By Mary Hobson mary.hobson@complete-insurance-guide.com Complete Insurance Guide Columnist November 18, 2005

Every parent and grandparent wants the best for their child, and for many people, a major component of "the best" is the best higher education they can afford. But college is expensive, and saving for this can be difficult with so many demands on the family budget.

A great way for you to be able to afford to save is to take out a child term life insurance when your child is first born. This means that the juvenile life insurance is for a fixed period only - in this case, you can plan for it to mature when your child is 18 - and is guaranteed to pay out an agreed sum at this time.

You can then use the sum of money raised by the child term life insurance to pay for - or contribute towards - your child's education. You simply arrange the juvenile life insurance policy for each child, pay the agreed sums of money each month, and you have a ready-made educational fund.

Juvenile Life Insurance - For Grandparents as Well

Some grandparents find using a child term life insurance a good way of contributing to the family budget, making sure that their contribution is used for a useful purpose. Juvenile life insurance can be taken out by any member of the family or by close friends, giving each of your children a fund that will make their higher educational years that much easier.

Child term life insurance can be used for any purpose that is likely to happen at a given stage of your child's life - for instance, many people take out juvenile life insurance to mature at the age of 21, giving a sum of money to aid setting up home or marriage. Saving becomes a way of life with juvenile life insurance, teaching the child who is covered by juvenile life insurance the value of financial security.

Source

• http://www.gerberlife.com/guide_products/

About the Author
Mary Hobson is a consultant for technology start-ups in Russia. She has also worked as an executive officer in a defense facility and as a university lecturer in computer science and management information. Mary earned her first degree in textile marketing and subsequently studied education and computer science at a Master's degree level.