Life Insurance for Grandkids
When deciding to buy life insurance for grandkids, whole life insurance policies are typically the preferred option for grandparents because coverage lasts for the duration of your grandchild's life. Whole life insurance for babies can be purchased in the name of the child, which means they will become the policyholder upon reaching legal age.
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UPDATED: Jul 16, 2021
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- Whole life insurance tends to be the primary choice for grandkids
- Whole life insurance lasts throughout the entirety of one’s life
- Grandparents may require the permission of the child or children’s parents
When people become grandparents, some choose to purchase life insurance for grandkids. This serves as an early start to the financial security of their grandchildren.
In this piece, we will be covering whole life insurance basics, the benefits of getting life insurance for your grandkids, and what you will need to do so.
Before we dive into life insurance for grandkids, type your ZIP code into our free tool above. You will be able to find the most affordable life insurance quotes from companies in your area.
What type of life insurance policies for grandkids are there?
Before you compare life insurance quotes you need to know which type of policy to get. Grandparents buying life insurance for grandchildren tend to go with whole life insurance.
Whole life insurance is a permanent form of insurance that provides a set coverage amount for the duration of the policyholder’s life.
Further perks include a death benefit, accumulating cash value, and giving one’s grandkids a level of financial security. Policyholders never see their premiums change, but they have to keep up with them for the remainder of their lives.
Just keep in mind that, according to the New York Department of Financial Services, it could prove costly should the coverage lapse.
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How do I buy life insurance for grandkids?
Can you easily get life insurance for grandchildren as a grandparent? Yes, because a grandparent is deemed an extended caregiver. Some states allow grandparents to purchase a life insurance policy without the parents’ permission, but it’s for the best to have it.
While there’s no specific baby life insurance, babies can still have a policy taken out on them. In fact, a lot of grandparents buy life insurance for grandkids in their earlier years.
Typically, the policy is purchased in the child’s name. This enables the child to become the policy owner upon reaching legal age.
Life Insurance for Grandkids: The Bottom Line
The benefits of having life insurance for your grandkids are numerous. There’s the peace of mind that funeral expenses will be covered. Uninsured medical bills can be covered as well.
Even if a grandchild develops a debilitating illness that would make procuring life insurance difficult, they cannot be removed from the established policy.
In short, you buy life insurance for grandkids to protect them. Type your ZIP code into our free and helpful tool below to compare the best life insurance rates from companies in your area.