When people think of life insurance, they typically imagine policies designed for breadwinners, those whose income supports a household. It may seem counterintuitive, then, to consider buying life insurance for a child. Yet, despite some controversy, there are scenarios where purchasing a life insurance policy for a child can offer long-term financial and emotional benefits. If approached thoughtfully, it can be an important piece of a broader financial strategy.

As life expectancy continues to rise, more Americans are thinking ahead to how they’ll handle the costs of long-term care (LTC). Whether it's help with daily activities at home, assisted living, or nursing home care, these services can come with a significant price tag. When planning for future care needs, individuals generally face two main options: purchasing long-term care insurance or choosing to self-fund their care. Understanding the pros and cons of each approach is essential to making a decision that protects your health, finances, and family.