Choice Mutual Rating
5.0

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.

Mutual of Omaha’s coverage for kids combines low premiums with valuable add-ons at no extra cost.

In this article, you’ll learn how their child policy works, the cost, how to apply, see a brochure, and how they compare to Gerber Life and Globe Life.

 

How Does Mutual of Omaha Children’s Life Insurance Work?

Mutual of Omaha’s children’s insurance is a whole life insurance policy for children aged 0-17.

To apply, there is no medical exam, nor do you have to provide the child’s medical records. You only have to answer two health questions.

The coverage amounts range from $5,000-$50,000. The prices never increase, coverage won’t decrease, and the policy never expires.

Because it’s whole life insurance, it will build cash value. With every payment, a portion goes into the cash value account. The money that accrues in this account grows tax-deferred for life.

At any time, the policy owner can withdraw these funds. You can use these monies to help pay for college or other expenses.

The policy also comes with two free riders listed below.

  • Waiver of premium rider: This no-cost rider will waive all premiums for 90 days if the policy owner dies starting from when the owner passed away. That is great because it allows someone else to take over the policy, so it doesn’t lapse. Read through a sample waiver of premium rider for complete details.
  • Guaranteed insurability rider: This no-cost rider allows you to buy additional life insurance on the insured’s life later in life. The extra coverage is guaranteed and cannot be denied due to their health or lifestyle. Read through a sample guaranteed insurability rider for complete details. The options to purchase additional coverage are:
    • 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

Again, both riders come with the policy at no additional cost.

 

Mutual of Omaha Children's Whole Life Insurance Details
Policy TypeWhole Life Insurance
Policy DurationLifetime
Fixed PremiumsYes
Builds Cash ValueYes
State AvailabilityAll states (plus DC) except NY & WA
New Applicant Age Range0-17
Coverage Options$5,000-$50,000
Unisex RatesYes
Free Built In RidersGuaranteed Insurability & Waiver of Premium Due to Death of Owner
BrochureMutual of Omaha Children's Whole Life Policy Brochure

 

How Much Does United Of Omaha Child Insurance Cost?

Mutual of Omaha children’s life insurance typically costs $10-$17 monthly for roughly a $25,000 death benefit.

Like all life insurance products, the exact price depends on the child’s age and how much coverage you purchase.

Mutual of Omaha uses a five-year age band system to price their children’s coverage.

For example, the rates are the same for any child who is 1, 2, 3, or 4. They all pay the same rate in that age bracket.

The table below has some monthly quotes for various coverage amounts.

Tip:
You can pay quarterly, semi-annually (six months), or annually. Just multiply these figures by the respective amount to determine the appropriate total if you want to avoid paying monthly.

AGE$10,000$25,000$50,000
0-4$4.61$10.02$19.04
5-9$5.43$12.08$23.17
10-14$6.15$13.87$26.75
15-17$7.75$17.87$34.75
Source for monthly prices: Choice Mutual child quote calculator. Rates valid as of 05/21/2024.

 

How To Apply For Mutual Of Omaha Insurance For Kids

Applying for Mutual of Omaha children’s insurance takes only a few minutes.

The easiest method is to use their online application.

Here is the information you’ll need about the insured children:

  • Name
  • DOB
  • Gender
  • Answers to the two health questions
Tip:
You do not need the children’s social security numbers.

Whoever is purchasing the coverage will need to provide this information:

  • Name
  • Mailing address
  • Gender
  • DOB
  • Relationship to the children
  • Phone number
  • SSN
  • Beneficiary names (if other than you)
  • Payment information

Once you submit your application, you should receive a paper policy within 5-7 business days.

The coverage will take full effect on whichever day you choose your payments to begin.

 

Eligible Parties Who Can Purchase This Coverage

Only specific people can buy life insurance for a minor.

To buy Mutual of Omaha’s child life insurance, you must be related to the insured children in one of the following ways:

  • Parent
  • Stepparent
  • Legal Guardian
  • Grandparent
  • Great grandparent

No other party can insure a child.

Remember that grandparents do not need permission from the child’s parents.

Also, if you’re a child’s legal guardian, you must furnish legal documentation proving that you’ve taken guardianship over them.

 

Top Three Best Companies For Children

We evaluated all the top life insurance companies that offer life insurance coverage for grandchildren and children.

Then we narrowed it down to the top three, which are listed below.

 

1) Mutual of Omaha Mutual of Omaha company logo

Not surprisingly, United of Omaha came in at number one because of its low rates, high coverage, outstanding financial record, excellent customer service, and valuable free riders.

Overall, they have the best juvenile whole life insurance compared to other insurance providers.

 

2) Globe Life Globe Life company logo

Globe Life’s rates are very similar to Mutual of Omaha, so you’ll get an excellent price.

If you’re trying to insure a child/grandchild who is 18-24, Globe Life for kids is the company for you.

They will allow you to buy coverage for kids in that age range without their knowledge or consent. No other company will do that.

Their primary downfall is that they only offer up to $30,000 in coverage and don’t include the valuable free riders that Mutual of Omaha does.

 

3) Gerber Life Globe Life company logo

Gerber’s Grow-Up Plan for children isn’t the least expensive option (it’s roughly double the cost of Mutual of Omaha and Globe Life) on the market. However, it’s still an excellent policy worthy of consideration.

They double the coverage once the insured child reaches 18 (with no increase in premium), which is something no other insurer does.

Gerber boasts a strong track record for how they service their policyholders, and their online application is very straightforward.

 

DetailsMutual of OmahaGlobe LifeGerber Life
Policy TypeWhole Life Insurance
Policy DurationLifetime
Fixed PremiumsYes
Builds Cash ValueYes
State AvailabilityAll states (plus DC) except NY & WAAll states (plus DC) All states (plus DC)
New Applicant Age Range0-170-240-14
Coverage Options$5,000-$50,000$5,000-$30,000$10,000-$50,000
Unisex RatesYesYes Yes (Not CA & FL)
Free Built In RidersGuaranteed Insurability & Waiver of Premium Due to Death of OwnerNoneGuaranteed Insurability & Waiver of Premium Due to Death of Owner
BrochureMutual of Omaha Children's Whole Life PolicyN/AGerber Grow Up Plan
First Year in Business190919511967
A.M. Best RatingA+A+A
BBB RatingA+A+A+

 

The Bottom Line

5.0/5 rating
Mutual of Omaha earned 5 stars out of 5 for overall performance. Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, complaint data from the National Association of Insurance Commissioners, and financial strength ratings.

Learn about our rating methodology.

Price
5.0
Policy rates relative to other carriers
Financial Strength
5.0
Credit ratings from A.M. Best
Customer Reviews
4.0
Consumer feedback from third-party websites like Facebook, Yelp, and Trustpilot
NAIC Complaint Ratio
5.0
Up-to-date complaint score from the National Association of Insurance Commissioners
Advertising Practices
5.0
Accuracy and trustworthiness of marketing
Available Products
4.0
Number of policy types, including no-exam options

 

Frequently Asked Questions

Yes, grandparents can purchase the coverage and won’t need permission from the children’s parents.

Mutual of Omaha’s children’s coverage is whole life insurance. The rates won’t change, the coverage won’t decrease, and the policy will never expire.

Yes, there are two health questions on the application. You don’t need to submit medical records or have the child undergo an examination. Understand that a yes answer to either health question doesn’t necessarily mean the child won’t qualify. Some conditions are acceptable, and some are not. If your child has any prior health conditions, you should speak with an agent first.

There is no difference. Mutual of Omaha is a giant insurance company that sells multiple types of insurance. Their life insurance products go under the name “United of Omaha.”
It’s the same company, just a different name for their life insurance products.

If the policy owner should die, someone else has a 90-day grace period to take over the policy. United of Omaha will waive the payments not made during these 90 days.

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 are known to provide accurate information. You can learn more about our editorial standards, which guides our mission of delivering factual and impartial content.

  1. cash value. https://www.allstate.com/resources/life-insurance/cash-value
  2. online application. https://mutualapplication.com