4 Best Life Insurance Companies for Kids in 2023

Buying life insurance for children can help in a variety of situations, including locking in lower rates and ensuring they can get coverage in the future.

Parents, grandparents and legal guardians have several options for child insurance:

  • Parents can purchase an individual whole life or term life insurance policy for their child.
  • Parents can insure children under a rider as part of their own life insurance policy.

The right type of policy—and whether it’s the right choice for you in the first place—depends largely on your goals and budget.

CNBC Select analyzes many major insurers that offer life insurance for children, taking into account financial strength ratings, customer satisfaction ratings, coverage limits, age restrictions and more to find the best policies to cover children. (See our methodology to see how we chose the best life insurance policies for kids.)

Children’s Mutual Whole Life Insurance in Omaha

  • price

    The best way to estimate your costs is to request a quote

  • App available

  • Highlights in politics

    Mutual of Omaha offers whole life insurance policies for children with just three health issues and coverage up to $50,000. Its whole life insurance policies for children offer the option to add more coverage at certain stages later in life.

  • Offers and applications are available online

  • Does not offer term life insurance for children
  • Coverage limits and availability vary by state

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who is this for For those looking for individual whole life insurance for children, Mutual of Omaha offers policies between $5,000 and $50,000. Mutual of Omaha offers coverage with just three health questions for simplified insurance.

Outstanding benefits: Mutual of Omaha is highly rated for financial strength and customer satisfaction with an A+ rating by AM Best and 801 out of 1,000 by JD Power. Whole life insurance policies are available without the need for a medical examination.

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American Family DreamSecure Children’s Whole Life Insurance

  • price

    The best way to estimate your costs is to request a quote

  • App available

  • Highlights in politics

    American Family offers high coverage limits on whole life insurance policies for children that can be paid out after 10 or 20 years. Policies can grow with children as they reach certain life stages such as marriage or buying a home.

  • High coverage limits starting at $25,000
  • Offers are available online

  • Not available in all states

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who is this for Those looking for whole life insurance policies with higher coverage limits than those offered by other companies will find options through American Family, also known as AmFam.

Outstanding benefits: American family DreamSecure Children’s Whole Life policies can include $25,000, $50,000 or $75,000 of coverage paid in 10-year or 20-year payment plans. Policies offer the option of purchasing additional coverage without a medical exam at certain life stages such as marriage or home purchase.

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Foresters Financial BrightFuture Children’s Whole Life Insurance

  • price

    The best way to estimate your costs is to request a quote

  • App available

  • Highlights in politics

    BrightFuture Whole Life Insurance is designed for children up to the age of 18 and offers two payment choices. Its child policy has several included riders and features that could be helpful, including coverage for medical expenses after a natural disaster and accelerated benefits.

  • Premiums can be paid over a period of 10 years or up to age 100.

  • Offers not available online
  • Not available in all states

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who is this for Foresters Financial offers whole life insurance policies payable for 10 years or up to age 100 with no medical exam required.

Outstanding benefits: Foresters offers a number of riders at no additional premium, including riders for accelerated terminal illness death benefits and to cover family health expenses from a natural calamity.

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Aflac Life Insurance for Minors

  • price

    The best way to estimate your costs is to request a quote

  • App available

  • Highlights in politics

    Aflac offers term and whole life insurance for children between 14 days and 17 years old. With both types of coverage, the child can convert the policy into a permanent life insurance policy with up to double coverage.

  • One of the few companies that offer term life insurance for children
  • The coverage will provide future insurance

  • Coverage is limited to $30,000 for children’s life insurance

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who is this for For those looking for life insurance to cover children up to a certain age, children’s term life insurance from Aflac can provide the right coverage at a lower cost than whole life insurance.

Outstanding benefits: Aflac is one of the few insurers that offer term life insurance for children. Both Aflac’s minor insurance and whole life insurance can guarantee future insurance.

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Mutual of Omaha was established in 1909 and today is highly regarded for customer satisfaction and financial strength. The company is also featured as one of our top picks for senior life insurance.

Types of life insurance for children are available

Whole life insurance

Age restrictions

14 days to 17 years

Coverage limit options

$5,000 to $50,000

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American Family may be best known for its auto, home and other types of insurance. But for those looking for life insurance to cover a child, American Family offers coverage that could fit the needs and budgets of many families.

Types of life insurance for children are available

Whole life insurance

Age restrictions

Up to 17 years

Coverage limit options

$25,000, $50,000 or $75,000 for 10- and 20-year payment options

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Foresters Financial has been offering life insurance policies since 1874. It has a near-average complaint index according to the National Association of Insurance Commissioners and has an “A” rating for financial stability from AM Best.

Types of life insurance for children are available

Whole life insurance

Age restrictions

Up to 18 years

Coverage limit options

$5,000 to $75,000

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Aflac offers a variety of insurance products, including term life insurance and whole life insurance for children. The company is highly rated for financial strength, receiving an A+ rating from AM Best.

Types of life insurance for children are available

Term life insurance and whole life insurance

Age restrictions

14 days to 17 years

Coverage limit options

$10,000, $20,000 and $30,000

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Frequently Asked Questions

Can you get life insurance for your child?

Parents, legal guardians and grandparents can usually purchase life insurance for a child. Life insurance policies for children are usually small whole life policies (under $50,000) that can convert to adult policies later in life. Children can also be covered under a parent’s life insurance policy.

What type of life insurance is best for a child?

The best type of life insurance for a child depends on your situation and your goals. Most individual child life insurance policies are whole life policies. With these policies, the policyholder pays fixed premiums in exchange for a fixed death benefit and an opportunity to build cash value. Life insurance for a child can also be purchased as part of an adult life insurance policy and can be cheaper than a stand-alone policy, and term life insurance for children does exist.

Is Child Life Insurance Worth It?

Two common reasons for getting life insurance for children include guaranteed insurance later in life after medical issues or career choices may reduce their ability to purchase coverage and the ability to lock in lower premiums. Whether child life insurance is the right option for your family depends on your goals and situation.

Life insurance for children can help ensure they have affordable coverage when they’re older, when medical issues, lifestyle choices, or careers may make it difficult to qualify. However, getting coverage as a rider on an adult life insurance policy can be more affordable.

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At CNBC Select, our mission is to provide our readers with high-quality journalistic service and comprehensive consumer advice so they can make informed decisions with their money. Each life insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of life insurance products. To research the best life insurance companies, we collected over 100 data points from more than a dozen life insurance companies. Although CNBC Select earns a commission from affiliate partners for many offers and links, we create all of our content without input from our sales team or outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best life insurance companies.

To determine the best life insurance companies for children, CNBC Select analyzed dozens of life insurance companies and compared them based on a variety of factors.

While narrowing down the best life insurance companies, we focused on life insurance companies that offer individual life insurance policies for children. We looked at AM’s top financial strength scores, which measure a company’s ability to meet its policies and contractual obligations. We also considered customer satisfaction ratings from JD Power’s 2022 US Individual Life Insurance Survey and Complaint Index reports from the National Association of Insurance Commissioners. Finally, we looked at child life insurance policy coverage limits, minimum and maximum issuance ages, and state availability.

Note that premiums and policy structures advertised for life insurance companies are subject to fluctuation in accordance with company policies.

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Editorial Note: The opinions, analysis, reviews, or recommendations expressed in this article are solely those of the editorial staff of Select and have not been reviewed, endorsed, or otherwise endorsed by any third party.

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