Basically people can purchase life insuring right after birth, I mean parents could buy life insurance for their newborn. Life insurance is age-banded, as year passes a policy becomes more expensive. The premiums between newborn and elderly will be completely different. The question is, "are the newborn babies already need life insurance?"

For infant or minor, parents can purchase prepaid life insurance policy with lump sum, so when the child turns 18 policy ownership can be transferred. It can be funded or cashed in. The cash values of life insurance is tax deferred. Cash values can be used as a down payment for a first home purchase. The accumulations even may become supplement retirement income. The primary functions of personal life insurance are income and debt.

Income

40% of Americans do not own life insurance. More than half of them found cellphones, cable and internet services are more important than having life insurance. For U.S residents 25 years old or older, despite having dual-income in a household, they prefer having retirement savings than monthly life premiums. Even though life insurance exist to protect households from the breadwinner's death.

Debt

A graduate often rely on credit card to fund relocation or housing costs. Most individuals under 25 are more concerned to pay current bills than acquiring additional bills like purchasing life insurance. In fact, 57% of U.S citizen who own life insurance, more than half of the policyholders are 45 or older. In addition to marital rates decreasing, people delay their life insurance purchase for their young child. Whereas buying life insurance at a younger age have more advantages than buying at an older age.

Having life insurance is like having investment with no certainty. Of course it does not mean that we want someone we love die so that we can get the benefit from their life insurance. But the waiting cost make people think twice before attempting to purchase life insurance. In addition, people use their income for alternative fund like retirement or paying current bills. It is understandable. However, life insurance meant to provide a protection for the beneficiaries when the breadwinner die so that will help their household's financial a little bit.