There are a few exceptions. Funeral arrangements can cost thousands of dollars, and if you don't have the money to cover that expense, life insurance can be useful. Consider buying a small term policy just to cover burial and funeral expenses.

Opdyke adds that buying insurance for a child "ensures the child's insurability later on in life." If, for example, your child develops a long-term illness such as diabetes, getting her insured will be difficult. But if your child already has coverage, you can retain the policy (though your costs will likely increase).

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