Since Clark’s son Grant was born, he has gotten a lot of solicitations for life insurance on Grant. It pulls on your heartstrings, for sure. But when should you buy life insurance on a child? Never. Life insurance is not for children. It’s for the benefit of children should their parents die. Yet, people still get sucked into these deals. Stay away from these offers if you see any. And consider a 529 plan instead. Saving for a child’s college education is much more useful, both for the young person and for you in regards to taxes.