Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Jun 3, 2021

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The Brief

  • Grandparents interested in buying life insurance for grandkids have many options
  • Life insurance quotes for grandchildren cost $14.59 per month on average
  • Purchase a whole policy to ensure coverage lasts their entire lifetime

You can buy life insurance for grandkids with their parents’ consent and proof of insurable interest. Below, compare sample life insurance rates for minors and determine the best investment for your grandkid’s future.

You can compare affordable life insurance for grandkids for free by entering your ZIP code into our rate tool above.

How much does life insurance cost for grandkids?

Life insurance quotes for grandkids cost $14.59 per month on average. However, the age of your grandchild and the coverage level you purchase impacts your overall premiums.

Below, compare the average monthly life insurance rates for grandkids from some of the leading providers that sell policies for minors:

Each company sells different levels of coverage for different ages of children. Find the best life insurance company for grandkids in your region by comparing multiple providers online.

While some life insurance for babies promises the standard rate for your child upon reaching adulthood, three cheaper rating tiers also exist.

To buy a life insurance policy on someone else, you must have their consent and proof of insurable interest. You must show you’ll experience emotional and financial distress if your grandchild passes away. For most providers, just being the legal guardian of your grandchild is enough.

Know that under some estate planning laws, if the death benefit exceeds $15,000, it may be subject to gift taxation.

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Should you buy life insurance for grandkids?

Grandparents buying life insurance for grandchildren intend to assist with financial security. However, some financial experts warn baby life insurance may not always be the best investment.

According to the Centers for Disease Control and Prevention (CDC), most children are very healthy, with 86.3% of kids between ages 5 and 11 are in excellent or very good health. Children also do not have dependents or make an income, making life insurance coverage often unnecessary.

Life Insurance for Grandkids: The Bottom Line

Choosing to purchase life insurance for your grandchild is a deeply personal choice for every family. But if securing life insurance coverage for your grandchild fits your budget and brings you peace of mind, it’s a worthwhile investment.

Now that you’re ready, quickly buy life insurance for grandkids by entering your ZIP code into our free quote tool below.