Quora Answer: When Should I Buy Life Insurance for My Child?

The following is my answer to a Quora question: “When should I buy life insurance for my child?”

If you are able to afford it, it is possible to buy coverage for your child while you are from the second trimester.  This provides coverage for pregnancy complications, some childhood diseases, and death.  In some policies, it is a rider on a policy where the actual life insured is the mother.  Within a certain period after birth, the life insured can be transferred to the child, or there is an option to buy coverage on the child with no or minimal underwriting.  In principle, it is always better to get coverage from as early as possible.  This hedges against exemption from preexisting conditions.  Also, the premiums are cheaper the longer the payment period.