This is a question that I hear often.
As much as we hate to think about it, health issues do arise in children and young adults. Should the child or young adult develop a health condition, it could prevent insurability in later years or make it more costly. Taking out a policy when they are young can insure that they have at least some coverage when they become adults. Now I'm not saying take out a huge policy, there are many different kinds to fit your budget.
Another question to ask yourself... if a death did occur, would it put a financial hardship on your family for the burial and funeral costs? If the answer is yes, then you may want to think about a small policy for them.
Life insurance has come a long way and there are many plans available. Term, Return on Premium Term, Whole life, Universal life, No lapse guaranteed universal life. Premium is very minimal when purchased at your ages.
If you would like to know more, please feel free to call or email me. I would be happy to provide additional information to you. Watch for additional information on life insurance in future blogs. We will be breaking down the different types of plans available.