Can I get life Insurance for my children? Yes, there are child life insurance policies available offering low cost coverage you can purchase online without any health exams required. Child life insurance offers permanent life insurance protection for your child's entire life. These plans can build up cash value inside the policy over time, from which your child may take a future loan. In addition, some plans offer the option for your child to add more coverage to the policy when reaching adulthood. Even if your child develops health issues, he/she will have guaranteed permanent life insurance coverage.