Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

Why do people take out life insurance on their children? Should I take out a policy on my child?
My parents and I were suckered into buying this kind of thing when I was in high school. The sales people literally told us that it could be used to pay off student loans - they left out the "in the event of your death" part. We knew it was a life insurance policy, but were told that it would "mature" 6 months after graduation from college, and that it would then be disbursed to pay off loans, even if I didn't die. That seemed strange to us, so we explicitly asked several different ways whether it would pay off the loans after graduation, even if I lived, and they just straight up told us, "Yes." I'm guessing this ploy is still being used. Also, last I checked, student loans are non-transferable in the unfortunate event that your child dies - which means the loan is forgiven anyway - so this whole thing seems like garbage to me, at least in the student loan sense. I would steer clear from this stuff - it's pure snake oil in my experience.