Life Insurance for a Newborn (Discounts & Rates)
Life insurance rates for newborns start at $3.75 per month for $5,000 worth of coverage through providers like Gerber. Another option is to add your new baby as a named rider to your current term policy. While you can buy life insurance for newborns, the purpose of life insurance is to prevent dependents from financial hardship if a breadwinner passes away. Therefore, parents are better off investing in their own life insurance policy to protect a newborn child.
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UPDATED: Apr 9, 2021
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- Buying life insurance for newborns is often unnecessary because they do not make an income and have no dependents
- Parents of newborns should be adequately insured to protect their children
- Purchasing a small amount of newborn life insurance coverage can help with funeral expenses or medical costs, should the worst case occur
- You may also consider adding your child as a rider to your existing term life insurance policy
Life insurance for newborns is often unnecessary. However, purchasing a small amount can help cover funeral expenses and medical costs, should a tragedy occur. Parents of newborns should also be adequately insured.
Below, compare the different baby life insurance options and determine if you should buy newborn life insurance.
When you’re ready, enter your ZIP code into our free quote tool above and receive life insurance rates for newborns from the top providers near you.
Should you buy life insurance for a newborn?
Can you buy life insurance for someone else, like your newborn child? Yes, in fact, some new parents might assume that when it comes to babies, insurance is a necessity.
However, newborns do not make an income or have dependents. Therefore, they often do not need life insurance.
Infant death within the first year of life is rare. According to the Centers for Disease Control and Prevention (CDC), 5.7 infant deaths occur per every 1,000 live births in America.
When it comes to insurance updates for a new baby, you’re better off investing the money you would have spent into your own life insurance policy or college savings account your child can access in the future.
However, investing in a small amount of coverage may help cover funeral costs or medical expenses should the worst-case scenario occur.
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What is the best life insurance plan for newborns?
Before you buy newborn life insurance, consider adding your child to your current life insurance policy as a named-rider. This is your cheapest option for life insurance for babies.
If you are not currently insured, compare term and whole life insurance quotes from multiple providers near you to find your best policy.
Perhaps the most well-known newborn life insurance company is Gerber Life Insurance. Life insurance quotes for newborns through the Gerber Grow-Up Plan start at $3.75 per month for $5,000 worth of coverage.
It is a whole life insurance policy, and the death benefit doubles when your child turns 21.
While the coverage is small, it is enough to help cover end-of-life expenses. According to the Federal Trade Commission (FTC), a casket alone costs between $2,000 and $10,000.
Gerber provides some of the most affordable life insurance for newborns. However, some experts believe it is not a reliable investment.
As an adult, your child can choose to continue paying the premiums at the standard adult life insurance rate regardless of their health or occupation.
However, only about 5 percent of young adults receive worse than standard life insurance ratings. There are also three other rating classes cheaper than the standard tier.
Ultimately, the choice is yours. If you can afford newborn life insurance and it brings you peace of mind, the investment is worthwhile.
Do parents of newborns need life insurance?
New parents should buy themselves efficient life insurance coverage to protect their children. Fortunately, you can compare quotes from the best insurance companies near you by using one of the quote boxes on this page.
To help keep your rates low, ask your provider about non-smoker, exercise, and even marriage discounts.
If you pass away, you should leave your children with the same level of financial support they would receive if you were still alive until they turn 18.
If you make $50,000 and have a newborn, invest in a death benefit that is 18 times $50,000, or $900,000.
You’re ready to choose if newborn life insurance is right for your family. Compare life insurance quotes for newborns or yourself right now for free by entering your ZIP code into our online tool below.