Best Life Insurance for Children
Buying life insurance for children can guarantee coverage for them later in life. Our list includes companies offering standalone life insurance policies for children, not child term riders attached to existing policies. We assessed age eligibility, coverage amounts, ease of getting quotes, and additional features like topping up policies when children reach major milestones.
Top Life Insurance Companies for Children
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American Family: Best for flexible payment structures
- Offers various term and whole life options
- Includes a guaranteed purchase option benefit rider
- Policy name: DreamSecure Children’s Whole Life
- Coverage amounts: $25,000, $50,000, or $75,000
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Mutual of Omaha: Best for boosting coverage over time
- Allows additional coverage purchases at specific birthdays (25, 30, 35, 40)
- Simplified underwriting with only three health questions
- Policy name: Children’s Whole Life Insurance
- Coverage amounts: $5,000 to $50,000
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Aflac: Best for policy options
- Offers both term and whole life insurance for children
- Term life covers until the child’s 25th birthday, convertible to whole life
- Policy names: Juvenile Whole Life Insurance and Juvenile Term Life Insurance
- Coverage amounts: $10,000, $20,000, or $30,000
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Foresters: Best for customizable coverage
- Offers various riders for additional coverage, including accelerated death benefit and family health benefit
- Policy name: BrightFuture Children’s Whole Life
- Coverage amounts: $5,000 to $75,000
How We Ranked These Insurers
NerdWallet’s ratings are based on consumer experience, complaint index scores, and financial strength ratings. We considered factors like policies offered, financial strength, and complaints.
Alternatives for Child Life Insurance
- Adding a child term rider to your existing life insurance policy
- Utilizing supplemental life insurance through your employer if available
Frequently Asked Questions
- Can you buy life insurance for a child? Yes, some companies offer standalone policies.
- Do you need a child’s consent? No, but you typically need to be a parent, grandparent, or legal guardian.
- Can you buy at any age? Most insurers cover up to age 18.
