Children & Grandchild Policies

Buying children’s whole life insurance while they are young locks in low premiums, automatic eligibility for more coverage later in life, allows for lifetime coverage. and protects your child or grandchild’s insurability in the future. It also provides coverage for final expenses should the child die unexpectedly.

Child life insurance or juvenile whole life insurance are not for everyone. There are both pros and cons to this insurance policy. Talk to a qualified life insurance agent if you are considering buying life insurance for your kids.

What Is Life Insurance For Children?

Life insurance policy for children is a whole life insurance or universal life insurance that provides lifelong coverage as long as premiums are paid. Premium is level and will not increase in the future. Juvenile life insurance policy also accumulates cash value over time.

Children’s life insurance is purchased by a parent, grandparent, or guardian as a safety net for their children. Most people buy child’s life insurance for children to protect the insurability of the children in the future.

The death benefits are minimal $50,000 or less. Most insurance companies allow the transfer of ownership automatically from parent to the child once they turn 18. 

How Does Life Insurance For Children Work?

Life insurance for children works like a life insurance policy for adults. Children’s life insurance is a contract with an insurance company. The parent, grandparent, or guardian purchase it as a safety net. They pay premiums in return for a death benefit should the child die.

The child is the insured, the parent or grandparent is the policyholder. The policyholder can also be the beneficiary who will receive the death benefit payout.

You can buy child’s life insurance for children younger than 17 years old. Buying life insurance for children is simple. You will just have to sign an electronic form while the underwriting is done online.

You can transfer the ownership of the life insurance to your child once they are adults and let them pay the premiums.

Life insurance for children differs from a child insurance rider. 


Life insurance for children is a standalone policy that they can own, while a child insurance rider is an add-on or extension of your life insurance policy. Both provide death benefits when the child dies.

The coverage for life insurance for kids lasts a lifetime, while child rider life insurance typically expire when the child reaches 18 to 25 years old. 

Children’s life insurance is more expensive than child insurance rider, but it provides a bigger death benefit.

Children’s life insurance accumulates cash value, while a child insurance rider does not.

Who Can Buy Life Insurance For Children?

Not everyone may buy life insurance for children. Here are the people who can buy life insurance for kids:

  • Parents
  • Adoptive parents
  • Grand parents
  • Stepparents
  • Legal guardian

Grandparents can buy life insurance for their grandkids without asking for consent from the grandchildren’s parents.

How Do I Buy Child Life Insurance?

Parents, adoptive parents, grandparents, stepparents, and legal guardians can buy children’s life insurance by contacting the insurance company directly by phone or online. You can also work with an independent life insurance agent who can compare prices and recommend the best plan.

When Can I Buy Children’s Life Insurance?

The minimum age to buy life insurance for children is 14 days old. You can buy juvenile life insurance for your baby, children, or teens. 

The cutoff age for buying life insurance varies from insurance companies. For example, 14 years old is the oldest age you can buy Gerber Grow-Up Plan, while you can still buy from Mutual of Omaha if your child is 17 years old. 

Buying life insurance is pretty straightforward. Your kids do not need a medical exam to qualify for coverage. 

Buying life insurance for children at a younger age is best to lock in lower premiums. The younger your child is, the lower the premium will be.

What Are The Pros And Cons Of Life Insurance For Kids?

Children’s life insurance is not for everyone. It depends on your personal preference and needs. 

Here’s the pros and cons of life insurance for children to help you decide if it’s best for your kids.


Easy Application and Approval – Your child doesn’t need a medical exam to qualify for this life insurance. Application can be done over the phone or internet with an agent.

Guaranteed Future Insurability – Your child is guaranteed to have coverage, even if they develop significant health issues later in life. If you purchase life insurance for kids today, the insurance company will allow them to buy more coverage in the future without showing evidence of insurability.

Rate Lock – You will get a lower premium if you insure your child before they are one-year-old. The rate will be locked in and you will pay the same rate for the life of the policy. Rates increase with age, so the younger you insure your kid, the lower the premium will be. 

Funds For Final Expenses – Life insurance for children provides peace of mind knowing funeral, burial and final expenses will be paid should the child dies. 

Savings Plan – Juvenile life insurance can be used for college savings. It has a cash value that accumulates over time. This cash value earns interest. You can withdraw funds from this account to be used for your child’s education.

College Loan Protection – If your child applies for federal college loans and passes away with this loan, the death benefit payout can pay off this debt.


Low Coverage Amount – Most life insurance companies offer up to $50,000 in coverage. This is not enough for an adult’s needs, especially if they need insurance for income protection, children’s education or mortgage payment.

Small Chance of Payout – Although the cost of a child’s life insurance is low, you may not receive a death benefit payout because the chance of a child dying is very low.

Long-term Commitment – You will have to pay the insurance policy for decades. 

Not Recommended For Savings – Children’s life insurance is not the best tool for savings even if it has cash value. The amount of return is very low. There are better savings options for your children’s education.

How Much Does Children’s Whole Life Insurance Cost?

The life insurance premium for children’s whole life insurance policy will depend on the following factors:

  • Age of the child
  • The amount of coverage 
  • The type of policy
  • The type of payment schedule
  • The insurance company

The younger the child is, the cheaper the cost of life insurance will be. With a whole life insurance policy for children, you will lock in the premium at the time you buy the policy and it will remain the same for life.

The payment schedule also influences the cost of life insurance. You have the option to choose the number of years you will pay for the policy. Some life insurance companies have 10-year or 20-year options. The longer the payment period, the lower the premium will be. Shorter payment period, higher premiums.

Most life insurance companies offer up to $50,000 in coverage. If you want higher death benefits, you need to work with an independent insurance agent who knows the companies that offer this option.

Companies that offer higher coverage options have strict underwriting. You may need to provide copies of your child’s medical records and meet the income requirements.

Call Now ButtonCALL NOW (888) 862-9456