Can life insurance be purchased on minor children in Nevada?

Yes, parents and grandparents can purchase life insurance on minor children in Nevada, and there are legitimate planning purposes for doing so. Child life insurance is typically whole life insurance—permanent coverage that builds cash value over time. Premiums locked in at a young age are very low due to the child's young age and good health.

The primary reasons parents purchase coverage on children include locking in future insurability (even if the child later develops a health condition, coverage is guaranteed), building cash value over decades that can be accessed for college or other expenses, and providing a small death benefit for final expenses in the rare event of a child's death.

Critics of child life insurance note that children typically have no income to replace and minimal financial obligations—the traditional life insurance purpose. Proponents value the guaranteed insurability benefit, especially for children with family health histories that might affect future underwriting.

For grandparents looking to establish policies on grandchildren, these can serve as long-term wealth transfer tools with decades of cash value growth. Ownership can transfer to the child at adulthood. Guarantees are backed by the financial strength of the issuing carrier. A licensed agent can explain how child coverage fits your specific family planning goals.