Purchasing life insurance for children as a parent, grandparent, or legal guardian is one method to ensure coverage for them later in life.

Our list of the best life insurance for kids includes businesses that provide independent life insurance plans for children, as opposed to child riders, which are usually attached to an existing policy. It's worth mentioning that kid riders can occasionally be changed later to independent, permanent insurance.

To narrow down the list, we considered age eligibility, available coverage amounts, and the simplicity of obtaining a quote and purchasing an insurance. We also considered other features, such as the opportunity to increase the coverage when the kid hits important milestones like as marriage or parenting.

Why You Can Trust Nerdwallet?

Our authors and editors adhere to stringent editorial rules to guarantee the material on our site is accurate and fair, allowing you to make confident financial decisions and select the products that work best for you. Here is a list of our partners, as well as information on how we generate money.

Best Children's Life Insurance In 2023

All of the life insurance firms mentioned below received at least three stars out of five. While life insurance plans for children are not commonly purchased, it is critical to compare life insurance quotes from several firms before making a selection.

How We Determined The Best Life Insurers

NerdWallet's life insurance ratings are based on consumer feedback, National Association of Insurance Commissioners complaint index scores for individual life insurance, and weighted averages of financial strength ratings, which reflect a company's capacity to pay future claims. We examine the ease of communication and website transparency within the customer experience category, which looks at the depth of policy details available online. We converted the results to a curved 5-point scale to compute each insurer's rating.

These ratings are intended to serve as a reference, but we recommend that you shop about and compare numerous insurance quotes to discover the best deal for you. NerdWallet is not compensated for any reviews. Read our editorial policies.

Pros And Cons Of The Best Life Insurance For Children

Read the brief summary below and our complete analyses to learn more about our best selections for life insurance for kids in 2023.

Navigate to:

American Familyis the best option for flexible payment plans.

Mutual of Omaha Best for gradually increasing coverage.

Aflac is the best alternative for policy options.

GerberExcellent for large covering levels.

Foresters provide the most personalised coverage.

American Family

Am Fam provides a variety of payment methods as well as high coverage amounts, but you must apply through an agent.

Overview: In addition to providing comprehensive coverage, American Family — often known as AmFam — distinguishes out for its flexible payment choices, which allow you to pay off your insurance sooner. You may pick between a 10-year and a 20-year payment plan, with the latter offering lower life insurance premiums. The rates are fixed regardless of the plan you choose.

The policy includes a built-in guaranteed purchase option benefit rider, which allows you to enhance coverage when the kid goes through key life events such as getting married, purchasing a home, or becoming a parent. In any of those instances, American Family does not demand a life insurance medical exam.

•Details about Am Fam's kid policy

•Bright Future Children's Whole Life is the name of the policy.

•Whole life insurance is the policy type.

•The coverage ranges from $5,000 to $75,000.

Mutual Of Omaha

Mutual of Omaha provides customers with numerous choices to supplement their coverage. Its kid policies, however, are not accessible in Washington.

Overview: Mutual of Omaha's policy provides simplified life insurance underwriting, which means you only need to answer three health questions regarding the child or grandchild you want to insure. The maximum coverage amount is pretty large at $50,000, and you may purchase over the phone or online if you want to chat with an agent.

As with most children's whole life plans, you have the option of purchasing extra whole life coverage when the kid becomes an adult and marries, buys a property, or has their own child, without the youngster having to have a medical test. Mutual of Omaha distinguishes itself by letting you purchase additional coverage at specified birthdays: 25, 30, 35, and 40.

Mutual of Omaha will waive payments and the cost of extra life insurance riders for 90 days if the policy owner dies within two years of purchasing the policy.

•Details about Mutual of Omaha's kid policy

•Children's Whole Life Insurance is the name of the policy.

•Whole life insurance is the policy type.

•The coverage ranges from $5,000 to $50,000.

Aflac

Aflac is unique in that it offers both term and whole life insurance for children. However, coverage is limited to a small quantity.

Overview: Aflac is unique in that it offers both whole life insurance and term life insurance products. Both insurances are available for youngsters aged 14 to 17, with coverage ranging from $10,000 to $30,000. Because the insurer does not provide online quotations, you will need to contact an Aflac representative to acquire a price estimate and apply for coverage.

The entire life option, like other permanent plans, offers everlasting coverage – even if the kid develops health problems later in life. The youngster is covered by Aflac's term life insurance policy until the age of 25. Without passing a medical exam, the young adult can change the existing coverage to a whole-life policy worth up to double the face value at that point.

•Aflac kid policy specifics

•Juvenile Whole Life Insurance and Juvenile Term Life Insurance are the names of the policies.

•Whole life insurance and term life insurance are the two policy types.

•Amount of coverage: $10,000, $20,000, or $30,000.

Gerber

Gerber's coverage automatically doubles when the child turns 18 on the anniversary of the insurance. The corporation, on the other hand, has a high complaint percentage.

Overview: Gerber's Grow-Up Plan is available to children up to the age of 14. It offers a unique selling point: when the child turns 18, the coverage amount increases but the rates remain the same. So, if you buy a $50,000 coverage while your child is a newborn, it will increase to $100,000 when the youngster reaches maturity. Gerber also allows the kid to purchase additional coverage as an adult, and it stands out by providing up to ten times the initial insurance value.

The cash value of your whole life insurance policy grows over time, and after you've saved enough, you can borrow against it. Gerber is open about its policy loan interest rate, which is 8%.

You may apply for a policy online or by phone, and according to the firm, more than 75% of applicants are accepted practically instantly. The insurance also provides a 10% reduction on monthly rates for setting up automated payments.

•Gerber kid policy specifics

•Grow-Up Plan is the policy name.

•Whole life insurance is the policy type.

•The coverage ranges from $5,000 to $50,000.

Foresters

Although kid plans are not accessible in New York, California, or Washington, Foresters provides a variety of riders to cover unexpected situations.

Overview:With Foresters, you may supplement your child's or grandchild's coverage with a variety of riders. These include an expedited death benefit rider and a family health benefit rider, which covers medical expenditures incurred as a result of natural catastrophes such as earthquakes and hurricanes. In the case of the child's death, the insurer will additionally give an extra 1% (up to $100,000) of the life insurance face amount to a charity of your choosing.

Foresters is a fraternal organization, and purchasing insurance for a kid instantly entitles them to membership. At the age of 16, they will be allowed to enter the portal and begin attending activities. However, you cannot apply for coverage online; you must speak with a salesperson.

•Details about Foresters' kid policy

•Bright Future Children's Whole Life is the name of the policy.

•Whole life insurance is the policy type.

•The coverage ranges from $5,000 to $75,000.

Options For The Best Life Insurance For Children

If you don't want to purchase a new policy for your child, try adding a child term rider to your existing policy. This rider can cover numerous children and pay out a little sum if a kid dies (for example, $5,000 to $25,000). Keep in mind that you must choose this life insurance rider when purchasing your policy, although any children born or adopted after the policy is in place are usually covered.

Another alternative is to get additional life insurance provided by your company. Some plans provide coverage for qualifying dependents, including children. Check with your benefits coordinator to see whether your company provides this coverage.

Methodology For Insurer Complaints

In 2019-2021, NerdWallet investigated complaints submitted by state insurance regulators and reported them to the National Association of Insurance Commissioners. To compare insurers, the NAIC develops a complaint index for each subsidiary each year, comparing its percentage of total complaints compared to its size, or share of total premiums in the industry. NerdWallet constructed a comparable score for each insurer, weighted by market shares of each subsidiary, over a three-year period to analyze a company's complaint history. NerdWallet analyses data and draws findings independently and without the NAIC's approval. Auto, house (including renters and condo), and life insurance ratios are calculated independently.

Commonly Asked Questions

Is It Possible To Get Life Insurance For A Child?

Some firms provide separate life insurance plans for children, while others enable you to add additional coverage to your existing policy to cover a kid.

Do I Need The Child's Permission To Purchase A Policy?

No. When purchasing life insurance for someone else, you normally require consent, although this only applies to adults. To purchase coverage for a kid, you must be a parent, grandparent, or legal guardian.

Is It Possible To Get Life Insurance For A Child At Any Age?

There are few exceptions, but most life insurance companies will only insure a kid up to the age of 18.