Top 12 Children Life Insurance Companies and Policy in 2022

Top 12 Children Life Insurance Companies and Policy

The Best life insurance for children will be offered by well-reputed companies which have many plans to choose from and have excellent customer support. These companies will have knowledgeable agents, straightforward processes, and reasonable quotes. Are you in search of the reliable and best life insurance for children? Then continue reading because we have stocked up some information on that.

What is Life Insurance for a child?

This is similar to adult life insurance. It is a contract with an insurance company. Premiums are paid monthly or annually with the promise that the insurance company will pay a benefit if the child dies.

With adult insurance, the policyholder is the insured person, whereas in case of a child, the policyholder will be a parent or a guardian. The policyholder is also the person who will get the benefit when the child dies.

Child insurance is basically whole life insurance as long as the premiums are paid. The premiums are also fixed and do not change over time. You cannot buy specific term insurance for children.

Why Life Insurance for children?

A life insurance policy is safe for your loved ones who depend on you financially. But then why are life insurance policies available for children? Don’t our children depend on us financially?

Yes, they do depend on us financially, but one of the major reasons why parents buy a child’s insurance is that they want to protect their future “insurability.” When a child is insured, they are insured for a lifetime which means they will not have to buy an insurance policy in future for themselves. If a person develops any health condition during their life, then they are not eligible to buy life insurance. Life insurance companies carry out a medical exam before granting life insurance.

Therefore when parents suspect any possible medical condition, they buy a child’s insurance in order to protect their future insurability. Children are not medically examined before granting them insurance.

Covid-19 pandemic has also been one of the reasons why people hopped on the decision to insure their children. The Covid-19 is known for having long-lasting health conditions for all age groups. Parents are now insuring their children because they now consider that their children’s insurability might be endangered in the future due to the effects of this new disease.

Benefits of Life Insurance for children:

One of the major benefits is the perseverance of future insurability, which can be at risk if the child develops any disease in future life.

Apart from this, another major benefit which encourages parents and grandparents to opt for children’s life insurance is that the benefits from the life insurance can also be used for their major life events such as their education, marriage, and other similar situations.

How Much is Insurance for children’s Life?

Every company has its own quotes. Generally, there are policies available for as low as $5000 and as high as $75000.

Top 12 Life Insurance for children:

Below are some of the best life insurance policies for children that we have gathered for your knowledge:

1. Mutual of Omaha:

Mutual of Omaha is the best life insurance policy for children. You can check their website, and you will realize why that is so. They provide on-spot quotes, an easy navigation process, guaranteed lifelong insurance, and provide the cheapest life insurance coverage for the child. They also provide nationwide coverage.

This insurance plan is based on the policyholder and insured interests and needs. They have covered up all the problems that parents and guardians might have to face in the process. No medical examination is needed for this policy. Lifetime insurance is also guaranteed. There is also a waiver of premium if the policyholder, the parent, guardian, or the grandparent dies. It allows another policyholder to take over the policy for the child.

They start at very low and affordable rates. It is one of the best options for low-life insurance for children. You can give this affordable life-long insurance to your children that they can easily manage in the future. Coverage of $5000 to $50,000 is available. You only have to answer three questions online, and they will provide you with a quote.

2. Gerber Life Insurance:

This company is known for providing the best life insurance for children. They provide certain benefits and services which make them stand out among their competitors. One of the examples of the benefits of life insurance for children is that they double the coverage benefits after the child turns 18 without any extra cost or hassle.

They have an easy application and guaranteed lifetime coverage. One of the disadvantages of this policy is that it is a bit expensive as compared to the other options. The premium for an infant is $3.27/month for $5000 coverage.

Nonetheless, Gerber is a name that you can trust for your child’s life insurance.  It is the only company that doubles the coverage benefits at age 18.

It has a “Grow Up” policy for children who are under 18 years of age. For children aged 15-17, they have the “Gerber life young adult” policy.

When the insured person reaches 21 years of age, they can either get the cash value back or continue the policy for a lifetime.

3. State Farm:

This policy is best for term life insurance for children. The life insurance of the child is linked with the parent’s term life insurance policy for only $50/year. This is the cheapest life insurance coverage available for children. It also covers unborn children as they are born.

One of the disadvantages of this policy is that the maximum coverage is only $20,000. Grandparents cannot purchase this policy. This policy has to be purchased through an agent.

This is one of the best options for term life insurance. Most life insurances cost 5 times more than this term policy. This policy is ideal for parents who only want death benefit coverage for their child and choose other investment options that provide better return rates for other life events such as marriage and education.

It costs $50/year for all the children of the family, even the ones born after the policy is purchased. It is effective until the age of 25, and it can be converted into lifelong insurance.

4. Thrivent:

This is the best option for affordability in terms of a lifelong policy. The premium for $25,000 is $12/month. It continues through the age of 70. This non-profit policy is one of the best life insurance for children. Term policies are also available in this plan.

It is only open to Christians, and one must work through an agent. Its low cost and financial stability make it one of the most affordable life insurance for children. It also offers many standard life insurance benefits for major life events of the child.

It is unavailable to the non-Christian population of the United States and also does not provide any quotes online.

5. Foresters Financial:

Foresters Financial BrightChildren Whole Life has many different options to choose from. It is one of the most versatile options available when it comes to the best life insurance policy for children. If you have a membership, then some of the profits will be shared with you as benefits such as legal counseling. The timing for the transfer of ownership is also flexible.

You need to work through an agent, and it does not give online quotes.

It is one of the most innovative life insurance for children. You can get coverage up to $75000. It is a strong policy but not as strong as other competitors.

6. Globe Life Insurance:

It is the best option for life insurance for college students. This is the only child insurance policy that allows new benefits to be written for young adults between ages 18 to 24. It also does not require their consent.

It is easy to operate online and get quotes. It also does not require any medical exam. They only ask some simple questions and give you the quote.

It only covers up to $30,000. There are guaranteed issues with this policy, and the whole life policy does not exist.

This policy is ideal for parents and grandparents who did not insure their children before 17 years of age and now cannot find a company for them.  This is the only company that treats young adults as children and provides a similar policy to a children’s life insurance policy. The rates are also very competitive. They cost $2.17/month for $5000 policy for a young adult and $3.49/month for $5000 policy for an adult.

7. Protective:

This is also a reliable company that provides life insurance for almost all ages. You can get a child rider policy with this company. They usually have great cash returns, and your money and assets are in safe hands.

The rates are competitive, and the company has a good reputation in the stock market, which makes it reliable for its customers.

The cash value is generally slow in the early years but increases over time.  You will have to get their policy through an independent agent.

8. Transamerica:

This company is ideal for term insurance for children. This can also opt for child life insurance since they are very flexible with the ages of the customers and the types of policies.

You can easily get an online quote for this life insurance. Their term life insurance rates are excellent and reasonable. They are also good for full family whole life insurance.

Since this company’s investments have not been performing well compared to other competitors, there is a risk of extra expenses being transferred at the end of the customers.

Their cash value builds up really well in the early years, which helps to take policy loans later in life.

9. Lincoln Financial:

This company provides excellent life insurance for adults. It has a child rider option available which means that along with your own life policy, you can add your child policy which will later be converted into their own life policy as an adult.

10. Pacific Life:

This insurance policy is used to supplement retirement income. This is basically for retirement planning. It also has a child rider policy which means that you can get a child policy along with your life insurance policy. If you want your children to continue with this policy through their adulthood then you can buy this policy and get a child rider policy for your children. This policy has low internal rates. This ensures that the insurance policy expenses do not eat up the cost value.

11. Prudential:

This insurance policy offers many benefits. One of the biggest benefits is that it allows you to use your own death benefit for nursing home expenses.  The cash value and the external costs are known, and you will not be surprised by any extra expenses during the course of your insurance. The premiums are also reasonable and manageable for adults.

If you are interested in this policy and want your child to have it in adulthood, then you can buy the child life insurance rider along with this policy.

You can also get free quotes online for your convenience.

12. Nationwide:

This insurance policy is one of the best life insurance policies for children since the company is very reliable. This reliability helps when you have to continue the policy for many decades for your child. This policy helps to grow cash value for young buyers. This also comes with a child life insurance rider and can be used as a child insurance. In the future, your child can continue using the same policy in adulthood.

Conclusion:

All these best life insurance for children have a good reputation and strong financial strength. Some offer multiple policies and money-back guarantees. We recommend Mutual of Omaha. The company has a great reputation and some of the lowest prices. When choosing life insurance for your child, make sure to go with the options that they can even continue in adulthood.