In uncertain times, it's important to prepare yourself for the future. And when you think about the future, you're likely to focus your attention more your child's future. But how do you protect this future? Well, you'll find that life insurance could provide your family with death benefits after your passing - but compare it what would be needed to support your child's higher education and it would seem insufficient. At the most it would be sufficient as replacement to your income. The other option you have is better: child life insurance. The usual life insurance would give you the sum assured and that amount would have to be divided to provide for many things, including running the household. Child plans are plans that help you to protect your child's future very specifically and so would be more useful for this scenario. There is a plethora of such insurance available, though.

So how could you possibly pick? Figure out what you need along an approximate time when you will need it. You need to choose how long the term of the plan is, so figure out when you'll need the money. When you're trying to find out how much you need, remember to include inflation in your calculations. Whatever you think will be enough today won't be enough after five or ten years. To help yourself a bit more, plan out your budget and decide how much you would be able to spend in a moth or a year for insurance.

If you can add to your own life insurance, then things could be as simple as getting a rider for child insurance. If you're getting children insurance, check whether the policy needs to be taken out in your name. Pore over the documents to make sure that there is a rider for waiving the premium. This will help your child, if something happens to you. The rider ensures that the policy doesn't lapse after your death and no one can pay the insurance premium anymore. If the child isn't old enough to fend for himself or herself, then the insurance company pays the premium till the term ends. If at all possible pick a plan with the waiver already built in instead of getting it through a rider - you'll save the extra payment for the rider.

Remember to pick something that suits your needs or your child's needs. Don't fall short when you're thinking of the maturity value. The higher the amount, the better off your child will be because inflation cause exorbitant price rise. Start looking at child insurance plans as soon as you can - the sooner you start the better.