A "gift" of whole life insurance coverage that automatically doubles during age 18 at no extra cost.
*The original policy owner chooses the age that premiums will be paid to (the minimum is 5 years of premiums and the maximum is to age 121). If the payment covers premiums until the child is 121, the child will not have to make premium payments. However, if the policy is not paid to 121, the child will be responsible for future payments after the "Pay to Age" selected. The "Advance Payment" goes into a separate, non-interest bearing account, to be used to pay the annual premium on the coverage purchased up until the age selected, when such is fully used.