Critics of those who sell life insurance on children often say that it's an unnecessary expense. "After all, they aren't making any money, right? Therefore you don't need to insure them."

And they'd be wrong.

Life insurance on a child is about having the economic freedom to take time to grieve and mourn. I have never lost a child. While I can be empathetic about such a loss, you really can't understand it unless you've been through it.

I was watching this touching video about a police officer who stopped a driver because he looked like his dead son. His son was in Iraq and died there. No, he wasn't a minor age child, but he was still this officer's son.

I won't spoil the rest of the story. Here's the video:

Wouldn't a policy for $100,000 or so on this man, if purchased on him as a child, wouldn't that have been a way to grant this police officer some relief and afford to take time away from his job?

Disclaimer: Let me make something quite clear: You cannot buy life insurance on your children unless you have sufficient life insurance on your own life as well as your spouse (assuming you can qualify). Insurance companies don't want to see anything happen to children because they had insurance on their lives.

Do you have insurance on your children? It may be a good idea. You never know what can happen when they're your child living at home, or perhaps sent overseas defending for the cause of freedom.