When building a banking portfolio, the more policies you have, the better. So I encourage buying policies on the children. However, the first goal is to have policies on each parent before adding policies on the children.
The main reason for this is that in most scenarios, the children will outlive the parents and the children are the ones who will be receiving the benefits from the policies upon the passing of the parents.
Once both parents are covered, there are benefits to adding policies on the kids. One major benefit is that with every passing day, the policy grows stronger in value and most likely the children will have a longer policy life since they will likely start their policy earlier in life than the parents did.
If, however, a parent is uninsurable, I would recommend buying a policy on a child before the parents. Another reason to purchase a policy on a child would be if you are advanced in age and are looking to keep your monthly premium lower. For example, if you are fifty or older and are looking to maintain an estimated two hundred dollar per month premium, it would be best to take this policy out on a younger child.
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