In most situations the answer is YES.  We don’t depend on our children financially but should the unthinkable happen we will suffer financially.  Funeral cost can be anywhere from $7,500 and up depending on the arrangements.  If you don’t have the ability to pay for that cost out of pocket life insurance is an affordable alternative.  Life insurance on a child is very inexpensive and it will be a great gift for them to have later on in life.