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QUESTION: Waylon in Texas has an 8-year-old son who lives with Waylon’s ex. He took out an insurance policy on his son for $25,000 two years ago. The mom doesn’t know her family medical history, so Waylon took out the policy to make sure his son can have insurance later in life. Dave tells Waylon to drop the policy.

ANSWER: He’s 8 years old. He hasn’t developed a genetic disorder at this stage of the game. I think you’re well on your way. I don’t believe in insuring kids with whole life insurance, period. There’s not a circumstance that I’d do that. Future insurability is a problem, like, 1% of the time when they become adults, and it’s just not worth all that money that you’re spending. I would rather see you put that in an account for him for his college, for his first car, his first house—those kinds of things—where it’s actually earning something. I wouldn’t put a dime in that trash. I really wouldn’t. Future insurability doesn’t scare me much. It just doesn’t. There may be a rare instance, but this is not one of them that I would do that.