As a single parent we have to make sure we save, and get the bests for our kids.
When shopping for life insurance for kids we have a few options.
1) 20 year pay Whole life insurance - These types of life insurance companies give you a greater return of what you invest. For instance, on a 1 year old male over the course of 8 years you may pay $8200 for a $100K death benefit($34/mth), but in 20 years you can give your child a $90,000 insurance policy they don't have to make another payment for. These plan also can provide cash value to help them go to school. Most of these plan are able to provide you with an Illustration to show you how the life insurance you take out on your child will perform over the course of time you have the policy enforced.
2) Basic Whole Life Insurance- These cost below $20 a month for $50,000. They have a a little cash value in them, but serve their purpose in getting your child covered at great price for their entire life. An example would be the Gerber Grow up plan. These plan also double in death benefit automatically when they are 21 with no medical exam required.
3) Term insurance plans for kids - Costing $50 YEAR for $50,000 til the age of 30!!!! These are good plans to get started on. The don't have any cash value but they keep your child insured. Companies like NSS are a great fit of these kinds of life insurance insurance if your child can qualify.
4) RIDERS - Mom if you are shopping for whole life insurance or already have it. Ask if you can add kids on as a rider on your insurance policy. Some life insurance companies will allow you to add on multiple children for free if one child is paying.