CHILDREN'S LIFE INSURANCE QUOTES

This Is How Much Children’s Life Insurance Costs | 2020 Guide To Policy Premiums

How much does children’s & baby life insurance cost?

That’s exactly what you will learn in this article.

You’ll see real prices, how children’s policies work, who the top companies are and much more.

What’s Covered In This Article

 

How Does Children’s Life Insurance Work?

A life insurance policy for a minor is typically whole life insurance that is usually $10,000-$50,000 in coverage. It has a savings featured called cash value that can provide for tax deferred growth. This savings can help pay for future college expenses.

The great thing about whole life insurance is that it is a very straightforward easy to understand type of life insurance. There is no fine print or hidden clauses that will come back to haunt you.

Here’s a complete breakdown regarding how whole life insurance works.

  • Locked in premiums that will never increase
  • Coverage is guaranteed to never decrease
  • Policy is guaranteed to never expire at any age
  • Cash value builds up continually that you may borrow from

As is the case with all life insurance, if the insured child were to pass away, the insurance company would pay a lump sum of cash, tax free, to the beneficiary.

There are never any restrictions how the money is used.

 

Guaranteed Insurability

One of the best things about child life insurance plans is they all come with what is called a guaranteed insurability rider.

This rider guarantees that your infant can purchase more life insurance later in life regardless of their health or lifestyle. The insurance company cannot decline them for this additional coverage.

This is fantastic because if by some chance your child develops some health issues as a young adult, this rider ensures they can get life insurance they otherwise may not have been able to qualify for on their own.

Generally, this rider can be exercised multiple times later in life usually at certain life events.

For example, children’s life insurance from Mutual of Omaha allows for the purchase of additional coverage at any of the following events:

  • 25, 30, 35 & 40th birthdays.
  • Marriage, domestic partnership, and civil union
  • When they have or adopt their own children.
  • The purchase of a home.

Future insurability is one of the main reasons to buy whole life insurance for kids.

 

Average Children’s Life Insurance Cost

The average cost of a newborn baby life insurance policy is approximately $5-$10 per month for infants younger than 4. For ages 5-17, children’s life rates average $10-$20 per month. For all ages, $20,000 is the most common amount of child life insurance purchased.

 

Newborn Baby Life Insurance Quotes Ages 0-4

How much is life insurance for a baby? Answer: Not much.

Below are some sample newborn life insurance costs.

 

0-1 Year Old

GENDER$10,000$20,000$40,000$50,000
Male$4.00$7.00$13.00$16.00
Female$4.00$7.00$13.00$16.00

2 Years Old

GENDER$10,000$20,000$40,000$50,000
Male$4.00$7.00$13.00$16.00
Female$4.00$7.00$13.00$16.00

3 Years Old

GENDER$10,000$20,000$40,000$50,000
Male$4.00$7.00$13.00$16.00
Female$4.00$7.00$13.00$16.00

4 Years Old

GENDER$10,000$20,000$40,000$50,000
Male$4.00$7.00$13.00$16.00
Female$4.00$7.00$13.00$16.00

Children’s Life Insurance Rates Ages 5-9

The cost of life insurance for minors isn’t much more than what it costs for a newborn.

Below are some real life insurance quotes for child.

 

5 Years Old

GENDER$10,000$20,000$40,000$50,000
Male$4.80$8.60$16.20$20.00
Female$4.80$8.60$16.20$20.00

6 Years Old

GENDER$10,000$20,000$40,000$50,000
Male$4.80$8.60$16.20$20.00
Female$4.80$8.60$16.20$20.00

7 Years Old

GENDER$10,000$20,000$40,000$50,000
Male$4.80$8.60$16.20$20.00
Female$4.80$8.60$16.20$20.00

8 Years Old

GENDER$10,000$20,000$40,000$50,000
Male$4.80$8.60$16.20$20.00
Female$4.80$8.60$16.20$20.00

9 Years Old

GENDER$10,000$20,000$40,000$50,000
Male$4.80$8.60$16.20$20.00
Female$4.80$8.60$16.20$20.00

 

Juvenile Whole Life Insurance Rates Age 10-14

Premiums for juvenile life insurance are still extremely low because they’re so young.

Below are some sample life insurance quotes for kids.

 

10 Years Old

GENDER$10,000$20,000$40,000$50,000
Male$5.50$10.00$19.00$23.50
Female$5.50$10.00$19.00$23.50

11 Years Old

GENDER$10,000$20,000$40,000$50,000
Male$5.50$10.00$19.00$23.50
Female$5.50$10.00$19.00$23.50

12 Years Old

GENDER$10,000$20,000$40,000$50,000
Male$5.50$10.00$19.00$23.50
Female$5.50$10.00$19.00$23.50

13 Years Old

GENDER$10,000$20,000$40,000$50,000
Male$5.50$10.00$19.00$23.50
Female$5.50$10.00$19.00$23.50

14 Years Old

GENDER$10,000$20,000$40,000$50,000
Male$5.50$10.00$19.00$23.50
Female$5.50$10.00$19.00$23.50

Kids Life Insurance Cost Ages 15-17

Kids life insurance rates, regardless of their age, are very inexpensive.

Below are some sample child life insurance policy quotes.

 

15 Years Old

GENDER$10,000$20,000$40,000$50,000
Male$6.90$12.80$24.60$30.50
Female$6.90$12.80$24.60$30.50

16 Years Old

GENDER$10,000$20,000$40,000$50,000
Male$6.90$12.80$24.60$30.50
Female$6.90$12.80$24.60$30.50

17 Years Old

GENDER$10,000$20,000$40,000$50,000
Male$6.90$12.80$24.60$30.50
Female$6.90$12.80$24.60$30.50

 

The 3 Best Infant Life Insurance Companies

If you are looking to buy life insurance on your baby, it is important to compare offers from at least a few different companies.

Then you can see which one is truly best for you.

We did the research for you and put together list of the 3 best companies.

  1. Mutual of Omaha. They came in first place because they have the lowest rates, best financial track record, lowest complaints history, have the easiest online application (which you can do on this website), has high coverage amounts and they allow you to easily manage your policy online.
  2. Gerber Life. The Grow Up Plan from Gerber is another really good option to consider. They aren’t the cheapest, but they have good customer service, high coverage options and also have a good online application process.
  3. Globe Life. They came in last simply because their company is mired with lots of unhappy customers for some reason. They still made the list because their rates are super low compared to other insurance companies. Children’s whole life insurance from Globe Life is a good one to consider if you already have coverage Mutual of Omaha and Gerber and still want more.

Below is table we put together, so at a glance you compare all 3 companies side by side.

FYI, if you want to apply with Mutual of Omaha, just use the quoting tool on this page. It will allow you to run quotes on multiple children at once. If you’re ready to apply, the application will take you only a few minutes to complete.

 

Information Mutual of Omaha Globe Life Gerber Life Insurance
First Year in Business 1909 1951 1967
A.M. Best 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

 

Frequently Asked Questions

How much does baby life insurance cost? What about health issues? How do you apply?

These are just some of the common questions we are asked (among others).

Below are all the commons frequently asked questions we encounter along with the answers.

Have a question not addressed in this article? Email us at info @ choicemutual.com and we will post the question and answer on this page within 48 business hours.

 

Will my child be approved if they were born with a health issue?

It really depends on the condition they have. Some conditions such as being premature are okay while others are not. For example, if your child was born with any kind of mental retardation, they unfortunately not be eligible. You should either speak with an agent or just submit the application and to see if the insurance company accepts or declines them. If they don’t approve them, you won’t be billed any money so you can’t lose anything by trying.

 

How do you apply?

Most baby life insurance companies allow you to apply online. For example, you could fully apply online right here on this website with Mutual of Omaha. Their online application takes about 2 minutes to complete. The application is done online, but rest assured you will get a paper policy in the mail within 2 weeks. Unfortunately, some insurance companies still require you to either meet with an agent (in person or via phone) or have you apply via a paper application.

 

How much does baby life insurance cost?

First, the cost will be determined by the amount of coverage you buy, gender of the infant, health conditions (if any), and your resident state. That said, the average cost tends to be $5.00-$10.00 monthly with a typical coverage amount of $20,000.

 

Does the cost of life insurance on an infant go up over time?

Absolutely not! The premiums on a children’s whole life policy always remain the same forever.

 

Can grandparents buy coverage on a newborn grandchild?

Yes! Buying whole life insurance for grandchildren is very common and totally acceptable. In fact, you can insure your grandchildren even if the child’s parents do not know or consent to the coverage.