Life insurance for children is a contract with an insurance company that provides a death payout if the kid dies as long as premiums are paid. Parents may choose to utilize a life insurance policy as a savings vehicle for college or other costs because many life assurance plans for children are whole life insurance policies with a cash value. The finest life insurance policies for children combine pricing, financial soundness, customer happiness, ease of qualification, and other benefits. You will possibly want to consider a life insurance policy for your child if they have special needs or student loans or if you would like to protect their insurability as they get older and keep their premiums low. Here are our top picks for the simplest life insurance policies for children
Best life insurance for Children
- Best Overall: Mutual of Omaha
- Best for Whole Life Coverage: American Family
- Best for Term Coverage: State Farm
- Best for Convenience: Globe Life
- Best for Long-Term Saving: Gerber Life College Plan
- Best for school Students: Haven
- Best for Special Needs Children: Banner Life
BEST OVERALL - Mutual of Omaha
AM BEST RATING: A+1 ISSUE AGES: Up to 17Why We Chose It
Mutual of Omaha ticks all the boxes, including low-cost plans, strong financial standing, high customer satisfaction scores, and a straightforward online quotation procedure.Pros And Cons
Pros
- Online quote
- No checkup
- Locked-in, affordable rates
- Guaranteed insurability rider
Cons
- Coverage amounts are limited to $50,000
Overview
Mutual of Omaha, which was founded in 1909, currently provides coverage throughout the United States. AM Best rates the company’s financial health as A+, and it ranks sixth in the J.D. Power 2020 Life Insurance Study. Mutual of Omaha provides a children’s whole life assurance insurance with benefit amounts ranging from $5,000 to $50,000 for children aged 14 days to 17 years. It is simple to request a quotation online, and you will also receive assistance from an agent. Rates are affordable as well: the value to ensure a one-year-old male child with a $25,000 benefit is simply $10.02 per month. Your rates will never go up, and you will include a guaranteed insurability rider that will allow your kid to acquire extra coverage without being underwritten at specified life milestones. There’s also the possibility of a growing cash value, which you’ll borrow against to satisfy financial necessities.BEST FOR WHOLE LIFE COVERAGE - American Family
AM BEST RATING: A3 Issue Ages: Not statedWhy We Chose It
American Family’s Dream Secure life assurance products for children have higher coverage amounts than what other providers offer, together with a flexible plan that lets you add coverage later on.Pros And Cons
Pros
- A variety of coverage options for children
- Higher coverage amounts than other policies
- Online tools
Cons
- Not rated in J.D. Power’s 2020 life assurance Study
- Not many customer reviews are available online
- Not available in all states
BEST FOR TERM COVERAGE - State Farm
AM BEST RATING: A++4 ISSUE AGES: Up to 75Why We Chose It
State Farm provides the most appealing family life insurance choices, including a children’s rider on adult term policies that can eventually be converted to permanent life insurance.Pros And Cons
Pros
- Outstanding financial stability and customer satisfaction ratings
- No checkup required
Cons
- There are no separate life insurance plans for children.
- The coverage amount is restricted to $20,000
Overview
State Farm offers various low-cost term life insurance options. Assurance options. For example, starting at the age of 18, you can buy up to five times the initial amount of coverage for your kid, and at the age of 25, you can convert the term coverage to a permanent policy. Adding the children’s rider to 20-year term insurance costs $8.70 for $20,000 in coverage and covers all children in your household. Newborns in your family are going to be covered once they reach 15 days of age. The coverage lasts until the insured reaches the age of 25 or until the insured reaches the age of 65, whichever comes first. This policy gives more coverage than other insurance. You may acquire a price for their term plans online, or you can call an agent. State Farm, founded in 1922, provides countrywide coverage with good term choices for families. The company ranked #1 in J.D. Power’s 2020 Life Insurance Study and has the highest financial strength rating (A++) from AM Best.BEST FOR CONVENIENCE - Globe Life
AM BEST RATING: A6 ISSUE AGES: Up to 80Why We Chose It
Globe Life offers competitively-priced whole life assurance policies for children with no medical exam, a web quote, and a fast approval process.Pros And Cons
Pros
- No waiting period
- Quick online quotes and approvals
- Excellent customer satisfaction ratings
Cons
- Limited to $30,000 in coverage
- More complaints than average
Overview
It’s simple to get a tailored estimate on the Globe Life website or chat with an agent, and Globe Life is known for quick approvals. There is also no waiting period, so full coverage begins on a primary day. And because it’s simple to manage your policy online, Globe Life is a top pick for ease. Rates are affordable as well: After the first-month promotional rate of $1, the cost of insuring a one-year-old kid with a $25,000 benefit is $8.81 per month. Rates are fixed for a set period of time. The coverage limits for children range from $5,000 to $30,000 and only go up to $100,000 for adults. Globe Life was created in 1951 and offers policies in the majority of states. The corporation ranked second in J.D. Power’s 2020 life assurance Study and has an A financial strength rating with A.M. Best. However, Globe Life had about three and half times the typical number of complaints about a company of its size in 2020, consistent with the National Association of Insurance Commissioners (NAIC).BEST FOR LONG-TERM SAVING - Gerber Life College Plan
AM BEST RATING: A8 ISSUE AGES: Up to 17Why We Chose It
The Gerber Life College Plan is an endowment life - insurance policy that integrates adult life insurance with an education savings component for your kid, with a payout guaranteed at the conclusion of the term.Pros And Cons
Pros
- Provides a guaranteed payout plus adult life assurance
- Online quotes available
Cons
- Lesser returns than a 529 plan
- Customer service reviews are difficult to seek out
Overview
The Gerber Life College Plan is one option for long-term investment if you want a guaranteed payment when your kid reaches college age. While it will not provide as high profits as a tax-advantaged 529 plan, you may prefer the guaranteed payment if you are risk-averse. The anticipated premium for a 35-year-old father with a one-year-old child is $40/month for 17 years, resulting in a guaranteed $10,000 payout for your child. Gerber Life also will pay the full benefit amount if you die before the policy matures. And since life assurance isn’t included in financial aid calculations, the benefit won’t reduce the quantity of aid available to your child. It’s simple to request a price and apply for coverage online; alternatively, you may contact an agent for further information. The company has been in business since 1967 and offers life insurance plans all around the country. While there are few online customer service ratings for Gerber Life, the company has a lower-than-average number of complaints about its size, consistent with the NAIC, and an A financial strength grade from AM Best.BEST for school STUDENTS - Haven
AM BEST RATING: A++10 PLANS:1 ISSUE AGES: Up to 64Why We Chose It
Haven offers a number of the most affordable rates in the industry on term policies for applicants as young as 20, making it an excellent option for college students with student loans.Pros And Cons
Pros
- Easy online quote and application
- Affordable term policies
- Great customer service reviews
Cons
- No whole life policies
- Not available for youngsters under 20
- May require a checkup
Overview
Haven provides term insurance to persons as early as 20. A Haven Life Plus subscription is available in most states, including numerous appealing perks for school kids, including a free fitness app subscription and CVS MinuteClinic savings. An accelerated death benefit is often included in term plans. Haven was founded in 2013, but its policies are insured by C.M. Life, a subsidiary of MassMutual that has been in business since 1851 and has an AM Best financial strength rating of A++.BEST FOR SPECIAL NEEDS CHILDREN - Banner Life
AM BEST RATING: A+11 PLANS: 1 ISSUE AGES: Up to 18Why We Chose It
Banner Life is among the few insurance companies that offer kid rider conversion alternatives without requiring medical information about the child.Pros & Cons
Pros
- No medical underwriting for youngsters
- Superior financial strength ratings
Cons
- No separate whole life policies for youngsters
- The maximum benefit is $10,000
Overview
Banner Life will cover every child with a $10,000 payout for just $55 per year when you add a rider for children to your adult life insurance policy. The rider protected all of your children, including stepchildren and adopted children, until they reached the age of 25. (Or until the insured becomes 65). You will have the opportunity to change to a permanent life plan at that point. Except for New York, the children’s rider is available in all states. You may acquire a term life insurance quotation from Banner Life online, or you can call an agent. The value of the children’s rider stays the same regardless of the insured’s health. Banner Life was founded in 1949. J.D. Power does not rank the company, and there aren’t many internet customer service ratings. However, they’ve had only a few complaints in the last few years—well below the average for a company of its size, consistent with the NAIC. Banner Life also has an A+ financial strength rating with AM Best.Final Verdict
We don’t advocate canceling an individual life insurance policy on your child in most situations because There are superior investing instruments available, and most people can acquire reasonable policies once they have dependents and money to protect. However, if you’re extremely risk-averse and need to protect your child under any circumstances, Any of these policies could be a suitable fit. Mutual of Omaha is our #1 overall choice for all-time kid insurance. Mutual of Omaha has an easy online application procedure, low-cost insurance, strong financial standing, and high customer satisfaction scores. The assured insurability rider also allows your youngster to add coverage without having to go through underwriting.Can You Insure Just a Child?
A child can be insured with a whole life insurance policy, which will pay a reward if they die and safeguard their insurability in the future. Children's whole life assurance plans are available from Mutual of Omaha, Foresters, Globe Life, and American Family. We weren’t ready to find a provider issuing term policies to children under the age of 18. However, adding a children’s rider to an adult life insurance policy is frequently less expensive than purchasing a distinct policy for a childIs Life Insurance Required for a Child?
Life insurance is frequently structured to cover your income and liabilities, leaving your family with expenses but no money. Because children have no income, obligations, or dependents, it is not required to recommend life insurance for them. However, some parents may consider purchasing a life assurance policy for their kids in order to preserve their child’s insurability. Purchasing life insurance for your child now ensures that they will be able to obtain affordable coverage even if they are later diagnosed with a health issue.What Is the Best Child Life Insurance?
The ideal life insurance provider for your child will be determined by your child’s present health state as well as your future financial demands. That said, our top choice for the simplest life insurance for children is Mutual of Omaha. They provide affordable rates and a variety of options for parents.Methodology
We evaluated quite two dozen life insurance companies to find those that offered life insurance policies or riders for children. We chose the simplest eight companies based on affordability, financial strength, customer satisfaction, simple qualification, and other available features. Preference was also given to providers that might allow children to increase their coverage later on. All of the companies we chose had reasonable prices, excellent financial strength ratings from AM Best, and appealing features that made their plans an honest choice for youngsters.