If the child in your life is young and healthy, you may wonder why life insurance would be necessary. GBU's Youth 3 Pay Life insurance is permanent life insurance that can be purchased now at lower rates, but will cover the individual throughout their life. This policy also offers a Guaranteed Purchase Option rider that will ensure the ability to purchase additional coverage throughout their lives without the need for a medical exam. As they become adults, the cash value of the policy can be borrowed at a low interest rate to help with expenses such as education, a mortgage down payment or medical emergency. The child's parent or legal guardian needs to fill out the application, but funding a lifelong policy is a great way to help the child on your list to lay a solid foundation for their financial future.

Higher education is certainly one of the largest expenses the child in your life will face. Establishing a Coverdell Education Savings Account can help them be able to reach their education goals after high school. Money can be added to the account over time by parents, the child and other relatives so that the account can continue to grow. Funds are available for a variety of education needs and unused funds can be rolled over to siblings or other relatives or even used for other purposes (with some tax penalties). The Coverdell Education Savings Account gives the student an established account to add savings to, such as birthday and graduation gifts as well as earnings from part-time jobs. Having funds available for higher education will set them up for future success and less lifetime debt.