Newborns Life Insurance Rates (2021)
Life insurance rates for newborns are very cheap, in some cases as low as $2.17 a month for $5,000 worth of coverage. Whole life insurance rates for infants are cheap because newborns are not at a high risk of death. You can convert newborn life insurance policies into adult policies later on and lock in a low rate.
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UPDATED: Jun 30, 2021
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- Life insurance rates for newborns are extremely inexpensive
- You can lock in a low whole life insurance rate if you buy a policy for your newborn baby
- Life insurance for newborns can be used to cover funeral expenses or compensate the family for medical bills
Life insurance is something we tend to think of as something you get when you’re older. But did you know you can buy permanent life insurance for newborns? Better yet, newborns’ life insurance rates are incredibly affordable.
It may seem counterintuitive to purchase life insurance for a newborn baby, but there are some good reasons for doing so. We’ll help you navigate this process and find out what works for you.
Keep reading below to learn how whole life insurance works, why life insurance makes sense for newborns, and where you can find it.
But before you do, enter your ZIP code into our free comparison tool above to find affordable life insurance rates for newborns today.
Why do I need life insurance for newborns?
So why should you buy life insurance for a newborn baby? Life insurance is usually used to replace lost income from the policyholder’s death, but since newborns don’t have income, it doesn’t make much sense.
Well, whole life insurance rates for infants are extremely cheap. How cheap? For some policies, you can pay as little as $2.17 a month for $5,000 worth of coverage. Coverage limits can go as high as $50,000.
Whole life insurance rates for babies are so affordable because newborns aren’t very likely to pass away anytime soon. But should the worst happen, a whole life insurance policy will cover any funeral expenses or help compensate the family for medical bills accrued along the way.
In addition, if you buy whole life insurance for your newborn, you could lock in a great rate when the child becomes an adult. Some parents want to make sure their children are fully covered by the time they’re 18.
If you’re considering purchasing whole life insurance for your newborn, compare life insurance rates for newborns from multiple companies before you buy. Comparing at least three life insurance quotes for newborns should help you find the best deal.
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Where can I find the best whole life insurance rates for infants?
If you’re interested in purchasing whole life insurance for your newborn, know that many of the best life insurance companies offer policies for newborns.
Of course, rates will vary from company to company, but generally, for coverage as low as $5,000, you can pay as little as $2.17 a month until your child turns 18. For coverage as high as $50,000, you can pay as little as $20 a month.
There are even specific life insurance companies for newborns such as Gerber. Gerber’s grow-up plan doubles from $50,000 in coverage to $100,000 in coverage when your child turns 18. Gerber is considered to have some of the best whole life insurance rates for infants.
How does whole life insurance work?
Unlike term life insurance, which only stays in effect for the length of a certain period, whole life insurance provides a lifetime of coverage protection. When you eventually die, your whole life insurance policy will pay out a death benefit to your beneficiary.
However, since whole life insurance lasts a lifetime, rates are higher than they are for term life insurance policies. This is because whole life insurance policies will eventually pay out, whereas term life insurance policies may expire.
Whole life insurance policies can also serve as investment accounts. The money that you pay into your policy in premiums adds to the cash value of your policy. That money will grow over time and is tax-free. You can even borrow from it to pay off other expenses.
Now that you know all about whole life insurance for newborns, start shopping today. Enter your ZIP code into our free comparison tool below to buy life insurance for newborns from providers near you.