Founder, Abrams Insurance Solutions, Inc., San Diego, CA
Life insurance premiums are based on age, so it is very inexpensive to purchase it for a baby. The health of the baby, duration of coverage, and carrier also affect premium so it would be difficult to quote all of the scenarios in the scope of this answer. To provide a very rough idea of cost; the premium for $10,000 of coverage will be around $4.50 per month.
The parent may want to use life insurance as a savings account for the baby in which the premium will depend on the factors above and also how much the parent wants to save. It is an excellent idea to start early with insurance as it guarantees the child's insurability as they get older. Please discuss the many options available with a knowledgeable insurance professional.
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The parent may want to use life insurance as a savings account for the baby in which the premium will depend on the factors above and also how much the parent wants to save. It is an excellent idea to start early with insurance as it guarantees the child's insurability as they get older. Please discuss the many options available with a knowledgeable insurance professional.