Can I insure my children and grandchildren?

Yes, you’ll be the owner, they’ll be the insured. Just remember that you can only get about 25% of the death benefit the parents own (not the grandparents) on a child. Example: A Parent owns $1,000,000 (term and whole life) so their child could get about $250,000, and either the parent or the grandparent can own this child’s insurance.