Phil Cannella recognizes that some people who have kids have taken out life insurance policies on their children. While he understands why they have done so, and does not necessarily disagree, Phil Cannella does have an interesting view on this. First of all, Phil Cannella breaks down the essential purpose of life insurance, which is to provide a sum of money to the family upon the death of the policyholder so that they can continue the lifestyle they are used to. More important is that the family of the policyholder can continue to put food on the table, pay for college tuition, and pay the mortgage or whatever the financial concerns might be. This is the basic purpose of life insurance.