10 Best Juvenile Life Insurance Companies In 2021
Written by Anthony Martin 
Founder & CEO | Licensed Agent | Forbes Author 
Fact checked by Brian BarberLast updated on June 16, 2021
Looking for a juvenile life insurance policy and have questions?
Great, you came to the right place.
In this article, you’ll see prices, how these plan work, the best companies and more.
What’s Covered In This Article
- Juvenile Policy Details
- Sample Prices
- 10 Best Companies
- What About Health Issues?
- How To Find The Best Plan
How Does A Juvenile Life Insurance Policy Work?
A juvenile life insurance policy is normally a whole life insurance plan that’s $10,000-$50,000 in coverage. It features a savings account component called “cash value” that increases every time you make a payment. The cash value can be used for future college expenses.
The main thing you must understand about a whole life policy is that it’s very straightforward.
Here are the details you should familiarize yourself with:
- Guaranteed lifetime coverage that will not expire
- Rates will not increase over time
- Coverage is guaranteed to remain level and not decrease
- Cash value savings component builds up that you can borrow from
All life insurance plans simply result in a tax-free check when the insured (which would the children int his case) regardless of the type or which insurance company you buy from.
So, if your juvenile child were insured and did unfortunately pass away, the insurance company would pay out a tax-free check equal to whatever amount of coverage you purchased.
There are no restrictions whatsoever how that money is used.
Guaranteed option to buy coverage later in life
One of the main reasons to even buy life insurance on a juvenile is to guarantee their insurability later in life.
All juvenile whole life insurance plans come with the guarantee that later in life the child can purchase additional coverage regardless of their lifestyle or health.
Simply put, if the want additional coverage later in life they cannot be denied.
Typically, juvenile life insurance companies allow the insured children to buy more coverage later in life based off certain life benchmarks. For example, it could be when they turn 25, 30, 35 or when they buy a home or have a baby.
It’s certainly true that young to middle aged adults are unable to qualify for life insurance. That said, some people do develop serious health issues that make them uninsurable.
Juvenile Whole Life Insurance Rates
Juvenile life insurance premiums tend be $10-$15 per month with $20,000 being the most common amount of coverage bought. The exact price you pay will be governed by the amount of coverage purchased, gender, state you live in and the juvenile’s health.
The sample rates shown are unisex.
AGE $10,000 $20,000 $30,000 $50,000
0-4 $4.61 $8.21 $11.82 $19.03
5-9 $5.43 $9.86 $14.29 $23.16
10-14 $6.15 $11.30 $16.44 $26.74
15-17 $7.75 $14.49 $21.24 $34.74
Who Are The Best Life Insurance Companies For Juveniles?
These juvenile life companies have the best policies on the market. They stand out in terms of price, application processes and financial history.
- Mutual of Omaha
- Globe Life
- Gerber Life
- Foresters Financial
- Protective
- Royal Neighbors of America
- American Amicable
- Transamerica
- Physicians Mutual
- Liberty Banker’s Life
Top 10 Best Juvenile Life Insurance Companies In The USA
Below you will see a thorough analysis of the best life carriers for juveniles.
They appear in no particular order and remember that not every carrier has their product available in all states.
#1 Mutual of Omaha
- Coverage Min & Max: $5,000 – $50,000
- Age Range: 0 – 17
- Brochure: Click here
- Unisex Pricing: Yes
Mutual of Omaha (also known as United of Omaha) unquestionably offers the best whole life insurance for juveniles.
Their application is extremely simple, pricing is the lowest on the market and Mutual of Omaha has an excellent customer service and financial track record.
Lastly, if the policy owner dies, they will waive all premiums for 90 days. For kids life insurance, that’s unheard of.
Sample Mutual of Omaha Premiums
AGE $10,000 $20,000 $30,000 $50,000
0-4 $4.61 $8.21 $11.82 $19.03
5-9 $5.43 $9.86 $14.29 $23.16
10-14 $6.15 $11.30 $16.44 $26.74
15-17 $7.75 $14.49 $21.24 $34.74
#2 Globe Life
- Coverage Min & Max: $5,000 – $30,000
- Age Range: 0 – 24
- Unisex Pricing: Yes
Globe Life whole life for children is very inexpensive just like Mutual of Omaha. However, they will only allow you to buy up to $30,000 on a juvenile.
Also, Globe does not have the best service record in the industry. They are still worthy of being toward the top of the list just strictly based off how inexpensive they are.
Sample Globe Life Premiums
Age $10,000 $20,000 $25,000 $30,000
0-4 $3.83 $7.15 $8.81 $10.47
5-9 $4.48 $8.50 $10.51 $12.52
10-14 $5.43 $10.27 $12.69 $15.11
15-19 $6.49 $12.23 $15.10 $17.97
#3 Gerber Life
- Coverage Min & Max: $10,000 – $50,000
- Age Range: 0 – 14
- Brochure: Click here
- Unisex Pricing: Yes (not in FL or CA)
Grow up life insurance from Gerber Life is a great option if you already bought the max coverage with Mutual of Omaha.
Sample Gerber Life Premiums
AGE $10,000 $20,000 $40,000 $50,000
1 $6.79 $13.58 $26.08 $32.60
5 $7.68 $15.36 $29.61 $37.01
10 $9.05 $18.10 $34.80 $43.50
14 $10.38 $20.77 $39.97 $49.97
#4 Foresters Financial
- Coverage Min & Max: $5,000 – $75,000
- Age Range: 0 – 17
- Brochure: Click here
- Unisex Pricing: Yes (not FL)
Foresters financial has been in business over 145 years, so they are not new the life insurance business.
Their premiums are very low and they will allow you to buy up to $75,000 in coverage. The downside? You have to meet up with an agent face to face to apply.
Sample Foresters Premiums
AGE $10,000 $20,000 $40,000 $50,000
1 $4.45 $7.86 $14.67 $18.07
5 $5.24 $9.43 $17.82 $22.01
10 $5.92 $10.78 $20.51 $25.38
15 $7.43 $13.81 $26.57 $32.94
#5 Protective
- Coverage Min & Max: $10,000 – $20,000
- Age Range: 0 – 18
- Unisex Pricing: Yes
Protective is a financially sound company with a strong financial history. What’s really unique about them is they will allow you to insure an 18-year-old.
Most child life insurance companies (or young adults) stop at age 17.
Sample Protective Life Premiums
AGE $10,000 $20,000 $40,000 $50,000
1 $6.20 $12.40 $24.80 $31.00
5 $7.00 $14.00 $28.00 $35.00
10 $8.20 $16.40 $32.80 $41.00
#6 Royal Neighbors of America
- Coverage Min & Max: $10,000 – $49,999
- Age Range: 0 – 17
- Brochure: Click here
- Unisex Pricing: No
This will sound crazy but it’s true. Royal Neighbors of America was the first life insurance company in the USA to ever provide life insurance to children!
While that’s an amazing accolade, they require you meet face to face with an agent to sign your juvenile up for life insurance with them.
Sample Royal Neighbors Premiums
AGE $10,000
Male $10,000
Female $20,000
Male $20,000
Female
1 $8.40 $8.00 $12.44 $11.66
3 $8.60 $8.18 $12.86 $12.01
5 $8.81 $8.35 $13.28 $12.35
7 $9.03 $8.53 $13.71 $12.72
Male
Female
Male
Female
#7 American Amicable
- Coverage Min & Max: $10,000 – $35,000
- Age Range: 0 – 17
- Unisex Pricing: No
Have you ever seen the show Fixer Upper? In the introduction to that show, the big building in the background is the home office for American Amicable.
You can insure the life of your grandchildren with them or your own children. Premiums are competitive, but they sadly have no online application process. You must speak with an agent.
Sample American Amicable Premiums
AGE $10,000
Male $10,000
Female $20,000
Male $20,000
Female
0-10 $12.62 $11.71 $22.59 $20.77
11 $12.84 $11.89 $23.03 $21.14
12 $13.04 $12.08 $23.43 $21.51
13 $13.25 $12.26 $23.85 $21.88
Male
Female
Male
Female
#8 Transamerica
- Coverage Min & Max: $1,000 – $50,000
- Age Range: 0 – 17
- Unisex Pricing: No
Transamerica is a strong company financially. Their prices are fair, but for some reason they have no online application process.
You must do the application with an agent either over the phone & email or in person.
Sample Transamerica Premiums
AGE $10,000
Male $10,000
Female $20,000
Male $20,000
Female
1 $15.96 $14.31 $28.31 $25.01
3 $16.16 $14.47 $28.71 $25.34
5 $16.35 $14.65 $25.70 $29.09
7 $16.89 $14.98 $30.17 $26.35
Male
Female
Male
Female
#9 Physicians Mutual
- Coverage Min & Max: $5,000 or $10,000
- Age Range: 0 – 12
- Unisex Pricing: Yes
Physicians Mutual thankfully does have an online application process that’s fairly easy to use.
The downside with them is their prices could be lower to match their competition. They are a financially sound insurance company though.
Sample Physicians Mutual Premiums
AGE $5,000 $10,000
1 $2.95 $5.90
4 $3.40 $6.80
8 $3.85 $7.70
12 $4.45 $8.90
#10 Liberty Banker’s Life
- Coverage Min & Max: $10,000 – $30,000
- Age Range: 0 – 17
- Unisex Pricing: No
Liberty Bankers will not sell you a policy that costs less than $15.00 per month for some reason. Essentially, this means you may have to buy more coverage than you may want.
They would be more favorable if they did away with that rule. Nonetheless, they are a solid company with good customer service and fair prices.
Sample Liberty Bankers Life Premiums
AGE $20,000
Male $20,000
Female $30,000
Male $30,000
Female
1 Price too low Price too low $17.33 $15.31
3 Price too low Price too low $18.03 $15.95
5 Price too low Price too low $18.64 $16.56
7 Price too low Price too low $19.47 $17.45
Male
Female
Male
Female
My Child Was Born With Health Issues. Will They Qualify?
It will depend on what specific health issue(s) your juvenile child has. In a nutshell, some issues are acceptable, and some are not.
As a basic example, being prematurely born is not a problem.
However, if your child has a developmental condition, they, unfortunately, will not qualify.
Here are some of the most common conditions a juvenile could have that would most likely cause them to be declined:
- Sickle cell anemia (not sickle trait)
- Spina Bifida
- Autism
- Down’s syndrome
- Type 1 diabetes
If your child has no issues, they will be approved.
How To Find The Best Whole Life Juvenile Policy
To figure out which policy is best for you, all you need to do is evaluate the following items from each company that you’re considering.
After you know these things, you can make an informed decision.
- Price
- Can you apply online?
- How much coverage can you buy?
- What happens if the owner of the policy dies?
- Financial track record of the insurance company
- When can the insured children buy more coverage later in life?
- Customer service track record
- Which riders (if any) are included?
With that data, it should be very simple to make a decision.
After gathering the data, the winner is clear.
When you analyze all the data points above, it’s very easy to see that Mutual of Omaha is head and shoulders above the rest.
Not only do they offer very low rates, but they have excellent customer service and financial records. Also, their online application is the easiest in the business.
Check out this table below to compare the three biggest juvenile life insurance companies side by side.
| Information |  |
 |
 |
|---|---|---|---|
| First Year in Business | 1909 | 1951 | 1967 |
| A.M. Best Rating | A+ | A+ | A |
| BBB Rating | A+ | A+ | A+ |
| 2019 NAIC Compaint Index (lower is better) | 1.51 | 7.19 | 1.56 |
| Coverage Options | $5,000- $50,000 |
$5,000- $30,000 |
$10,000- $50,000 |
| Unisex Rates | Yes | Yes | Yes (Not CA & FL) |
| $20k Cost For A 9 Year Old | $9.86 | $8.50 | $17.51 |
| Included Riders | Guaranteed Insurability & Waiver of Premium for owner death | None | Guaranteed Insurability |
| Grace Period For Owner’s Death? | 90 Days | No | No |
