CHILDREN'S LIFE INSURANCE QUOTES

10 Best Baby Life Insurance Companies In 2020

Are you considering getting life insurance for a newborn baby?

This 2020 guide to baby life insurance has everything you need to know.

Learn how these plan work, the best companies, the cost, tips to finding the best plan, how to apply 100% online and much more.

What’s Covered In This Article

 

How Does Baby Life Insurance Work?

Newborn baby life insurance is a generally small whole life insurance plan typically $10,000-$50,000 in coverage. In addition to the death benefit coverage, the policy also has a savings component called “cash value” that can provide funds for college when the children become of age.

All whole life insurance is plain-language and easy to understand. You can count on the following to be true:

  • Locked in rates for life that will not increase.
  • Lifetime coverage that will never expire.
  • Death benefit is guaranteed to never decrease.
  • Policy is non-cancellable.
  • Cash value accumulates that can provide tax deferred savings.

If the child dies, the insurance company will payout a tax-free check to the beneficiary if the worst should happen and the child dies.

There are never any restrictions how life insurance proceeds are used. If you are the beneficiary, you could use the money any way you see fit.

 

Infant Life Insurance Premiums

Newborn life insurance rates are often $5-$15 per month for a $10,000-$50,000 policy. Your exact quote will depend on A) how much coverage you buy B) the insurance company you buy from C) your resident state D) underwriting restrictions and E) the child’s gender.

The sample rates shown are unisex.

AGE$10,000$20,000$30,000$50,000
0-4$4.00$7.00$10.00$16.00
5-9$4.80$8.60$12.40$20.00
10-14$5.50$10.00$14.50$23.50
15-17$6.90$12.80$18.70$30.50

 

Who Are The Best Baby Life Insurance Companies?

These newborn infant life insurance companies have the best plans offering unmatched value in terms of price, ease of application and financial stability.

  1. Mutual of Omaha
  2. Gerber Life
  3. Globe Life
  4. Physician’s Mutual
  5. Foresters Financial
  6. Transamerica
  7. American Amicable
  8. Protective
  9. Royal neighbors of America
  10. Liberty Bankers Life

 

Top 10 Best Newborn Baby Life Insurance Companies

Below is a very detailed breakdown of all the best whole life insurance for babies. You can see prices, brochures and much more.

They are listed from best to worst. Please remember that not all products are available in all states.

 


 

1) Mutual of Omaha

  • Policy Type: Whole Life
  • Builds Cash Value: Yes
  • Fixed Premiums: Yes
  • Coverage Expiration Date: Never
  • Age Availability: 0 – 17
  • Brochure: Click here
  • Coverage Range: $5,000 – $50,000
  • Unisex Rates: Yes

United of Omaha children’s life coverage took the #1 spot because they have the lowest rates, easiest application, best financial track record and they allow you to manage the policy online.

Plus they waive all payments for 90 days if the policy owner dies. This gives ample time for someone else to take over the policy to ensure it does not lapse.

Whether you want life insurance on a teenager or baby, Mutual of Omaha is the best option.

Sample Mutual of Omaha Prices

AGE$10,000$20,000$30,000$50,000
0-4$4.00$7.00$10.00$16.00
5-9$4.80$8.60$12.40$20.00
10-14$5.50$10.00$14.50$23.50
15-17$6.90$12.80$18.70$30.50

 


 

2) Gerber Life

  • Policy Type: Whole Life
  • Builds Cash Value: Yes
  • Fixed Premiums: Yes
  • Coverage Expiration Date: Never
  • Age Availability: 0 – 14
  • Brochure: Click here
  • Coverage Range: $10,000 – $50,000
  • Unisex Rates: Yes (except for CA & FL)

The Gerber Life Grow Up Plan is a great second choice after Mutual of Omaha. They would be number one, but their coverage costs double what Mutual of Omaha does.

Now, the insurance coverage doubles when the child turns 18 and the premiums stays the same. However, since their policy costs twice as much as Mutual, it’s like they’re charging you now for what the coverage would at 18.

Sample Gerber Life Grow Up Plan Prices

AGE$10,000$20,000$40,000$50,000
1$6.79$13.58$26.08$32.60
5$7.68$15.36$29.61$37.01
10$9.05$18.10$34.80$43.50
14$10.38$20.77$39.97$49.97

 


 

3) Globe Life

  • Policy Type: Whole Life
  • Builds Cash Value: Yes
  • Fixed Premiums: Yes
  • Coverage Expiration Date: Never
  • Age Availability: 0 – 24
  • Brochure: N/A
  • Coverage Range: $5,000 – $30,000
  • Unisex Rates: Yes

By now you must have seen their offers to buy life insurance for just $1. While that’s true, that $1 only applies to the first month.

Globe Life Insurance for kids is very inexpensive and easy to buy. Sadly, they only allow you to buy up to $30,000 in coverage.

Where Globe really falls short is their service record. They have many more complaints compared to other insurance companies.

Sample Globe Life Prices

Age$10,000$20,000$25,000$30,000
0-4$3.83$7.15$8.81$10.47
5-9$4.48$8.50$10.51$12.52
10-14$5.43$10.27$12.69$15.11
15-19$6.49$12.23$15.10$17.97

 


 

4) Physician’s Mutual

  • Policy Type: Whole Life
  • Builds Cash Value: Yes
  • Fixed Premiums: Yes
  • Coverage Expiration Date: Never
  • Age Availability: 0 – 12
  • Brochure: N/A
  • Coverage Range: $5,000 or $10,000
  • Unisex Rates: Yes

Physician’s Mutual children’s coverage is offered by a financially strong insurance company. Sadly, they only have two options and it’s not very much coverage.

They only allow you to buy either $5,000 or $10,000 in coverage.

Sample Physician’s Mutual Prices

AGE$5,000$10,000
1$2.95$5.90
4$3.40$6.80
8$3.85$7.70
12$4.45$8.90

 


 

5) Foresters Financial

  • Policy Type: Whole Life
  • Builds Cash Value: Yes
  • Fixed Premiums: Yes
  • Coverage Expiration Date: Never
  • Age Availability: 0 – 17
  • Brochure: Click here
  • Coverage Range: $5,000 – $75,000
  • Unisex Rates: Yes (except FL)

One big plus with Foresters is they offer a higher amount of coverage than other carriers (they go up to $75,000). They also have quite a few riders they add on to the policy at no extra cost.

The downside with them is you must work with an agent to complete the application. You cannot apply on your own via a paper application or online portal.

Sample Foresters Prices

AGE$10,000$20,000$40,000$50,000
1$4.45$7.86$14.67$18.07
5$5.24$9.43$17.82$22.01
10$5.92$10.78$20.51$25.38
15$7.43$13.81$26.57$32.94

 


 

6) Transamerica

  • Policy Type: Whole Life
  • Builds Cash Value: Yes
  • Fixed Premiums: Yes
  • Coverage Expiration Date: Never
  • Age Availability: 0 – 17
  • Brochure: N/A
  • Coverage Range: $1,000 – $50,000
  • Unisex Rates: No

Transamerica is a longstanding very financially sound life insurance company. They aren’t the cheapest on the market, but they are competitive.

You must know they require you to work with agent in person or over the phone. There is no way to apply online or through the mail.

Sample Transamerica Prices

AGE$10,000
Male
$10,000
Female
$20,000
Male
$20,000
Female
1$15.96$14.31$28.31$25.01
3$16.16$14.47$28.71$25.34
5$16.35$14.65$25.70$29.09
7$16.89$14.98$30.17$26.35

 


 

7) American Amicable

  • Policy Type: Whole Life
  • Builds Cash Value: Yes
  • Fixed Premiums: Yes
  • Coverage Expiration Date: Never
  • Age Availability: 0 – 17
  • Brochure: N/A
  • Coverage Range: $10,000 – $35,000
  • Unisex Rates: No

American Amicable isn’t a house hold name, but they are a seasoned financially secure insurance company. Their premiums are middle of the pack.

Unfortunately, they have no online application. They require you to work with an agent over the phone or in person.

Sample American Amicable Prices

AGE$10,000
Male
$10,000
Female
$20,000
Male
$20,000
Female
0-10$12.62$11.71$22.59$20.77
11$12.84$11.89$23.03$21.14
12$13.04$12.08$23.43$21.51
13$13.25$12.26$23.85$21.88

 


 

8) Protective Life

  • Policy Type: Whole Life
  • Builds Cash Value: Yes
  • Fixed Premiums: Yes
  • Coverage Expiration Date: Never
  • Age Availability: 0-18
  • Brochure: N/A
  • Coverage Range: $10,000 – $20,000
  • Unisex Rates: Yes

Protecive Life only allows you to buy up to $20,000 in coverage which isn’t very much. Their premiums are competitive, but the downside is they require you to meet up with an agent to apply.

Sample Protective Life Prices

AGE$10,000$20,000$40,000$50,000
1$6.20$12.40$24.80$31.00
5$7.00$14.00$28.00$35.00
10$8.20$16.40$32.80$41.00

 


 

9) Royal Neighbors of America

  • Policy Type: Whole Life
  • Builds Cash Value: Yes
  • Fixed Premiums: Yes
  • Coverage Expiration Date: Never
  • Age Availability: 0-17
  • Brochure: Click here
  • Coverage Range: $10,000 – $49,999
  • Unisex Rates: No

Royal Neighbors of America is a fantastic insurance company. They were actually the first life insurance company in the USA to ever provide life insurance to children and women. That’s pretty amazing.

Sadly, they’re lower on the list because the only way to buy their coverage is to meet up with an agent face to face. In this day and age, that’s very unfortunate.

Sample Royal Neighbors Prices

AGE$10,000
Male
$10,000
Female
$20,000
Male
$20,000
Female
1$8.40$8.00$12.44$11.66
3$8.60$8.18$12.86$12.01
5$8.81$8.35$13.28$12.35
7$9.03$8.53$13.71$12.72

 


 

10) Liberty Bankers Life

  • Policy Type: Whole Life
  • Builds Cash Value: Yes
  • Fixed Premiums: Yes
  • Coverage Expiration Date: Never
  • Age Availability: 0-17
  • Brochure: N/A
  • Coverage Range: $10,000-$30,000
  • Unisex Rates: No

Liberty Bankers requires you to buy coverage that costs at least $15.00 per month. They are pretty much the only life insurance company for newborns that does this.

They also require you to buy from an agent. They are a good company, but they are last for a reason.

Sample Liberty Bankers Prices

AGE$20,000
Male
$20,000
Female
$30,000
Male
$30,000
Female
1Price too lowPrice too low$17.33$15.31
3Price too lowPrice too low$18.03$15.95
5Price too lowPrice too low$18.64$16.56
7Price too lowPrice too low$19.47$17.45

 

Should You Buy Life Insurance For A Newborn Baby?

The answer to this question is entirely subjective. If you ask financial experts, they are generally split down the middle.

Half will say it is a waste of money because the chance of a child dying is so low. The other half say it is worth it to protect their future insurability and to provide money in the unlikely event of their passing.

In the end, you must decide if YOU feel it’s truly worth it to buy life insurance on a kid.

There are three common reasons to consider coverage on a minor.

 

1) Funeral expenses and time to heal

Funerals can be quite expensive. In fact, an average traditional burial can cost almost $10,000.

A life policy on your baby can ensure the funeral expenses don’t become a financial burden.

There is another side to this coin too. Losing a child is devastating. It’s often referred to as the worst pain imaginable.

Money from a life insurance policy can provide time to mourn.

People who lose children are often unable to work for a lengthy period. Having a lump sum of cash to be able to afford to take time off can be an extreme blessing after the loss of a child.

 

2) College savings

Whole life insurance for babies builds cash value which is kind of like a behind the scenes savings account.

Basically, every time you make a payment on a whole life policy, a small portion goes into the cash value account. This account also earns interest.

The cash value account will grow indefinitely. When the children become of age, you could withdraw the cash to help them with their college expenses (it can be used for other reasons too).

 

3) Future insurability

Another huge benefit to newborn baby life insurance is it ensures they are insurable later in life regardless of their health or lifestyle.

Children’s life insurance plans guarantee the children can purchase more coverage later in life without having to show evidence of insurability.

For example, if they were diagnosed with cancer at age 25, that would not prevent them from buying more coverage.

It’s rare that young adults will have health issues that make them uninsurable. However, it does happen and having a juvenile whole life insurance policy in place guaranteeing their insurability is priceless.

 

Will They Qualify?

First, the children will not need to undergo an exam or provide medical records.

Just like final expense policies, qualification is determined by answering a couple of health questions.

As a general rule, any child who says no to the health questions on the application will be accepted.

If your baby was born with a health issue, it may or may not result in a decline. It really depends on the condition.

For example, being born premature is totally fine, but being born with autism would not be.

Here’s a short list of the most common conditions babies could be born with that would result in a decline. There are more health issues, but these are the most common.

  • Diabetes
  • Spina Bifida
  • Sickle cell anemia (sickle trait is fine)
  • Autism
  • Down’s syndrome

If your child has a health issue, the best thing to do is just submit the application and see what the insurance company says regarding their eligibility.

 

How Much Coverage Can You Buy?

Most newborn baby life insurance companies will offer between $5,000-$50,000 in coverage for kids age 0-17.

Some insurance companies will go lower and/or higher. It just depends on the carrier.

 

Who Is Allowed To Buy Life Insurance For A Newborn?

To be eligible to buy whole life insurance for babies, you will need to be one of the following relationships to the children:

  • Parent (adopted parent is acceptable)
  • Grandparent
  • Great grandparent
  • Stepparent
  • Legal guardian

Also keep in mind that grandparents do not need permission from the child’s parents.

Grandparents can buy infant life insurance on their grandchildren even if the parents don’t know or consent.

 

How To Find The Best Life Insurance For Newborn Babies

Finding the best life insurance for newborns is really quite simple.

You just need to compare the following factors from each company you’re considering.

  • Cost
  • Coverage limits (how much can you buy)
  • Financial history of the life insurance company
  • What happens if the policy owner passes away
  • Customer service record
  • Which riders (if any) are included with the policy
  • How many times later in life can the child buy more coverage

After evaluating those factors, you can make a highly informed buying decision.

 

After comparing all options, the winner is…

We looked at all the variables and clearly Mutual of Omaha was the top choice. They offer the lowest rates, easiest online application, best financial track record, and they waive all premiums for 90 days if the policy owner dies.

Here’s a table below comparing the 3 most common baby life insurance plan companies to make it easy on you.

Information Mutual of Omaha Globe Life Gerber Life Insurance
First Year in Business 1909 1951 1967
A.M. Rating A+ A+ A
BBB Rating A+ A+ A+
2019 NAIC Compaint Index (lower is better) 1.51 7.19 1.56
Coverage Options $5,000-
$50,000
$5,000-
$30,000
$10,000-
$50,000
Unisex Rates Yes Yes Yes (Not CA & FL)
$20k Cost For A 9 Year Old $8.60 $8.50 $17.51
Included Riders Guaranteed Insurability & Waiver of Premium for owner death None Guaranteed Insurability
Grace Period For Owner’s Death? 90 Days No No

 

 

How To Buy Life Insurance For Infants

Baby life insurance plans are sold in a variety of ways. First and foremost, almost all of them do not require a medical exam.

Infant life insurance companies only require you to answer a few basic medical questions about the children you’re seeking to insure.

If a child are interested in insuring has a health issue, it does not automatically mean they will be declined per say. It really depends on what their health issue(s) is.

As far as the application goes, there are generally a few options:

  1. Online application. Many life insurance companies will allow you to apply for their coverage via an online application. This is the most popular because it allows you to apply on your own time in a matter of minutes.
  2. Paper application via mail. There are still some infant life insurance companies that will send you a paper application to fill out. For example, the Gerber Life Insurance Grow Up Plan is one such option if you want to apply via a paper application. Basically, you fill it out and send it back to them. Be sure to make sure you do not miss anything on the application. If you miss even one required field or write something that isn’t clear, the insurance company would reject. They would mail it back to you indicating you need to make corrections.
  3. Phone application. While not common, some life insurance companies have a phone application process where they take all your information over the phone. Then they have you sign the application via your voice by saying something like “Yes I agree” and stating your name and date.
  4. Meet with an agent. If you can believe it, some companies still require you to physically meet with an agent to process a baby life insurance plan application. You and the agent fill out the application and sign where necessary. The agent would turn in the application so it can be processed.

Regardless of how you apply, the best infant life insurance companies typically approve application and issue policies within 1-3 business days.

You should expect to receive a physical paper policy within 2-3 weeks from when you submit your application.

 

Frequently Asked Questions

Below is a compilation of all the most common questions we’re asked regarding infant life insurance coverage.

If you have a question not addressed in this article, email us at info @ choice mutual.com and we will post the question & answer on this page within 48 business hours.

 

What happens when the children turn 18?

It varies based on the carrier. For most life insurance company for babies, nothing happens at 18. Some companies will force the children to become the owner and take over the payments (such as Gerber Life).

 

Can a grandparent buy coverage on a newborn grandchild?

Yes! Grandchildren life insurance is incredibly common. As a grandparent, you have every right to insure your grandkids even if the child’s parents don’t know or consent to you buying the coverage.

 

How old does a newborn baby need to be before they are insurable?

Life insurance for a newborn baby typically starts at 14 days. That’s the general standard with most companies.

 

If the baby was born with health issues, will they still qualify?

It really depends on the specifics of their condition. For example, if the baby were born with Autism or sickle cell anemia, they unfortunately would not qualify. On the other hand, being premature would not be an issue. Again, it just depends on the details of their exact condition.

 

Do infant life insurance companies ask health questions on the application?

Yes, they all do.

 

Do baby life insurance plans help towards college expenses?

Yes, they can. Whole life insurance for babies will accumulate cash value. This of this as savings account built into the policy. Every time you make a payment, a small portion of the payment is directed to this account. The account also earns interest. So overtime this account will grow, and you can borrow from it. Later in life, you can withdraw these funds to help with college or other expenses.

 

What are the best life insurance policies for babies?

Mutual of Omaha stands out among all the other children’s life insurance companies because they have the lowest rates, best financials, easiest application process and they allow you to manage the policy online.