Final answer:
Purchasing a child insurance policy is the option that would help the Olsens adequately protect their minor child.
Step-by-step explanation:
The option that would help the Olsens adequately protect their minor child is purchasing a child insurance policy. A child insurance policy provides financial protection for children in the event of illness, injury, or death. It can help cover medical expenses and provide a death benefit that can support the child's future.
A child insurance policy is specifically designed to protect the financial needs of a minor child and can provide peace of mind for parents. It ensures that they have resources to take care of their child's needs in case of unforeseen circumstances.
While the other options such as opening a joint bank account, taking a vacation, or starting a college fund can have their own benefits, they do not directly address the goal of adequately protecting the minor child.