Life policy under which, until the agreed ‘vesting age’ (e.g. 18), the premium is paid by the parent. At ‘vesting’ the child takes over the policy on a whole life or endowment basis in his own name at the insurer’s normal rates regardless of health. Alternatively the child may take the cash sum or defer the benefits. If the parent dies before the ‘vesting age’ premiums are suspended until the child takes over the policy.