Even newborn infants can have life insurance. Juvenile insurance is a life insurance policy for a minor or young adult under the age of 16. Juvenile insurance pays out a death benefit, and some may carry some cash value. While there are pros and cons to buying life insurance for your infant, you should consider what the costs and risks of not doing so could be.

In general, the benefits of life insurance for infants are as follows:

• You can guarantee your infant's future insurability no matter what health conditions he or she may develop.
• Your child will qualify for lower premiums; if the unthinkable happens, the insurance can pay for your child's funeral and burial costs;
In most juvenile insurance policies, if not a term insurance, your child can tap into the cash value in the future.

Life insurance for your infant or child - though many argue may not be a good financial investment - allows you peace of mind.