You might want to check out Gerber Life Insurance plans for children... they've been specializing in this for a very, very long time (mom took policies out on all us kids when we were born in the 60s). After I got married my folks gave me the policy and I cashed it in to help buy our first house. It wasn't a lot of money, but was certainly appreciated.

Grandparents are eligible to insure their grandkids, too.

https://www.gerberlife.com

Look to see if the parents have term insurance. They can add a rider to their existing insurance for much cheaper than The while life options offered by a baby food company. 

Only thing a child would really need to cover is burial. If you are looking at providing money long term look at opening a college fund, the money will be much better spent. Whole life is a horrible vehicle for investing and life insurance. 

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