Children’s Whole Life Insurance

How much does whole life insurance for children cost?

Here are some typical costs for a whole life insurance policy for babies under 1 year old:²

How to get children’s whole life insurance

Here’s how to get whole life insurance for your child:

• Evaluate their coverage needs: Determine why you’re getting your child whole life insurance to estimate how much coverage you need. This may help you purchase enough coverage without overpaying.


• Consider their future financial situation: Larger death benefits require larger payments, which also grows cash value faster. Consider a larger policy if you want your child's policy to have an increased cash value.


• Shop for multiple quotes: Gather quotes from different insurers on the coverage you need. This lets you compare policies, and terms.


• Apply for a policy: Apply for the best policy you found while shopping for quotes. Provide your child’s full name, date of birth, and Social Security number, along with your personal information. Children generally don’t have to take a medical exam to get life insurance, although some insurers may ask a few health questions. You’ll need to disclose any health conditions your child has.


• Await approval: Insurers can process and underwrite policies with no medical exam, such as children’s whole life insurance, much more quickly. You may get a decision for the coverage you applied for as soon as the same day you apply.³


• Review terms: After approval, the insurer will present you with policy documents outlining your child’s policy terms. Review the documents to ensure you understand the details. Ask for clarification wherever you need to.


• Sign the documents and pay premiums: Once you’ve reviewed the documents and determined everything looks good, sign them and pay the first premium to activate your child’s coverage.

Is children’s whole life insurance right for you?

Children’s life insurance can be valuable in various situations:

• You have a family history of medical conditions: Getting your child life insurance early on can help ensure they have coverage before potential pre-existing conditions develop. It can also help protect you in case they pass away early.


• You want to give your child a financial head start: The cash value growth component can give your child a financial cushion as an adult. If you get the policy right when they’re born, you’ll have 18-25 years to build the cash value before transferring the policy to the child. They can use this cash value for college costs, as an emergency fund, or draw on the cash value to help with premiums.


• You want to give your child affordable coverage: The earlier one gets coverage, the more cost-effective the rates they can lock in. Therefore, a children’s whole life insurance policy can help your child keep lifelong coverage. Once they take possession of the policy, they may more easily fit premiums into their budget.

Get a quote for whole life insurance

Whole life insurance can cover your child as they grow up and give them a financial head start once they reach adulthood. This may be a more budget friendly way to provide you added peace of mind and help your child start life on the right foot.

Aflac offers juvenile term and whole life insurance policies with customizable coverage to give you more choices to apply for when insuring your child. Speak with an agent today to learn more about juvenile life insurance and get a quote.