Thinking about getting a 1 year old baby life insurance and wondering what it will cost and how the policy works?
Then you came to the right place.
You’ll also learn the cost, how children’s life insurance works and how to find the best policy.
What’s Covered In This Article
Life insurance for a one-year old infant will generally cost between $4.00-$16.00 per month for a policy in the $10,000 to $50,000 range.
Your exact price will depend on your resident state, which insurance company you apply with, amount of coverage, underwriting restrictions, and payment method.
Gender $10,000 $20,000 $30,000 $50,000
Female $4.00 $7.00 $10.00 $16.00
Male $4.00 $7.00 $10.00 $16.00
Life insurance on a baby will always be a whole life insurance policy. A whole life policy is a straightforward type of life insurance that lasts forever and won’t change.
Here are the details:
- Fixed lifetime premiums
- Policy lasts indefinitely
- Guaranteed coverage that won’t decrease
- Cash value builds up that can be borrowed from
As the policy owner, you can are the beneficiary unless you name someone else. If the insured children were to pass away, the insurance company will pay out the proceeds of the policy tax free to the beneficiary.
The cash value (which is like a behind the scenes savings account) that builds up overtime can be borrowed from.
You or the children can use this money later in life for a financial emergency or for college expenses.
Most children’s life insurance companies will offer between $10,000-$50,000 in coverage.
That said, the amount of life insurance you can buy on a baby will depend on the carrier. Every life insurance company has a different minimum and maximum amount they’ll offer to children.
But keep in mind, you could always buy mulitple policies from mulitple companies.
Since you can buy mulitple policies from different companies, you can theoretically get to any amount of coverage you want.
When shopping for kids life insurance, it’s important you compare each policy to see the pros and cons for each company you’re considering.
For example, you should compare the following factors:
- What happens if the policy owner dies
- Coverage options (how much can you buy)
- Included riders
- Financial history of the insurance company
- Service & complaints record
Once you assess those elements, then you can make an informed buying decision. Just choose which one you feel is your best option.
We did the research and here’s the best company for a baby
After looking at all the variables, it’s objectively clear that Mutual of Omaha has the best children’s life insurance.
Essentially, the have the best included riders, lowest baby life insurance prices, financial history and a fantastic service record.
The 3 most prominent children’s life insurance companies are Mutual of Omaha, Globe Life and Gerber Life.
We compiled this chart below to make it easy on you. As you can see, the winner is clear.
|First Year in Business||1909||1951||1967|
|A.M. Best Rating||A+||A+||A|
|2019 NAIC Compaint Index (lower is better)||1.51||7.19||1.56|
|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|
In this day and age, you can apply for children’s life insurance all online in a matter of minutes.
You will need to provide the following information about the children you’re seeking to insure:
- Full name
- Date of birth
- Answers to a couple of medical questions
As the policy owner, you will need to provide this information about yourself:
- Full name
- Relationship to the insured kids
- Date of birth
- Phone number
- Beneficiary names
- Payment information
Once you submit all that info, your application will be received by the insurance company. Generally, children’s applications are approved and issued within a couple of days.
You should expect to receive a policy in the mail within two weeks.
Please note, insurance law mandates that you have up to 30 days (varies by the state) to review your policy. This opportunity to review the contract is known as the free look period.
During this time, you can return the policy for any reason and get a full refund of any premiums you may have paid.