Best Children’s Life Insurance Companies

Best for lowest prices: Mutual of Omaha
Best if your kids are 18-25: Globe Life
Best for children with health issues: Gerber Life
Best for children’s term life: Aflac
Best for high coverage: Foresters Financial

 

Best for lowest cost

Mutual of Omaha

Founding Year: 1909
Choice Mutual Rating
5.0
A.M. Best Rating
A+
Superior
NAIC Complaint Index
0.64
Get Quotes

Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.

AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.

The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

The Good
  • Low prices- Relative to other children’s life insurance providers, Mutual of Omaha usually offers the lowest rates.
  • Quickly buy up to $50,000– Their online application is simple to use, and you can cover your kids for up to $50K in coverage.
  • Valuable free riders- Mutual of Omaha includes a guaranteed insurability rider (kids can buy more coverage as adults) and waiver of premium rider (premiums are waived for 90 days if the owner dies) at no extra cost.
  • Online application– You can fully apply online without having to speak with an agent if you prefer not to.
The Bad
  • No direct bill or credit cards– If you want to pay your premiums monthly, you cannot mail in payments or use a credit card. Monthly payments can only be made via automatic deduction from a checking or savings account (on a day you choose).
Mutual of Omaha stands out as the best child life insurance policy because of their low prices, complimentary riders, and ease at which you can do business with them. The guaranteed insurability rider allows the insured minors to buy more coverage up to five times as an adult. The additional life insurance is a guaranteed issue, meaning they cannot be denied for any health or lifestyle reasons. The following life events trigger the option to buy more coverage:
  • The policy anniversary dates following the insured’s 25th, 30th, 35th, and 40th birthdays
  • The insured’s marriage, domestic partnership, civil union, or equivalent relationship
  • The insured’s birth or adoption of a child
  • The purchase of a home
The waiver of premium rider will waive all premiums due for 90 days if the policy owner dies. That allows ample time for someone else to take over the payments so the policy does not lapse. Their online application is simple and much more user-friendly than those of other child life insurance companies. For example, you can list up to eight children in a single application rather than having to create an application for each child.
Product
Details		Policy Type: Whole Life Insurance
New Applicant Age Range: 14 days-17 years
Coverage Amount Range: $5,000-$50,000
States Available: All States (except New York)
Product
Benefits		Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Guaranteed Insurability: As adults, the children have the guaranteed option to buy more life insurance, which cannot be denied for any reason.
Waiver of Premium: If the owner dies, the premiums are waived for 90 days to time for allow someone else to take over paying for the policy.
Optional Riders: None
Application
Details		Where to Apply: Agencies licensed to sell Mutual of Omaha products
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: 2-3 minutes

To get even more details, read our Mutual of Omaha children’s insurance review

 

 

Best if your kids are 18-25

Globe Life

Founding Year: 1951
Choice Mutual Rating
4.0
A.M. Best Rating
A
Excellent
NAIC Complaint Index
6.22
Get Quotes

Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.

AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.

The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

The Good
  • Accepts applicants 18-25– Parents can buy a policy for their adult children 18-25 without requiring their participation.
  • Great prices– Globe life rates are on the low end of the spectrum. Only Mutual of Omaha offers lower prices.
  • Online application– You can apply online without speaking with a licensed agent.
The Bad
  • Low coverage maximum– Globe Life will only sell up to $30,000 in coverage, whereas most other companies go up to $50,000 and more.
  • Lots of consumer complaints– Globe has a very high complaint ratio with the NAIC well beyond the average. Plus, most review websites like the BBB or consumeraffairs.com note a higher number of objections.
Globe Life is exceptionally rare because they allow you to buy coverage for adult children or grandchildren up to age 25. All other children’s life insurance companies stop accepting applications once children are 18. Like most other providers, Globe also guarantees that the insured children have the guaranteed right to buy more coverage as adults. Globe Life offers multiple payment options such as credit card, bank draft, or by sending payments through the mail.
Product
Details		Policy Type: Whole Life Insurance
New Applicant Age Range: 14 days-25 years
Coverage Amount Range: $5,000-$30,000
States Available: All States
Product
Benefits		Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Optional Riders: None
Application
Details		Where to Apply: Globe Life Website
Phone Number to Apply: 1-800-742-6787
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: 2-3 minutes

To get even more details, read our Globe Life children’s insurance review

 

 

Best for children with health issues

Gerber Life

Founding Year: 1967
Choice Mutual Rating
4.0
A.M. Best Rating
A+
Superior
BBB Rating & Accreditation
A+
Not Accredited
NAIC Complaint Index
1.30
Get Quotes

Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.

AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.

The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

The Good
  • Coverage doubles at 18—When the child turns 18, the death benefit doubles, while the premium remains the same.
  • Flexible payment options– You can pay via credit card, an automatic bank draft, or by sending in a money order.
  • Certain health issues are acceptable– Depending on the specific condition(s), Gerber Life may still be able to offer coverage that other companies would decline.
  • Online application– You can fully apply online without speaking with a Gerber Life insurance agent.
The Bad
  • Prices are much higher than those of other companies—Gerber Grow Up Plan rates are nearly double what companies like Mutual of Omaha and Globe Life charge.
  • Ownership automatically changes at 21– When the kids turn 21, Gerber automatically makes the child the policy owner, giving them complete control. Other companies allow the person who bought the policy control to choose when and if they want to transfer ownership.
Gerber doubles the face amount of the policy when the child turns 18, and the price remains the same. Another great benefit of working with Gerber Life is that they will accept children with health issues. For example, children with diabetes or asthma can still qualify for a policy (with a higher premium). Generally, companies offering children’s coverage will deny applicants with ongoing health ailments. There is a guaranteed insurability rider that ensures the children can buy more coverage as adults. The additional coverage is guaranteed, meaning they cannot be denied for any health or lifestyle reasons. Gerber allows the child (as an adult) to buy more coverage up to four times. An optional “payment protection rider” is available for an additional cost. This rider waives all premiums if the policy owner becomes totally disabled or dies before the child’s 21st birthday.
Product
Details		Policy Type: Whole Life Insurance
New Applicant Age Range: 14 days-14 years
Coverage Amount Range: $10,000-$50,000
States Available: All States
Product
Benefits		Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Guaranteed Insurability: As adults, the children have the guaranteed option to buy more life insurance, which cannot be denied for any reason.
Optional Riders: Payment Protection- Covers all premium payments if the policy owner becomes totally disabled or dies before the
child’s/insured’s 21st birthday.
Application
Details		Where to Apply: Agencies licensed to sell Gerber Life products or the official Gerber Life website
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: 2-3 minutes

To get even more details, read our Gerber Grow Up Plan review

 

 

Best for children's term life insurance

Aflac

Founding Year: 1955
Choice Mutual Rating
3.5
A.M. Best Rating
A+
Superior
NAIC Complaint Index
3.28
Get Quotes

Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.

AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.

The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

The Good
  • Term life insurance for kids– Aflac is one of the few companies that offers a term life policy for kids. Most companies only offer whole and universal life coverage for children.
  • Whole life coverage doubles at 18– Like Gerber Life, Aflac will double the death benefit (at no extra cost) on the child’s 18th birthday. This benefit does not apply to their term life option.
The Bad
  • Maximum coverage is $30,000– Aflac’s maximum coverage is relatively low compared to other providers.
  • No online application– Aflac requires you to speak with a licensed agent who will fill out the application.
Aflac is one of the only companies that offers a term life policy to children. Nearly all other providers offer only permanent life insurance for children. The term coverage will expire on the child’s 25th birthday, but they can convert to whole life any time before that. To be clear, Aflac also offers whole life insurance for children. They include a guaranteed insurability rider like most providers. This rider guarantees that the children can buy more coverage as adults regardless of any health issues they may have when they opt to purchase more coverage.
Product
Details		Policy Type: Whole Life Insurance or Term Life Insurance
New Applicant Age Range: 14 days-17 years
Coverage Amount Range: $10,000-$30,000
States Available: All States (except New York)
Product
Benefits		Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes for whole life, but not with term life
Policy Duration: Whole life lasts forever, but the term option expires at age 25
Guaranteed Insurability: As adults, the children have the guaranteed option to buy more life insurance, which cannot be denied for any reason.
Application
Details		Where to Apply: Agencies licensed to sell Aflac life insurance products
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: 5-10 minutes

 

 

Best for high coverage

Foresters Financial

Founding Year: 1874
Choice Mutual Rating
5.0
A.M. Best Rating
A
Excellent
BBB Rating & Accreditation
A+
Not Accredited
NAIC Complaint Index
1.69
Get Quotes

Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.

AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.

The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

The Good
  • High coverage maximum– Foresters allows you to buy up to $75,000, whereas most other providers top out at $30K-$50K.
  • Low prices– The rates are on the low end of the spectrum and very close to Mutual of Omaha and Globe Life.
  • 10-pay option– At a higher premium, you can opt for the 10-pay option, which means you pay for the policy for ten years, and then it becomes “paid up.” After ten years, no additional premium is required, and the policy remains in force forever.
The Bad
  • No online application– Foresters Financial requires you to verbally speak with an agent who can assist you in buying this coverage in person or via email.
Foresters Financial offers very competitive rates and some unique options that other companies don’t offer. For example, they offer a 10-pay option in addition to the standard “life pay” option. If you choose the 10-pay option, your premiums will be higher, but you’ll only have to pay for ten years. After ten years, the policy becomes paid up, which means the coverage lasts forever and no longer requires any more premiums. Conversely, the life pay option is cheaper. However, you’ll make payments indefinitely (this is the default option with most companies). Every Foresters child policy automatically includes three valuable riders at no extra cost:
  • Guaranteed insurability: Guarantees that the children can buy more coverage as adults without qualifying medically.
  • Common carrier: This doubles the death benefit payout if the child dies in a “common carrier” accident. A common carrier is a mass transit system like a bus or a train.
  • Family health benefit: This rider can provide up to $650 per person (the insured or their family) per incident for various health events.
Lastly, there is a charity benefit that you can take advantage of at no extra cost. If you name a preferred charity (must be a 501(c)(3) organization), Foresters Financial will pay them an additional 1% of the death benefit.
Product
Details		Policy Type: Whole Life Insurance
New Applicant Age Range: 14 days-17 years
Coverage Amount Range: $5,000-$75,000
States Available: All States (except New York)
Product
Benefits		Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Guaranteed Insurability: As adults, the children have the guaranteed option to buy more life insurance, which cannot be denied for any reason.
Common Carrier: Doubles the death benefit if the insured dies using a mass transit form of transportation.
Family Health Benefit: Can provide up to $650 to the insured or relatives of the insured for various qualified health events.
Application
Details		Where to Apply: Agencies licensed to sell Foresters Financial products
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: 5-10 minutes

 

How Does Children’s Life Insurance Work?

Life insurance for children is like adult coverage with a few minor differences. Children’s coverage is most commonly whole life insurance. However, some companies do sell standalone term life or universal life policies for children.

Both whole and universal life policies are permanent life insurance types that include an investment feature called “cash value.” With every payment you make, a portion is diverted into the cash value account, which earns interest. The equity in the cash value account can be withdrawn by the policy owner and used for any purpose (no restrictions). Term life insurance does not build cash value.

As is the case with all forms of life insurance, if the child dies while the policy is active, the insurer will pay out the death benefit tax-free to the beneficiaries. A life insurance payout can be spent on anything.

 

How To Choose The Best Company

I’ve sold thousands of children’s life insurance policies over the years. Here’s my best advice on choosing a company. Ultimately, you need to compare multiple providers side by side. In particular, pay close attention to these variables with each company:

  • Cost– Price is a big deal for most people. If all other factors are equal, choose the company that offers the lowest price.
  • Company background– Only consider companies that have a B rating or higher with A.M. Best. How are their online reviews from sites like Google, Trustpilot, and the Better Business Bureau? These are all important signals that give insight into how the company treats its existing customers.
  • Riders– First, a children’s life insurance policy must include a guaranteed insurability rider that guarantees that the children can buy more coverage as adults. Getting guaranteed coverage later in life is one of the main reasons to buy a children’s life insurance policy. If the policy does not have this rider, immediately disregard it. Companies often include other riders that may appeal to you. Decide how valuable those other riders are and how it weighs against other factors.
  • Application process– Many people prefer the convenience of an online application, which is understandable. If you want to complete the application privately on your own time, then seek out a company that offers an online application.
  • Payment method– Be sure to choose a company that offers whichever payment method you prefer because every company has different options. For example, Mutual of Omaha will not let you mail in monthly payments. They would require an automatic draft from your checking or savings account (for monthly payments). Some companies like Gerber allow you pay via credit cards and others, such as Aflac, will not.

 

Frequently Asked Questions

Whole life insurance is typically the best type of life insurance for a child because it offers iron-clad guarantees that the premium will never change and the coverage will last forever. While less expensive, term life will typically terminate when the child is 25. Plus, a child’s whole life policy will come with a guaranteed insurability rider that enables them to buy more coverage as adults.

All types of permanent life insurance accrue cash value, which is similar to a behind-the-scenes savings account. With each payment, a small portion is directed into this account, which generally earns interest (it varies by company). The money in the cash value account can be withdrawn by the policy owner and used for any purpose.

Buying whole life insurance for a child secures them lifetime coverage at a rock-bottom price and guarantees them the ability to buy coverage as adults. A whole life policy also builds cash value that can provide much-needed cash as an adult to help offset college bills or any other expense.

Nearly all life insurance companies allow grandparents (and great-grandparents) to buy life insurance for grandchildren. The grandparents won’t even need permission from the children’s parents.

Choice Mutual often cites third-party websites to provide context and verification for specific claims made in our work. We only link to authoritative websites that provide accurate information. You can learn more about our editorial standards, which guide our mission of delivering factual and impartial content.

  1. BBB. https://www.bbb.org/us/tx/mc-kinney/profile/insurance-companies/globe-life-inc-0875-2425/complaints
  2. consumeraffairs.com. https://www.consumeraffairs.com/insurance/globe-life-insurance.html
  3. cash value. https://www.allstate.com/resources/life-insurance/cash-value
  4. A.M. Best. https://web.ambest.com/ratings-services/guide-to-best-s-credit-ratings
  5. A.M. Best Rating. https://news.ambest.com/newscontent.aspx?refnum=248191&altsrc=23
  6. BBB Rating & Accreditation. https://www.bbb.org/us/ne/omaha/profile/insurance-companies/mutual-of-omaha-companies-0714-104000434
  7. NAIC Complaint Index. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_COMPLAINTS&Cocode=69868&REALM=PROD&Cocode=69868&REALM=PROD
  8. A.M. Best Rating. https://news.ambest.com/PR/PressContent.aspx?altsrc=1&RefNum=33731&URatingId=3213454
  9. BBB Rating & Accreditation. https://www.bbb.org/us/tx/mc-kinney/profile/insurance-companies/globe-life-inc-0875-2425
  10. NAIC Complaint Index. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_COMPLAINTS&COCODE=91472&REALM=PROD&COCODE=91472&REALM=PROD
  11. Globe Life Website. https://www.globelifeinsurance.com/child
  12. A.M. Best Rating. https://news.ambest.com/newscontent.aspx?altsrc=149&refnum=255921&_gl=1*1jg149o*_ga*MjA0NjQ2ODI4LjE3MTAzNTIzMjM.*_ga_VNWYD5N5NL*MTcxMjY5MDg4NC42LjEuMTcxMjY5MTQzOS4wLjAuMA..
  13. BBB Rating & Accreditation. https://www.bbb.org/us/ny/white-plains/profile/insurance-companies/gerber-life-insurance-0121-27478
  14. NAIC Complaint Index. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_COMPLAINTS&COCODE=70939&REALM=PROD&COCODE=70939&REALM=PROD
  15. Gerber Life website. https://www.gerberlife.com/child-life-insurance/grow-up-plan
  16. A.M. Best Rating. https://news.ambest.com/PR/PressContent.aspx?refnum=33600&altsrc=9
  17. BBB Rating & Accreditation. https://www.bbb.org/us/ga/columbus/profile/insurance-companies/aflac-0743-101327
  18. NAIC Complaint Index. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_COMPLAINTS&COCODE=60380&REALM=PROD&COCODE=60380&REALM=PROD
  19. A.M. Best Rating. https://www.prnewswire.com/news-releases/foresters-financial-maintains-its-a-excellent-am-best-and-a-dbrs-financial-strength-ratings-301955559.html
  20. BBB Rating & Accreditation. https://www.bbb.org/ca/on/north-york/profile/insurance-companies/foresters-financial-0107-1166355
  21. NAIC Complaint Index. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_COMPLAINTS&COCODE=58068&REALM=PROD&COCODE=58068&REALM=PROD