How to create a legacy. Make your children rich.

While I don't intend to have children, a lot of people do.

If I could give my friends (those that have or want kids) some advice, I'd ask them to buy a permanent life insurance policy and list their children as the beneficiaries.

It has to be a permanent life insurance policy to guarantee that death benefits will be paid upon your passing.
Term life policies typically last only one year and the premiums will increase every year.

If a man gets a permanent life insurance policy, the insurance company will evaluate his whole life.
The premium is much more expensive than term (when you are young) but the premium is fixed. The premiums won't increase.

It is recommended to get a permanent life insurance policy when you are young and in great health. This way, you can get the best risk class and the cheapest premiums. Even when you are getting older and in your later years, your premium will be the same as if when you were 25.