What type of insurance policy is typically written on the lives of children?

The correct answer is juvenile insurance. This type of insurance policy is specifically designed to provide coverage for the lives of children. Juvenile insurance typically allows parents to purchase a life insurance policy for their minor children, offering both a death benefit and the opportunity for cash value accumulation. It provides financial protection in the event of the child's untimely death, but it can also serve as a savings vehicle that can be accessed later in life.

Juvenile insurance policies often have features that make them attractive, such as lower premiums when purchased at a young age, and the ability to convert to permanent insurance as the child grows older. This helps ensure the child will have life insurance coverage available in the future, regardless of any changes in their health status later on.

Other types of insurance may not specifically cater to the needs of children or do not offer the same tailored benefits. For instance, adult life insurance is meant for individuals over the age of majority, while child term insurance is less common and typically has a limited scope. Family life insurance is geared toward covering adults and their dependents, focusing on protecting the family's financial future rather than specifically insuring the lives of children.