Purchasing a Whole Life Policy for your children or grandchildren will lock in a low premium rate for life. The younger and healthier you are the lower the premiums. This will give them a financial portfolio as it builds cash value, which can be used later in life so they won't have to struggle. A larger portion of the premium will go towards the cash value because it is low. This way they have a plan for the rest of their life, which they can take over as an adult.