growth floor, meaning the cash value of a juvenile life insurance product will never decrease. Some question the fees associated with life insurance products. They note that approximately half of the first year premium and an ongoing percentage of future premiums are paid as commissions to the insurance agent. Juvenile life insurance advocates note that over the long term, management fees for other financial products typically will exceed juvenile life insurance policy commissions. For example in the illustration above, typical management fees of 1% annually would exceed, in every year following the 6th year, the $900–$1,800 one-time commission payment paid to the insurance agent. Choosing a