Options here can range from coverage-based planning to savings-focused approaches, depending on your goals and timeline.

Some families choose juvenile whole life coverage – a permanent policy on a child that locks in insurability while they're young, healthy, and easy to qualify for, and builds cash value they can use later for education, a first home, or starting a business. Others prefer a purely savings-focused approach like a 529 plan instead. ACT Life and Health, through Symmetry Financial Group's nationwide network, can walk through both paths side by side.

A licensed agent can walk through what's realistic and appropriate for your family's specific goals.