Things such as life insurance and investments can help increase your child's financial security. These are the tools a financial planner said parents should consider. Get — or update — life insuranceHaving up-to-date life insurance is one of the most important things you can do to look out for your child. And that's the perfect time to open a Roth individual retirement account, a type of retirement savings account. "To determine what's best for them, parents should consider their financial goals, risk tolerance, and their child's potential needs," Lofton said.

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