Life Insurance for a Newborn
Life insurance quotes for newborns start at $3.75 per month for $5,000 worth of coverage from companies life Gerber. You might also consider adding your new baby as a named rider to a current term policy. While you can buy life insurance for newborns, the purpose of life insurance is to prevent dependents from experiencing financial hardship after losing a breadwinner. Therefore, parents should focus on securing proper coverage for themselves to protect their children best.
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UPDATED: Apr 6, 2022
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- Life insurance for newborns is often unnecessary as they do not make an income or have dependents; however, parents of newborns should be adequately insured
- Purchasing a small amount of newborn life insurance can help with funeral costs and medical expenses should the worst-case scenario occur
- You might also consider adding your newborn as a named rider to an existing term life insurance policy
Life insurance for newborns is often not necessary. But purchasing a small amount of whole life insurance may help cover funeral and medical costs, should a tragedy occur.
Parents of newborn children should also be adequately insured to protect their children best.
Keep reading to learn more about the baby life insurance options and determine what’s best for you and your family.
When you’re ready to buy newborn life insurance, enter your ZIP code into our free quote tool above to compare rates immediately.
Should you buy life insurance for a newborn?
New parents might assume that when it comes to babies, insurance is an absolute necessity, but this is a bit misguided.
Newborns do not have dependents or make an income; therefore, life insurance for babies is often not needed.
Infant death within the first year of life is rare. According to the Centers for Disease Control and Prevention (CDC), the infant mortality rate in America is 5.7 deaths per 1,000 live births.
Parents should invest the money into a college savings account or their own whole or term life insurance coverage to best protect their new child.
However, purchasing a small amount of coverage may help with funeral expenses or medical costs, should a tragedy occur.
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What is the best life insurance plan for newborns?
For affordable life insurance for newborns, consider adding your baby as a named rider to your current life insurance policy. This is your cheapest option.
That said, the most well-known newborn life insurance company is Gerber Life Insurance. Life insurance rates for newborns start at $3.75 per month for $5,000 worth of whole coverage with the Gerber Grow-Up Plan.
That amount is small, but it’s enough to help with end-of-life expenses. According to the Federal Trade Commission (FTC), a casket alone costs between $2,000 and $10,000.
As long as you continue to pay the premiums, the death benefit amount doubles when your child turns 21. They’re also guaranteed the standard adult life insurance rates regardless of health or occupation.
However, some experts claim this is not a reliable investment. There are three other rating classes cheaper than the standard tier. Similarly, only about 5 percent of young adults receive worse than standard ratings.
Of course, if you can easily afford the life insurance quotes for newborns and the coverage brings you peace of mind, then it is a worthwhile investment.
Do parents of newborns need life insurance?
Parents of newborns should purchase proper life insurance coverage for themselves to protect their children. You can easily compare policies from the best insurance companies near you by using one of the quote boxes on this page.
Invest in enough coverage to leave your child with the same level of financial support they would have if you were still alive until they turn 18.
If you make $50,000 and your child is a newborn, invest in a death benefit that is 18 times $50,000, or $900,000.
You’re now ready to determine if newborn life insurance is right for you and your family. Start comparing affordable life insurance for newborns or yourself by entering your ZIP code into our free quote tool below.