While it may not seem as exciting as buying an Xbox or other device, investing in life insurance for your child can open up new possibilities for your children as they grow. Whether they want to travel the world or make a down payment on a house, they will have the option if they decide they don’t need the insurance and collect on the plan.

But to receive these benefits, you’ll need to make sure you make the right choice. Here are three things to consider:

1. Will your child receive special benefits when they turn 18?

Some programs that offer deals on children’s life insurance will include special offers, such as doubling the size of the coverage once your child turns 18. This can happen without increasing the premium you would have been paying.

2. Does the insurance create cash value?

Choosing whole life insurance over term life insurance generally has the advantage of building cash value. The same should apply to any insurance you purchase for your child. Again, this is a great gift to give your child because eventually the insurance can reach full maturity. With a small investment over a few years, you’ll help your child pay for her first home or really follow her dreams by opening her own business.

3. Will your child’s insurability as an adult be guaranteed?

One option to think about is whether or not your child can get more coverage as an adult. Some programs will allow your child to purchase life insurance even if she does not qualify under any other program. An option like this helps you take care of not only your children but also your future grandchildren.