Purchasing life insurance for a child can provide a safety net if the worst should happen, but it can also protect them well into adulthood.
There are different plans that parents, grandparents or guardians can buy, including standalone whole life or term life insurance policies and riders to their own policy.
We’ve reviewed more than 15 major insurance carriers that offer policies for children and selected the best in several categories. (See our methodology to see how made our choices.)
Best life insurance for children
Best for a standalone policy: Mutual of Omaha
Mutual of Omaha Children’s Whole Life Insurance
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Cost
The best way to estimate your costs is to request a quote
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App available
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Policy highlights
Mutual of Omaha offers children’s whole life insurance policies with as few as three health questions and up to $50,000 of coverage. Its whole life insurance policies for children offer the opportunity to add more coverage at certain milestones later in life.
Pros
- Quotes and applications are available online
Cons
- Does not offer term life insurance for children
- Coverage limits and availability varies by state
Who’s this for? If you want a standalone policy for your child or grandchild, Mutual of Omaha‘s Children’s Whole Life Insurance has generous coverage up to $50,000 and underwriting that involves no medical exam and just a few health questions.
Standout benefits: Mutual of Omaha allows your child to buy more coverage at specific birthdays (25, 30, 35 and 40) and life events, including marriage, the birth of a child or a home purchase.
Best term life insurance: Aflac
Aflac Juvenile Life insurance
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Cost
The best way to estimate your costs is to request a quote
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App available
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Policy highlights
Aflac offers term and whole life insurance for children between 14 days old and 17 years old. With both types of coverage, the child is able to convert the policy to a permanent life insurance policy with up to double the coverage.
Pros
- Offers term life insurance for children
- Coverage will ensure future insurability
Cons
- Coverage limited to $30,000 for children’s life insurance
Who’s this for? Aflac is one of the few companies that offers term life insurance for children, with affordable coverage available until age 25.
Standout benefits: Both Aflac’s juvenile term and whole life policies can guarantee future insurability.
Best for high coverage limits: American Family
American Family DreamSecure Children’s Whole Life Insurance
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Cost
The best way to estimate your costs is to request a quote
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App available
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Policy highlights
American Family offers high coverage limits on children’s whole life insurance policies that can be paid in 10 or 20 years. Policies can grow with children as they hit certain life milestones like marriage or buying a home.
Pros
- High coverage limits starting at $25,000
- Quotes are available online
Cons
- Not available in all states
Who’s this for? American Family‘s DreamSecure Children’s Whole Life plan offers coverage limits of up to $75,000, higher than many competitors.
Standout benefits: The guaranteed purchase benefit allows you to increase coverage at certain milestones without requiring a medical exam.
Best for babies: Gerber Life Grow Up® Plan
Gerber Life Grow Up® Plan
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Cost
The best way to estimate your costs is to request a quote
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App available?
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Standout features
This whole life insurance policy can build cash value and the death benefit will double when the child reaches age 18. Coverage is available up to $50,000 and can last a lifetime as long as premiums are paid. These policies can also guarantee that the child will be able to buy more coverage in the future, regardless of health or occupation.
Pros
- Coverage doubles at age 18
- Guarantees insurability in adulthood, helping them buy more coverage regardless of health conditions
- Can be purchased by parents, guardians or grandparents
- 10% discount with autopay
Cons
- Few options for riders or customization on policies
- Not available for children ages 14 and older
Who’s this for? If you’ve recently welcomed a child into the family, the Gerber Life Grow Up® Plan offers affordable rates for children as young as 14 days old. Premiums for kinds under 1 start at $3.70 a month with $5,000 worth of coverage.
Standout benefits: Grow Up Plan coverage automatically doubles at 18, giving your child even more protection as they grow.
Best for whole life coverage: Foresters Financial
Foresters Financial BrightFuture Children’s Whole Life Insurance
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Cost
The best way to estimate your costs is to request a quote
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App available
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Policy highlights
BrightFuture Whole Life Insurance is designed for children up to age 18 and offers two choices for payments. Its children’s policy has several included riders and features that could be useful, including coverage for health expenses after a natural disaster and accelerated benefits.
Pros
- Premiums are able to be paid in a 10-year period or up to age 100.
Cons
- Quotes not available online
- Not available in all states
Who’s this for? Foresters Financial offers a no-exam whole life policy that is payable for either 10 years or up to age 100, enabling you to pay up their lifetime premiums in just a decade.
Standout benefits: Foresters offers several riders at no additional charge, including an accelerated death benefit rider that can help after a terminal illness diagnosis.
Best for children’s term rider: State Farm
State Farm Life Insurance
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Policies
Term, whole, universal and joint universal
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Policy highlights
State Farm offers nearly a dozen life insurance products, including survivorship and no-medical exam plans.
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Availability
State Farm is licensed to sell life insurance in all U.S. states except for Massachusetts and Rhode Island.
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Online quote for term policy
Pros
- Reasonable rates
- Top-rated for customer service
- Return of premium benefit available
- Term policies can be converted to permanent
Cons
- Policies must be purchased through a State Farm agent
- Doesn’t sell policies in Rhode Island or Massachusetts
- Fewer riders than the competition
- Accelerated death benefit costs extra
Who’s this for? A children’s term rider is much more affordable than a standalone policy, and State Farm‘s rider covers kids as young as 15 days old with up to $20,000. The benefit remains in force until they turn 25 or you turn 65.
Standout benefits: State Farm’s rider can be converted into a whole life insurance policy when the child reaches 25.
What is life insurance for children?
A policy for a child works much like any life insurance policy, providing a payout if the child passes away while the plan is in force. Typically, these are small whole life insurance policies with death benefits between $5,000 and $50,000, though some companies offer higher limits.
You can usually buy life insurance for a child under age 17, although some companies have lower age limits: The Gerber Life Grow Up® Plan caps out at 14 years old, for example.
Once your child reaches a certain age (typically 21), they’ll have the option to continue paying premiums on their own or even purchase more coverage at certain milestones, like getting married or buying a house.
Should I buy life insurance for my child or grandchild?
Most people think of life insurance as protecting their loved ones if they die and can’t provide for them financially. But people buy life insurance for children for a variety of reasons.
Covers final expenses: If they were to die, a policy could cover the funeral, medical bills and other expenses. Some policies have accelerated death benefits that would allow you to access funds if they were diagnosed with a serious or terminal illness.
Ensures coverage later: A life insurance policy for a child can guarantee coverage when they’re older. That can be helpful if they develop disabilities, have health issues or take up a risky occupation. All the companies we chose allow children to assume control of their policy at adulthood and add coverage at certain milestones.
Builds a nest egg: Since whole life policies can accumulate cash value, a child’s life insurance can start them off with financial security.
How to get life insurance for a child
Only parents, grandparents or guardians can buy life insurance for a child but the process is relatively simple.
Wait until the child is two weeks old: Most of the life insurance companies we reviewed require children to be 14 or 15 days old before they can be covered.
Provide basic information: While the companies we chose don’t require a medical exam, you’ll need to provide a few details about their health status, as well as their birth date, address and information on the parents.
Choose coverage and limits: Decide whether you want to enroll the child in a whole life or term life insurance policy or add them to your policy with a rider Then you’ll decide how much coverage to buy.
Get a quote: Many insurers offer quotes online or by phone. Compare rates among several companies to find the right fit.
Buy the policy: Coverage begins after you make the first payment.
Types of life insurance for children: What’s the difference?
There are two ways to get coverage for a child:
- A standalone life insurance policy: A whole life policy will stay in force as long as premiums are paid and has a cash value component that can be accessed while the child is alive. A standalone child term life insurance policy expires after a certain number of years.
- A child rider: Parents can add all their kids to their policy affordably with a term life rider. Coverage will expire after a certain number of years, but some companies allow you to convert a term rider into permanent coverage when the child reaches adulthood.
| Standalone policy | Rider on a parent’s policy | |
|---|---|---|
| Coverage type | Permanent or term coverage | Typically term |
| Parent covered? | No | Yes |
| Able to be carried into adulthood? | Yes | In some cases |
| Flexibility | May include riders to customize policy | None |
| Annual cost for a 1-year-old with $25,000 of coverage | About $220 | About $150 |
Source: Rate information from Policygenius
Pros and cons of buying life insurance for a child
Pros
- Death benefits can cover the cost of a funeral, as well as medical and legal bills
- Whole life policies earn cash value that the child can withdraw or borrow against later
- A policy for a child can extend into adulthood, with the option to increase coverage at certain life milestones without an extensive underwriting process.
Cons
- Not all providers offer life insurance for children.
- Many policies max out at $50,000 or $75,000 coverage.
- Policies don’t build cash value quickly, making them less effective investments for paying for college or other goals.
More on our top children’s life insurance companies
Mutual of Omaha
Established in 1909, Mutual of Omaha was highly rated for customer satisfaction in J.D. Power’s 2024 individual life insurance survey and has a lower-than-expected volume of complaints about life insurance, according to the NAIC. We also selected Mutual of Omaha as a top pick for life insurance for seniors.
Types of children’s policies: Whole life
Age limits: 14 days to 17 years old
Coverage limit: $5,000 to $50,000
Available: Nationwide except in Washington state
American Family
American Family offers a children’s term rider with $15,000 of coverage, with a fixed premium regardless of how many children you have and the option to convert to a permanent policy in adulthood. AmFam also has standalone whole life Insurance for children, with the option to purchase additional coverage with no medical exam at certain life milestones.
Types of children’s policies: Whole life, children’s term rider
Age limits: 0 to 17 years old
Coverage limit: $25,000, $50,000 or $75,000
Available: In 24 states
Gerber Life
Gerber Life Insurance offers term, whole life and guaranteed issue policies across all life stages, with policies underwritten by Western-Southern Life Assurance Company. Several plans are targeted at children, including the Gerber Grow-Up Plan (for kids under 14) and the Young Adult Plan (for ages 15 to 17). The Gerber Life Insurance College Plan is an endowment policy for parents with a guaranteed payout that can be used for college expenses.
Types of children’s policies: Whole life
Age limits: 14 days to 14 years old
Coverage limit: $5,000 to $50,000
Available: Nationwide
Foresters Financial
Founded as a fraternal benefit society in 1874, Foresters Financial offers a variety of term and permanent life insurance policies with ample riders and no-medical-exam options. There is no online application process, however, and Foresters only accepts mail-in claims.
Types of children’s policies: Whole life
Age limits: 0 to 18 years old
Coverage limits: $5,000 to $75,000
Available: Nationwide except in New York and Washington state
State Farm
State Farm was ranked No. 1 for customer satisfaction in J.D. Power’s 2024 life insurance survey and receives fewer complaints than expected for an insurer its size. Term life policies can’t be bought online, however.
Types of children’s policies: Term life insurance rider
Age limits: 0 to 25 years old
Coverage limit: Up to $20,000
Available: Nationwide except Massachusetts and Rhode Island
Aflac
Aflac was founded as the American Family Life Assurance Company in Columbus, Georgia, in 1955. Today it offers term, whole and guaranteed issue life insurance, as well as supplemental life insurance, short-term disability insurance, critical illness insurance and dental and vision plans.
Types of children’s policies: Whole life, children’s term rider
Age limits: 14 days to 17 years old
Coverage limit options: $10,000, $20,000 and $30,000
Available: Not available in Delaware, Idaho, New Jersey, New Mexico, New York or Virginia.
FAQs
Can you get life insurance for a child?
Parents, grandparents or guardians can buy life insurance for a child they are legally responsible for. These plans are typically small whole life policies that pay out less than $50,000 but can be converted into adult policies after age 21. A child can also be added to a rider on a parent’s life insurance policy.
What type of life insurance is best for a child?
A whole life insurance policy comes with fixed premiums, no medical exam and the option of lifelong coverage, as well as the opportunity to build cash value or add coverage at certain milestones. You can add your child to your policy with a rider or buy them a term life policy, but this coverage wouldn’t build cash value.
Can I buy life insurance for any age child?
Most of the companies we reviewed allow parents to buy policies for children at birth or 14 days up to age 17. In most cases, when an individual turns 18, they need to buy their own life insurance policy.
Is whole life insurance a good investment for a child?
A whole life insurance policy for a child doesn’t build cash value quickly, making it a weaker investment option than a 529 plan or a child savings account.
Can I borrow against my children’s life insurance policy?
Some children’s life insurance policies allow you to borrow against the policy’s cash value by taking a loan. It may also be possible to surrender the policy and receive its cash value.
Can a grandparent buy a life insurance policy for a grandchild?
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every life insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of insurance products. To research the best life insurance companies, we compiled over 100 data points on more than a dozen life insurance companies. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Our methodology
While narrowing down the best life insurance companies for children, we focused on types of coverage for children, the minimum and maximum issue ages and state availability.
We incorporated customer satisfaction ratings from J.D. Power’s U.S. Individual Life Insurance Study and complaint index reports from the National Association of Insurance Commissioners.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
Based on that critera, our top picks for life insurance for children are:
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
