There are two things new parents can count on: a lack of sleep and a mailbox full of solicitations. While many adverts could come in useful —, After all, who could sneer at a coupon for Huggies? —, others should be approached with caution.

Consider life insurance for a newborn. Here is the pitch: purchase a policy for your child today and you may be able to supply him or her with a “financial head start.” Not only are rates cheap, but you may also ensure your baby’s future insurability, no matter what sickness should afterward strike. And if the unthinkable happens, the proceeds could cover the child’s burial costs. The icing on the cake: if he or she grows up to be healthy and strong, you have not thrown any money away. Provided you bought a whole life policy rather than a term policy, your adult child can tap into the cash value at some point.

Sounds substantial, right? This helps explain why some number of million American households own such policies.

But buyers should think long and hard before signing on the dotted line. Most experts agree that while purchasing life insurance for a child may offer parents many peace of mind, it is not a savvy financial move. In fact, James Hunt, an actuary with the buyer advocacy group buyer Federation of America, says “it’s never a smart idea.”

Let’s start off with why people need life insurance in the 1st place. An insurance policy is mainly meant to protect the earning of the family’s breadwinners, says Paul Graham, chief actuary with the American Council of Life Insurers ACLI. The idea is that, should one or both die, their dependents could continue to live comfortably.

Protecting a child’s life does not fall under this group. While we surely value our kids, they are theoretically liabilities, not assets that need protection, says Elaine Bedel, an Indianapolis based certified financial planner. Unless you are a stage parent, you most likely are not counting on Junior’s earning to help put food on the table.

What about future insurability? Only in rare cases could a person in his or her 20s or 30s have a hard time purchasing life insurance. Those with illnesses ranging from juvenile diabetes to heart problems can find coverage. “There are niche businesses that concentrate in risky insurance,” says Graham. “If you look hard enough, most conditions are insurable.” Granted, it’ll cost him a bit more than a healthy person. But purchasing a policy while your child is an baby does not crack this problem. That is because the face value of juvenile policies tends to be quite low, frequently just $5,000 to $10,000. “A child out earning a living and having dependents will need many more than that, so it guarantees a meaningless total for future insurance,” says Hunt. Gerber Life’s max of $150,000 could must be supplemented considerably in 30 years.

A whole life policy does not make a good piggy bank, either. In fact, Globe Life and Accident Insurance Company, one of the biggest providers of juvenile life insurance, says baby policies should be sold mainly as an insurance product —, not as a savings car. Whole life insurance policies are laden with hidden fees and costs. That is why SmartMoney.Com recommends term life insurance for most buyers, which lets them to put the extra money they could have spent on a whole life policy into a 401k, IRA or another long term investing car. For more on life insurance, Click here. The major exemption could be people who need a tax savings car for a big estate. For more on estate planning, Click here.

Children’s insurance, in specific, is disproportionately costly compared with the benefits gained, says buyer Federation’s Hunt. If you are wanting to set on the side a little money for, college, a 529 plan could be a better choice, says certified financial planner Bedel. The savings are tax free at the federal level if used for education —, and based on the state, you may get an upfront tax break. For more on college savings, Click here.

Most important: Parents should be sure they have enough life insurance for themselves. The biggest mistake people make is purchasing a policy for a child when they’re underinsured, says Hunt.

Life insurance is one of the rare cases when parents’ needs should, indeed, come 1st.