How to Buy a Life Insurance Policy on Your Child (Complete 2026 Parent’s Guide)

Last Updated: February 12, 2026 | Written by President of Term Life Online – AU, AAI, ARM

Step 2: Choose the Coverage Amount

Most child policies range from:

• $5,000
• $10,000
• $15,000
• $20,000
• $25,000
• $30,000

Coverage is typically intended to:

• Cover funeral expenses
• Cover medical bills
• Provide financial breathing room
• Lock in lifelong insurability

Because children are extremely low risk, premiums are very affordable.

Step 3: Apply for Coverage

The application process is usually simple:

• Basic information about you and your child
• Health questionnaire (for the child)
• No medical exam required in most cases

Approval can often happen within days.

You can start the process online at once.

👉 Click here to request your free child life insurance quote now.

Step 4: Lock in the Policy

Once approved:

• You choose your payment frequency (monthly or annually)
• Coverage begins once the first premium is paid
• Rates never increase (with whole life)

That’s it. Your child is protected.

How Much Does Life Insurance on a Child Cost?

Here’s what surprises most parents:

• Child life insurance is very affordable.

Typical whole life monthly premiums:

• $10,000 policy: often $5–$10 per month
• $25,000 policy: often $12–$20 per month

Rates vary by age and company, but the younger the child, the lower the cost.

And once locked in, the premium never increases.

Why Do Parents Buy Life Insurance on Their Child?

While no one wants to think about losing a child, parents typically buy coverage for three main reasons:

1. Funeral & Unexpected Expense Protection

The average funeral can cost $8,000–$15,000. A policy removes financial stress during an emotional time.

2. Guaranteed Future Insurability

If your child later develops:

• Diabetes
• Cancer
• Autoimmune disorders
• Mental health conditions

They could struggle to qualify for coverage as an adult.

A whole life policy locks in insurability regardless of future health.

3. Financial Foundation

Whole life policies build cash value that:

• Grows tax-deferred
• Can be borrowed against later
• May help with future expenses

Is Buying Life Insurance for a Child Worth It?

It depends on your financial priorities.

It may make sense if:

• You want guaranteed insurability
• You like the idea of locked-in low rates
• You want permanent coverage from childhood
• You want to transfer a paid-up asset to your child later

It may not make sense if:

• You haven’t secured your own life insurance yet
• You’re focused strictly on investing for higher returns

Important: Most financial advisors recommend parents secure their own coverage first.

If you’re unsure, comparing options is free.

At What Age Can You Buy Life Insurance on a Child?

Most insurers allow coverage starting:

• 14 days old
• 30 days old
• Up to age 17 (sometimes 18)

The younger you apply, the lower the premium.

Can Grandparents Buy Life Insurance on a Grandchild?

Sometimes — but usually only with:

• Parental consent
• Proof of insurable interest
• Parent listed as owner or co-owner

Rules vary by insurer.

What Happens When the Child Turns 18?

With whole life:

• Coverage continues for life
• Premium stays the same
• Ownership can be transferred
• Cash value continues to grow

With term rider:

• Coverage usually expires
• Some allow conversion to permanent coverage

Pros and Cons of Buying Life Insurance on a Child

Pros

    ✔ Very low premiums

    ✔ Lifetime coverage available

    ✔ Builds cash value

    ✔ Locks in insurability

    ✔ Peace of mind

Cons

    ✘ Not a high-return investment

    ✘ May not be necessary for every family

How to Choose the Best Company

When buying life insurance for your child, look for:

• Strong financial ratings (A.M. Best A or higher)
• Guaranteed insurability rider
• Long-standing reputation
• Flexible payment options
• Competitive pricing

Comparing multiple companies ensures you get the best value.

Frequently Asked Questions

1. Do children need a medical exam?

Usually no. Most policies only require a health questionnaire.

2. Can I cancel the policy?

Yes. You can cancel at any time, though you may not recover all premiums paid.

3. Can my child borrow against the policy later?

Yes, if it’s a whole life policy with accumulated cash value.

4. Is this the same as savings?

No. It’s life insurance first — with savings features attached.

Final Thoughts: Should You Buy Life Insurance on Your Child?

Buying life insurance for a child isn’t about expecting the worst. It’s about preparation, protection, and long-term planning.

For many parents, the real value is:

• Locking in lifelong coverage
• Guaranteeing future insurability
• Providing peace of mind

The cost is often less than a streaming subscription — and coverage lasts a lifetime.

If you're considering it, the smartest first step is simply seeing real numbers.

No pressure. No obligation. Just clear answers.

Child Life Insurance Quotes

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Resources:

• The Benefits of Child Life Insurance Plans
• The Pros and Cons of Child Life Insurance Plans
• FAQs About Child Life Insurance
• A.M. Best Company: Compare financial strength ratings of life insurance companies
• Life Happens.org: Learn about life insurance and review facts.

About Our Methodology

Reviewed By: President of Term Life Online – AU, AAI, ARM

• 30+ years of experience in insurance planning

How We Keep This Guide Accurate: We regularly updates our content to reflect the latest rates and industry trends. We are committed to providing transparent, unbiased information to help you make the best decision for your family.

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