You should make an investment in your child and buy them a whole life policy when they are young.  Your child will be locked into that mortality for the life of the policy and the premium will never go up.  On top of that you will guarantee your childs insurability for the future.  When they have kids of their own, they will want to have life insurance and they will have this great policy that you bought them.

Another great aspect of having the policy and buying it early is the longer period to accumulate cash value.    By the time your child has had the policy for 20 or 30 years there can be a significant amount of cash in the policy.  The cash value can be borrowed against for emergency funds, college funds, or for any type of opportunity.   A dividend paying cash value policy also has the feature of premium offset.  Premium offset is the ability to use the dividend to pay the premium and keep the policy going, with no new funds.  After a period of time, typically 10-15 years, a policy can build up a dividend that is substantial and big enough to pay the premium.  I prefer to continue to pay on my policy as the more I pay, the more I fuel and grow the cash value.   In fact, I put in extra money above my premium every month that goes right to my cash and buys pay up additions.

This is definitly a great present for a child that they will really appreciate when they get older.