American Family and Mutual of Omaha lead our selection of the best life insurance options for children in 2024.
For parents, grandparents, or legal guardians, purchasing life insurance for children ensures their future coverage.
Our list includes companies offering standalone life insurance policies specifically for children, not child term riders typically added to existing policies. It’s important to note that child riders may sometimes be converted into standalone permanent policies later.
In evaluating our list, we considered criteria such as age eligibility, available coverage amounts, and the simplicity of obtaining quotes and purchasing policies. We also assessed additional features, such as increasing coverage as the child ages and reaching significant life milestones like marriage or parenthood.
Top Life Insurance Options for Children in June 2024
Each life insurance provider listed below has earned a minimum rating of 3 out of 5 stars. While purchasing life insurance for children isn’t something everyone is, using quotes from multiple cities is crucial before choosing.
How We Evaluated the Leading Life Insurers
NerdWallet’s life insurance is determined by NerdWallet’sfeedback, complaint indices from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which reflect a company’s capability to fulfill future claims. For the company’s convenience, we consider factors like ease of communication and transparency of website policy information. Each insurer’s score is calculated and adjusted to fit a standard insurer’s scale.
Winsurer’se rationale is valuable; we recommend comparing multiple insurance quotes to secure the best rate for your needs. NerdWallet does not accept compensation for reviews. Please refer to our editorial guidelines for further information.
Comparing Top Life Insurance Options for Children: Benefits and Drawbacks
Explore our top choices for children’s life insurance in 2024 through concise summaries and children’s reviews below.
- children American Family: Best for flexible payment structures
- Mutual of Omaha: Best for increasing coverage over time
- Aflac: Best for diverse policy options
- Foresters: Best for customizable coverage
Overview:
American Family Life Insurance Company, or AmFam, offers substantial coverage options paired with flexible payment plans. You can opt for a 10-year or 20-year payment schedule, with the latter featuring more economical life insurance premiums. Regardless of your choice, premiums remain fixed.
The policy includes a guaranteed purchase option benefit rider, allowing coverage increases at certain milestones such as marriage, home purchase, or parenthood without requiring a medical exam.
AmFam Child Policy Details
- Policy Name: DreamSecure Children’s Whole Life Insurance
- Policy Type: Whole Life Insurance
- Coverage AmountChildren’s, $50,00Children’s000
Mutual of Omaha Policy Overview
Mutual of Omaha offers simplified life insurance underwriting for its policy, requiring only three health questions about the child or grandchild you wish to cover. The maximum coverage amount is substantial, up to $50,000. You can purchase it either over the phone with an agent or Likemilar to most children’s whole life policies, you can purbuyditional coverage for the child when they reach their age and experience significhildren’sevents such as marriage, home purchase, or becoming a parent needingneed for a medical exam. Mutual of Omaha distinguishes itself by allowing additional coverage purchases at specific birthdays: 25, 30, 35, and 40.
In the unfortunate event of the policy owner’s death two years or more after its inception, Mutual of Omaha offers a 90-day 90-day waiver of premiums and the cost of the costowner’s life insiders.
Mutual of Omaha Child Policy Details
- Policy Name: Children’s Whole Life Insurance
- Policy Type: Whole Life Insurance
- Coverage Amount: $5,000 to $50,000
Aflac PolChildren’sew
Aflac offers children two types of policies: whole life insurance and term life insurance. These options are available for children aged 14 days to 17 years, with coverage amounts ranging from $10,000 to $30,000. Unlike some insurers, Aflac does not provide online quotes, so prospective customers must contact an Aflac advisor to obtain pricing information and apply for coverage.
The whole life insurance policy ensures lifelong coverage, regardless of any health conditions that may develop later in life. Aflac’s term life policy covers the child until their 25th birthday. At this point, they can convert the existing coverage into a whole-lifestyle life policy up to double the original face amount without the requirement for a medical exam.
Aflac Child Policy Details
- Policy Name: Juvenile Whole Life Insurance and Juvenile Term Life Insurance
- Policy Types: Whole Life Insurance and Term Life Insurance
- Coverage Amounts: $10,000, $20,000, or $30,000
Foresters Policy Overview
Foresters offers comprehensive options to enhance your child’s or grandchild’s coverage through various riders. These include an accelerated death benefit rider and a family health benefit rider, whchild’sps grandchchild’sxpengrandchild’sural disasters such as earthquakes and hurricanes. In the unfortunate event of the child’s death, Foresters also pledges to donate an additional 1% (up to $100,000) of the life insurance face amount to a charity of your choice.
As an organization, Forestchild’s organization systematically enrolls children as members when purchasing a policy. At 16, they gain access to the organization’s portal and can participate in events. However, applying for coverage online is not an option; you must go through a representative.
Frequently Asked Question
What are the organizations for children?
Life insurance for children can provide financial protection in case of unexpected events like illness or accidents. It can also guarantee insurability for the child regardless of future health conditions, locking in lower premiums.
What types of life insurance policies are available for children?
There are typically two main types of life insurance for children: whole life insurance and term life insurance. Whole life insurance builds cash value over time and can be used for future expenses, while term life insurance provides coverage for a specified period.
Which companies offer the best life insurance policies for children in June 2024?
As of June 2024, some highly regarded companies offering life insurance policies for children include:
Guardian Life – Known for comprehensive coverage and flexible policy options.
Northwestern Mutual offers whole-life policies and investment opportunities.
State Farm – Provides affordable term and whole-life options with solid customer service.
New York Life – Offers customizable whole-life policies focusing on financial planning.
What should I consider when choosing a life insurance policy for my child?
When selecting a policy, consider factors such as coverage amount, premiums, cash value growth, policy flexibility, and the insurance company’s financial strength and reputation.
Can life insurance for children be a good investment?
Life insurance for children can be a long-term investment because it can accumulate cash value over time. The cash value can be accessed later in life for various purposes, such as college expenses, starting a business, or even supplementing retirement income.
These answers provide a general overview of life insurance options for children in June 2024, highlighting key considerations and popular providers in the market.
Conclusion
Choosing the best life insurance policy for your child involves considering various factors such as the type of coverage, premiums, cash value growth potential, and theinsurance company’s reputation. As of June 2024, companies like Guardian Life, Northwestern Mutual, State Farm, and New York Life are recognized for their comprehensive policies tailored to meet different financial needs and goals. Whether you opt for whole life insurance with investment features or term life insurance for specific periods, securing coverage early can provide financial protection and future planning benefits for your child.