Grandkids Life Insurance Rates (2021)
Purchasing life insurance for grandkids is a great way to ensure your grandchildren are financially protected later in life. Child life insurance policies are permanent, so they stay with your grandchild throughout their life. Grandkid life insurance rates start at less than $5 per month and are offered by many major life insurance providers.
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UPDATED: Apr 26, 2021
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- You can purchase life insurance for your grandchild
- Child life insurance policies are commonly permanent so they remain with the child throughout their life
- Mutual of Omaha offers the most affordable grandkid life insurance rates
As a grandparent, you are always wanting what’s best for your grandchildren. Life insurance for grandkids is more affordable than the policies offered to adults. In addition, purchasing a permanent life insurance policy for a grandchild now can ensure they are covered in the future.
Keep reading to learn more about how life insurance for children works, and how you can ensure your grandchildren are protected.
Want to start shopping for policies right away? Enter your ZIP code above for grandkid life insurance quotes, and we will help you find the right provider to fit your budget.
Can I purchase life insurance for my grandkids?
Yes, you can, and it can be one of the most beneficial financial gifts you can give. In fact, grandparents buying life insurance for grandchildren more often than you might think.
Life insurance for babies, toddlers, and teens is available from many large life insurers and can be purchased by both parents and grandparents with parental consent.
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Who offers the most affordable grandkids life insurance?
While life insurance for adults can be expensive, especially when you are looking for permanent life insurance policies, baby life insurance is extremely affordable.
Some of the most popular providers for life insurance for grandchildren are AARP, Gerber Life, and Mutual of Omaha.
When comparing their rates below, you will find that Mutual of Omaha has the most affordable life insurance option for children, with coverage starting at less than five dollars per month.
|Company||Average Monthly Rates for $10,000 Policy||Average Monthly Rates for $15,000 Policy||Average Monthly Rates for $25,000 Policy|
|Mutual of Omaha||$4.61||$6.41||$10.02|
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Often these policies can start for under five dollars per month, and can maintain lower premiums even as children age.
Do children need life insurance?
The majority of children’s life insurance policies are permanent policies. This means that they will cover your child for the rest of their life, regardless of their health situation.
This can be a good thing as there are many illnesses and pre-existing conditions that can make it difficult to obtain life insurance as an adult.
These include both physical illnesses like high blood pressure and mental illnesses like depression and anxiety.
If we look at just those two conditions we will find that a huge swath of adults struggles with them to varying degrees.
According to the CDC, half of the adults in the US have hypertension as it is medically defined. According to the National Institute of Mental Health, nearly one in five adults is diagnosed with a mental illness.
With statistics like this, it can seem like a good idea to secure a policy for a grandchild, just to beat the odds.
However, if your grandchild is healthy, then there are other ways you can secure their financial future that may be more beneficial. Creating solid savings for them to be used for college might be a better way to spend your money.
In the end, the decision to purchase life insurance for your grandkids is one you need to make with care.
If you do decide to purchase a policy, look into the options available and compare life insurance quotes from multiple companies to get the best grandkids life insurance rates.
Are you ready to get started in your search for affordable life insurance for grandkids? Enter your ZIP code below and we will help you find affordable rates near you.