Best Life Insurance for Children

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Why We Chose It: Mutual of Omaha checks all the boxes with affordable policies, great financial strength and customer satisfaction ratings, and an easy online application.

Mutual of Omaha offers a children’s whole life insurance policy covering ages 14 days to 17 years with benefit amounts ranging from $5,000 to $50,000. It’s easy to get a quote and apply for a policy online, and you can also get help from an agent. Rates are affordable as well: The cost to insure a one-year-old male child with a $25,000 benefit is just $8.50 per month. 

Your premiums are guaranteed to never increase, and you can add a guaranteed insurability rider that would allow your child to purchase additional coverage without underwriting at certain life milestones. There’s also a potential cash value that grows over time, which you can borrow against to meet financial needs. 

Founded in 1909, Mutual of Omaha now provides coverage nationwide. The company has an A+ financial strength rating from AM Best and ranks fifth in the J.D. Power 2020 Life Insurance Study. Mutual of Omaha also has favorable customer service reviews on Consumer Affairs. 

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Why We Chose It: American Family’s DreamSecure life insurance products for children have higher coverage amounts than what other providers offer along with a flexible plan that lets you add coverage later on.

American Family offers a whole life insurance policy for children that you can pay in 10 or 20 years for amounts ranging from $25,000 to $75,000. They also have a flexible life insurance policy for higher coverage amounts that allows you to change your premium and add more coverage later on, but you’ll need to talk to an agent for a quote. 

The cost to insure a one-year-old male child with a $25,000 death benefit is $20/month paid over 20 years, and the policy accumulates cash value. There’s also a children’s rider available on their whole life policies for adults which provides $15,000 in coverage. 

Founded in 1927, American Family offers coverage in 19 states: Arizona, Colorado, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska, Nevada, North Dakota, Ohio, Oregon, South Dakota, Utah, Washington, and Wisconsin. The company has an A financial strength rating from an AM Best and an A+ rating from Fitch. 

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Why We Chose It: State Farm offers the most attractive family life insurance options with a children’s rider on adult term policies that can be converted to permanent life insurance later.

State Farm provides several different affordable term life insurance options. For instance, starting at age 18, you can also purchase up to five times the initial amount of coverage for your child, and at age 25, you can convert the term coverage to a permanent policy for your child. Adding the children’s rider to a 20-year term policy costs $8.70 for $20,000 in coverage, and applies to each child in your family. Newborns in your family will be covered once they reach 15 days of age. The coverage lasts until age 25 or until the insured reaches age 65, whichever happens first. This provides a greater length of coverage than most policies. 

You can get a quote online for their term policies, or you may choose to contact an agent. 

Founded in 1922, State Farm offers coverage nationwide, with excellent term options for families. The company came in first in J.D. Power’s 2020 Life Insurance Study and has the highest possible financial strength rating (A++) with AM Best. 

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Why We Chose It: Globe Life offers competitively-priced whole life insurance policies for children with no medical exam, an online quote, and a quick approval process.

It’s easy to get a custom quote in minutes on the Globe Life website or speak to an agent, and Globe Life is known for fast approvals. There’s no waiting period either, so full coverage starts the first day. And it’s easy to manage your policy online, making Globe Life a top choice for convenience. 

Rates are affordable as well: The cost to insure a one-year-old child with a $25,000 benefit is $8.81 per month, after the first-month introductory rate of $1. Rates are locked-in for life. Coverage amounts range from $5,000 to $30,000 for children and only go up to $100,000 for adults. 

Globe Life was founded in 1951 and issues policies in all states. The company ranked second in J.D. Power’s 2020 Life Insurance Study and has an A financial strength rating with A.M. Best. However, Globe Life had more than twice the average number of complaints for a company of its size in 2019, according to the National Association of Insurance Commissioners (NAIC). 

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Why We Chose It: The Gerber Life College Plan is an endowment life insurance policy that combines adult life insurance with a college savings component for your child, and your child is guaranteed to receive a payout at the end of the term.

If you want a guaranteed payout when your child reaches college age, the Gerber Life College Plan is one option for long-term saving. While it won’t yield as high of returns as a tax-advantaged 529 plan, you might prefer the guaranteed payout if you’re risk-averse. For a 35-year-old father of a one-year-old child, the estimated premium is $40/month for 17 years, which results in a guaranteed $10,000 payout for your child. The full benefit amount will also be paid if you die before the policy matures. And since life insurance isn’t included in financial aid calculations, the benefit won’t reduce the amount of aid available to your child. 

It’s easy to get a quote and apply for coverage online, or you can call an agent for more information.

The provider has been around since 1967 and issues life insurance policies nationwide. While there are few customer service reviews available online for Gerber Life, the company has a lower-than-average number of complaints for a company of its size, according to the NAIC, and an A+ financial strength rating from AM Best. 

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Why We Chose It: Foresters offers affordable rates for children’s whole life insurance that are comparable to Mutual of Omaha’s rates plus several attractive riders at no additional cost.

The Foresters BrightFuture Children’s Whole Life Insurance Policy is very affordable, especially considering all the included benefits. While you can’t get a quote online, you can call an agent for a free quote. The estimated cost to insure a one-year-old child with a $20,000 death benefit is just under $8/month. Death benefits range from $5,000 to $75,000. 

You can also add three riders at no additional cost:

• Accelerated Death Benefit Rider, which provides a payout for terminal illness
• Common Carrier Accidental Death Benefit Rider, which pays an additional benefit if the insured dies on a bus or train
• Family Health Benefit Rider, which provides a benefit for certain natural disasters

In addition, insuring your child with Foresters gives them access to member benefits such as financial counseling, academic scholarships, and discounted legal services. There’s also a built-in Guaranteed Insurability Rider, which allows your child to adjust the death benefit at certain milestones without underwriting. 

Founded in 1898 and headquartered in Toronto, Canada, Foresters issues policies nationwide. The company has had an A financial strength rating with AM Best for the past 20 years. Customer service reviews are difficult to find, but the provider hasn’t had any complaints in the past three years, according to the NAIC. 

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Why We Chose It: Haven offers some of the most affordable rates in the industry on term policies for applicants as young as 18, making it a great option for college students with student loans.

Haven is one of the few insurance providers to offer term policies to adults as young as 18, and their rates are affordable. An 18-year-old male nonsmoker would pay between about $8 and $11 per month for a 10-year, $100,000 policy. In most states, a Haven Life Plus membership is included, which provides several attractive benefits for college students, including a free fitness app subscription and discounts at CVS MinuteClinic. Term policies also come with an accelerated death benefit. 

You can get a quote and apply online or talk to an agent via live chat or phone. While a medical exam is typically required for Haven’s term life policies, college students age 20 and older can elect to get Haven Simple without a medical exam.

Haven launched in 2014 but is owned by MassMutual, which has been around since 1851 and has an A++ financial strength rating with AM Best.

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Why We Chose It: Banner Life is one of the few insurance providers to offer a child rider with conversion options and without medical questions about the child.

Banner Life will cover any child with a $10,000 death benefit for just $55 annually when you add the children’s rider to your adult life insurance policy. The rider covers all children in your family, including stepchildren and adopted children, until age 25 (or until the insured reaches age 65). At that point, you’ll have the option to convert to a permanent life plan. The children’s rider is available in all states except Maryland and New York. 

You can get a term life insurance quote online with Banner Life, or you can contact an agent by phone. The cost of the children’s rider stays the same regardless of the insured’s health. 

Banner Life was founded in 1949. The company isn’t rated by J.D. Power, and there aren’t many customer service reviews available online. However, the provider has had very few complaints in the last few years, well below the average for a company of its size, according to the NAIC. Banner Life also has an A+ financial strength rating with AM Best.