10 best children’s life insurance companies in 2021
Written by Anthony Martin 
Founder & CEO | Licensed Agent | Forbes Author 
Fact checked by Brian BarberLast updated on September 17, 2021Are you considering life insurance on a child?
Well, you came to the right place.
In this guide to life insurance for minors, we’ll go over the best child insurance plans, show you sample prices, and discuss why you should or should not buy coverage on a minor.
Click a link below to jump right to the section you’re most interested in or just read on.
Topics covered in this article
- Child policy details
- Sample prices
- 10 best companies
- Main reasons to buy
- Coverage limits
- Who can buy
- How to buy online
- FAQs
How does life insurance for children work?
Life insurance for children is typically a whole life policy between $10,000 – $50,000 in coverage. A small portion of your monthly payment goes into an interest-bearing account called “cash value.” You can use the funds in this account to help pay for college expenses.
Most child life policies don’t require an exam, and parents or grandparents can purchase the coverage on children and grandchildren.
Whole life policies are very straightforward. Here’s the fine print:
- Premiums can’t ever increase.
- The policy never expires at any age.
- Coverage can’t decrease.
- Builds cash value that you can withdraw anytime
As we said, they are simple to understand. You don’t need to stress that some hidden fine print will come back to haunt you.
You can also get coverage on a child via a term insurance rider on someone else’s policy.
But that does not mean the child has a policy. Their coverage would merely be an add-on to someone else’s policy. If the other master policy should ever go inactive, so too would the coverage on the child.
Also, child term riders usually expire between the ages of 18-25. Once they reach the expiration age, they are no longer covered.
Just know this.
If you want life insurance for your child, it’s always best to buy a standalone policy.
How much does children’s life Insurance cost?
Boys and girls pay the same rate | rates don’t change | coverage never expires
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 minors?
The companies below offer the best life insurance for minors. They shine brighter than the rest in price, how easy it is to apply, riders, financial strength, and customer service record.
Top 10 best whole life insurance companies for kids in the USA
Below is a detailed review of each company. Other than the first three, the rest appear in no particular order.
Also, keep in mind that not every one of these companies is available in all states.
Overall best 1st place: Mutual of Omaha
- Policy type: whole life
- Builds cash value: yes
- Fixed premiums: yes
- Coverage expiration date: never
- Age availability: 0 -17
- Coverage range: $5,000-$50,000
- Unisex rates: yes
- Brochure: click here
Mutual of Omaha child coverage is underwritten by one of the most robust and most financially sound life insurance companies globally. Their children’s whole life coverage is easily the best option on the market.
First, it’s the cheapest you will find. For example, $4.00 per month on a $10,000 is a real children’s life insurance rate. They have the most effortless online application, and the policy comes with two great riders at no extra cost.
The guaranteed insurability rider will allow the owner to buy more coverage on the insured children when certain life events occur.
For example, suppose the children get married, have their own kids, buy a home, or turn a certain age. In that case, they can buy more coverage without answering any health questions.
Mutual of Omaha will allow you to do this up to five times throughout the child’s life.
Also, the waiver of premium rider will waive the monthly premiums for 90 days upon the policy owner’s passing. That allows for ample time for someone else to take over the payments on the policy.
You can see quotes and fully apply with Mutual of Omaha using the quoting tool on this page. Once you fill out your application, Mutual of Omaha will send you a hard copy of your policy in less than two weeks.
Example 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
2nd Place: Gerber Life
- Policy type: whole life
- Builds cash value: yes
- Fixed premiums: yes
- Coverage expiration date: never
- Age availability: 0 -14
- Coverage range: $10,000-$50,000
- Unisex rates: yes (except for CA & FL)
- Brochure: click here
Most people know of Gerber because of the baby food, but they do life insurance too!
What’s unique about the Gerber Life Grow-Up Plan is that they double the life insurance coverage once the insured child turns 18 (with no increase in premium).
That sure is great, but their premiums are on the high side, so essentially, what they’re doing is charging you all along for what the coverage would be at age 18.
They also guarantee you can buy additional life coverage later on in the child’s life without them having to show evidence of insurability.
Overall, it’s a good plan and one worth considering. If you already bought coverage from Mutual of Omaha, then Gerber would be a great one to have after them.
Example 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
3rd Place: Globe Life
- Policy type: whole life
- Builds cash value: yes
- Fixed premiums: yes
- Coverage expiration date: never
- Age availability: 0 -24
- Coverage range: $5,000-$30,000
- Unisex rates: yes
Globe Life doesn’t have the best service record, but they have one of the best baby life insurance plans for two reasons.
First, their premiums are also about as low as you’ll find. Second, they allow you to buy coverage for children who are up to age 24.
Virtually no other carrier allows you to buy coverage on someone 18 and older.
So pretty much, if you want coverage on a child who is age 18-24, then Globe Life insurance for children is your best bet. If your kids or grandkids are below 18, then go with Mutual of Omaha or Gerber.
Example 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
4) Protective 
- Policy type: whole life
- Builds cash value: yes
- Fixed premiums: yes
- Coverage expiration date: never
- Age availability: 0-18
- Coverage range: $10,000 – $20,000
- Unisex rates: yes
Protective is a well-established life insurance company that has a solid financial record. Their prices are fair, and they are one of the very few companies that will allow you to buy coverage on an 18-year-old.
Example Protective 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
5) Transamerica
- Policy type: whole life
- Builds cash value: yes
- Fixed premiums: yes
- Coverage expiration date: never
- Age availability: 0 – 17
- Coverage range: $1,000 – $50,000
- Unisex rates: No
The price for Transamerica’s life insurance plan for children is in the middle of most other child companies. Their only real downfall is that they require you to buy via an agent.
They have no online application. You must speak with an agent in person or over the phone.
Example 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
6) Royal Neighbors of America
- Policy type: whole life
- Builds cash value: yes
- Fixed premiums: yes
- Coverage expiration date: never
- Age availability: 0 – 17
- Coverage range: $10,000 – $49,999
- Unisex rates: No
- Brochure: click here
Royal Neighbors of America was the first carrier ever to sell life insurance to minor children. While that’s amazing and a huge plus, they sadly require you to meet with an agent in person to apply.
Their rates are fair, and the company is impressive with service and claims, but they need to come out with an online application.
Example 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) Foresters Financial
- Policy type: whole life
- Builds cash value: yes
- Fixed premiums: yes
- Coverage expiration date: never
- Age availability: 0 – 17
- Coverage range: $5,000 – $75,000
- Unisex rates: yes (not in FL)
- Brochure: click here
A unique element about Foresters Financial is how much coverage they allow you to buy. They will sell a child up to $75,000 in life insurance. Most other companies stop at $50,000 or less.
Price-wise, they are great too. They are almost the same price as Mutual of Omaha. Their rates are only a little higher than Mutual.
Example 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
8) American Amicable
- Policy type: whole life
- Builds cash value: yes
- Fixed premiums: yes
- Coverage expiration date: never
- Age availability: 0 – 17
- Coverage range: $10,000 – $35,000
- Unisex rates: No
American Amicable is an A-rated company that survived the great depression. You can count on them being able to pay their claims when the time comes.
The cost of their coverage isn’t bad by any means, but they require you to speak with an agent to apply. You and your agent can complete the application over the phone or in person.
Example 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
9) Liberty Bankers Life
- Policy type: whole life
- Builds cash value: yes
- Fixed premiums: yes
- Coverage expiration date: never
- Age availability: 0 – 17
- Coverage range: $10,000 – $30,000
- Unisex rates: No
One thing to know about Liberty Bankers is that they force you to spend at least $15.00 per month. That is very rare in the kid’s life insurance business.
That said, their premiums are competitive, and Liberty Bankers has strong financials.
Example 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
10) Physicians Mutual
- Policy type: whole life
- Builds cash value: yes
- Fixed premiums: yes
- Coverage expiration date: never
- Age availability: 0 – 12
- Coverage range: $5,000 – $10,000
- Unisex rates: Yes
Physicians Mutual is kind of odd because they only give you two choices. You can only buy $5,000 or $10,000. That’s it.
Other carriers allow you to buy any amount you want. They have a straightforward online application process, so you won’t need to speak with an agent.
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
4 of the biggest reasons to buy a life policy on your children
It’s a matter of preference whether you buy life coverage for your children.
No hard and fast rule says yes, you should or no, you shouldn’t. It’s all about what YOU think is best.
That said, here are the most common reasons to buy kid life insurance.
1) Savings fund
Full disclosure juvenile life insurance isn’t the best mechanism to save up money for your child’s future college expenses. All financial advisors agree on this.
That said, you can use a baby life insurance policy to help save money for college or any other future expense.
Basically, in the policy, there will be cash value that accrues over time. Cash value in a whole life policy is like a behind-the-scenes savings account.
Every time you make a payment, a percentage of the revenue goes into the cash value account. Additionally, the account earns interest each month, causing it to grow even more. There is no limit to the growth of this account.
You and your children are entitled to withdraw funds from this cash value account anytime you want for any reason.
For example, let’s say your child needs money for college or buying a home or some other expense. You can tap into the cash value to help with that.
2) College loan protection
In 2019, the average college student graduated with $29,900 in student loans. Also, 14% of parents took out (which means they owe the debt) roughly $37,200 in federal college loans (source).
If the child passes away with these loans, they must still be paid back. A child’s life insurance policy can ensure these debts are quickly paid if the child dies with these loans.
3) Funeral costs
Funeral expenses are the most prominent and popular reason parents and grandparents alike purchase a child’s life insurance policy.
Although the chances of a child dying are very slim, it could happen. Having a life insurance policy on one of your little ones gives you perfect peace of mind. You can know their funeral expenses wouldn’t create a financial hardship.
After all, an average burial in the USA costs around $10,000. Cremations aren’t cheap either. They can easily run up to $6,000.
4) Guaranteed insurability later in life
One of the many benefits of whole life insurance for children is getting guaranteed coverage later in life.
The insurance company will allow the insured child to purchase more coverage (up to a certain amount) without showing evidence of insurability.
That means their health or lifestyle cannot prevent them from getting coverage.
If your child were to develop cancer in their 20’s or 30’s, the policy you purchased for them would entitle them to buy additional coverage. Their cancer would not prevent them from obtaining additional insurance.
Should you buy whole life insurance for children?
Some professionals say yes, you should, and some say no, you shouldn’t.
Here’s the truth.
It’s entirely up to you! If you sleep better knowing your children/grandchildren are insured, then buy them a policy. If not, then don’t.
Again, it’s totally up to you.
Insurance (of any kind) provides peace of mind. The question is, do you feel the peace of mind is worth the few bucks you’ll spend to get whole life insurance for your kids.
Only you can answer that.
How much coverage can you buy?
Most insurance companies will allow you to buy between $5,000- $50,000 in life insurance for minors.
Every carrier is different regarding their minimum and maximum.
Who is eligible to buy life insurance for minors?
Not just anyone can buy a policy on a child. Life insurance companies will generally only allow the following people to purchase life insurance on a child:
- Parent
- Grandparent
- Great grandparent
- Stepparent
- Legal guardian
Also, adoptive parents are acceptable.
Insurance companies don’t require consent from the child, so they only allow these individuals to purchase coverage on the child.
Here is another essential thing to note. Grandparents can buy life insurance for grandchildren without receiving consent from the child’s parents.
How to buy a life insurance policy for newborn babies & kids
Most life insurance companies will allow you to buy coverage on children 100% online.
Generally, you can fully apply in less than 5 minutes.
Quick Tip: Use the quote tool on this page to see instant child life insurance quotes and fully apply online! The coverage will be provided by Mutual of Omaha, one of the largest most financially stable insurance companies globally (they produced those Wild Kingdom shows). No down or up-front payments are required, and you’ll have a policy at your house within 1-2 weeks.
Don’t worry because you won’t need much information to complete an application.
Above all else, know that there is never a medical exam required.
Here’s what you’ll need.
All you’ll have to do is provide the following information about the children/grandchildren you’re insuring:
- Full name
- Date of birth
- Gender
- Answers to a couple of medical questions (vary by carrier)
Then you’ll have to provide the following information about the person purchasing the coverage:
- Full name
- Relationship to the insured kids
- Address
- Gender
- Date of birth
- SSN
- Phone number
- Beneficiary names
- Payment information
Once you fill out all the required information, the insurance company will process the application and mail you a paper policy that generally gets to you within a few weeks.
For the kids to qualify, you’ll just have to be able to say no to a few basic questions about the child’s health.
Remember, 99% of the time, no exam is required.
As long as the child or grandchild you’re insuring was not born with some kind of chronic illness, disease, or disorder, the insurance company will accept them.
Child life insurance frequently asked questions
Below are some of the most commonly asked questions we receive regarding life insurance for my son or daughter.
If you have a question that is not addressed here or someone else in this article, email us at info @ choicemutual.com.
We’ll post the question and answer on this page within 48 hours.
Can you get life insurance for a child?
Many life insurance companies offer life insurance for a child. It will generally be a whole life insurance policy that is permanent coverage with a cash value savings component.
For children’s life insurance, do you need the child’s consent?
No life insurance company requires children to consent to a life insurance policy on them. Even life insurance for teenagers doesn’t need their consent.
As long as you’re a parent, grandparent, great grandparent, stepparent, or legal guardian, you can buy coverage on them without their knowledge.
What options are there for kids with preexisting conditions?
It depends on the exact health issue(s). You would need to consult with an agent. Then they can see if any life insurance companies offer minors life insurance with underwriting accepting of the particular issues your child has.
As a general rule, any chronic illness or disease will result in a decline.
Is there a waiting period for a kid’s life insurance?
There’s never a waiting period for life insurance on children. No matter what insurance company you’re looking at, the coverage begins right away. The only payout exclusion on a child policy is suicide during the first two years. All other causes of death will result in a total payout of the death benefit.
Is there an age limit on children’s life insurance?
In most cases, insurance companies won’t insure children who are 18 and above. Since they’re adults, they want them to purchase their own coverage.
Can life insurance for teenagers be purchased without their consent?
Yes, you can buy a life policy on your teenager without their consent because they are still under 18.
How long do you have to wait to buy life insurance on babies?
Most life insurance companies only require the child to be 14 days or older before you can insure them.
