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Although you know you could handle the expenses if something were to happen to your child, there are other reasons why getting a child life insurance policy is beneficial. For instance, it can be something that they can borrow from during their college years if need be. Also, if it is a whole life insurance policy, it may set them up for smaller premium payments for the rest of their life. One of the most popular children's life insurance policies even offers to double your child's benefit when they turn 21, at no additional cost. This type of life insurance policy can lay a foundation for your child, which they can then take over once they become an adult.