Cost of a Million‑Dollar Life Insurance Policy for an Infant

Typical Premium Range

For a $1 million life insurance policy on an infant, premiums usually fall between $30 and $80 per year for a whole‑life policy and $10 to $30 per year for a term policy, depending on the insurer and coverage type.

Key Factors that Influence Cost

Premiums are shaped by several variables:

• Policy type – whole‑life policies are more expensive because they build cash value.
• Company underwriting standards – insurers with stricter medical underwriting may charge higher rates.
• State regulations – minimum premium requirements differ by jurisdiction.
• Riders and additional benefits – adding a waiver of premium or accidental death rider raises the price.

Why Families Choose These Policies

Parents often purchase infant policies to lock in the lowest possible rate, secure lifelong coverage, or create a financial legacy. The small premium at birth can remain stable for decades, making it an attractive tool for long‑term financial planning.

Comparison Table

Considerations Before Buying

Evaluate whether the policy aligns with your overall financial strategy, compare multiple quotes, and confirm that the insurer's financial strength meets your confidence level. Some families find that a savings plan or a later‑life purchase provides comparable benefits at lower cost.