Life Insurance for Grandkids

Buying whole life insurance for grandkids can set them up for future financial success. Juvenile whole life insurance allows your grandkids to keep affordable life insurance rates their whole lives. A childhood life insurance policy can also act as a savings account for life’s big-ticket items. Use our quote tool to find the best policy for your family.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jul 19, 2021

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Quick Facts

  • Life for grandkids gives kids a policy premium that won’t increase when they become adults.
  • A whole life insurance policy for children has a cash value that can be withdrawn and spent.
  • Whole life insurance is a type of permanent life insurance.

You can help your family create a secure financial future by considering life insurance for grandkids. Planning ahead by purchasing permanent life insurance for children means their premium costs will never go up, even when they become an adult.

In addition to consistent policy costs, grandkids can also access the benefits that accumulated throughout their childhood once they’re old enough to become the policyholder.

Keep reading to learn the ins and outs of juvenile whole life insurance policies and use our tool to compare rates for childhood life insurance policies.

What is whole life insurance for children?

Whole life insurance for children is a policy bought in the child’s name while they’re a minor. When the child becomes an adult, they take over the policy.

This is a type of permanent life insurance policy that can be active the entire length of the policyholder’s life as long as policy premiums continue to be paid.

Life insurance is available in two major types, term life insurance and permanent life insurance. Term life insurance policies are active for a set term, like 10, 20 or 30 years depending on what type of policy you purchase. Term life insurance cannot be purchased for anyone under 18.

Whole life insurance is a type of permanent life insurance. It can cover an individual for their entire life and can begin as early as infancy.

Whole life insurance premiums are guaranteed to remain the same for the entirety of the policy. Children’s life insurance policies also have a cash value that can be withdrawn, similar to a savings account.

Though there are differences in term vs permanent life insurance policies, they both pay death benefits in the event of a worst-case scenario.

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Why purchase a childhood life insurance policy?

A life insurance policy for grandkids has two main benefits. The first is that their premium rates stay the same throughout their entire life. Their monthly payments won’t increase when they get older even if they develop health problems.

The second benefit of juvenile whole life insurance is that it functions as a kind of savings account. A whole life policy has a cash value that the policyholder can withdraw.

Once grandkids reach adulthood, they can use the cash value of their whole life insurance policy for things like college, a down payment on a house or startup funds for a business venture.

The cash value of a children’s whole life policy is also tax-deferred, which means it isn’t taxed until money is withdrawn from the policy.

Most juvenile whole life insurance policies are set up to accumulate interest throughout the life of the policy. Each company goes about growing the interest differently, comparing companies and quotes can help determine which type of policy best fits your needs.

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How can I buy a whole life policy for grandchildren?

Globe and Gerber life insurance for grandkids are two of the most well-known carriers for this type of policy. However, they aren’t the only carriers. Most major insurance companies offer life insurance policies for children.

You may be able to add a life insurance policy for children to your current carrier’s account or you can start from scratch with a new company. What’s most important is finding a policy that’s a good fit for your family.

Get policy information and the best rates by using our simple quote tool. Enter your zip code to find and compare policies and get a quote on life insurance for your grandkids today.

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