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Best Life Insurance for Children: 5 Policies That Cover Kids in February 2023
American Family and Mutual of Omaha top our list of the best life insurance policies for kids in 2023.
Katia Iervasi Lead Writer/Spokesperson | Life insurance, disability insurance, health care
Katia Iervasi is a lead writer and spokesperson at NerdWallet, where she focuses on insurance and manages our “best of” life insurance pages. She holds a B.A. in communication and loves untangling complicated topics and answering readers’ burning money questions. Her writing and analysis has been featured in The Washington Post, Forbes, Yahoo, Entrepreneur, Best Company and FT Advisor. Originally from Sydney, Australia, Katia currently lives in New York City.
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As a parent, grandparent or legal guardian, buying life insurance for children is one way to guarantee coverage for them later in life.
Our list of the best life insurance for kids includes companies that offer standalone life insurance policies for children — not child riders, which you typically attach to an existing policy. It’s worth noting that child riders can sometimes be converted to standalone, permanent policies at a later date.
To refine the list, we assessed age eligibility, coverage amounts available, and the ease of getting a quote and purchasing a policy. We also looked at additional features, like the ability to top up the policy when the child grows up and reaches major milestones such as marriage or parenthood.
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Best life insurance for children in February 2023
All of the life insurance companies listed below scored at least 3 out of 5 stars. While life insurance policies for kids aren’t an everyday purchase, it’s important to compare life insurance quotes from a few companies before making a decision.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
Available to children from 14 days to 17 years old.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
Available to children up to 18 years old.
Note: With some insurers, a newborn may need to reach a certain age, such as 14 days old, before becoming eligible for coverage.
NerdWallet rates insurers at the company level, not the policy level. This means our star rating reflects the company as a whole, and not its child life insurance policy specifically.
How we ranked the top life insurers
NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Best life insurance for children: Pros and cons
Learn more about our top picks for life insurance for kids in 2023 by reading the brief summaries below and checking out our comprehensive reviews.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Strong
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
Fewer customer complaints than expected for a company its size.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
AmFam offers a range of payment options and high coverage amounts, but you need to apply through an agent.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Strong
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
Fewer customer complaints than expected for a company its size.
Offers a variety of term and whole life options.
Cons
Not available in all states.
Overview: Along with its high coverage levels, American Family Life Insurance Company — also known as AmFam — stands out for its flexible payment options that allow you to pay off the policy sooner. You can choose a 10-year or 20-year payment plan, with the latter having more affordable life insurance rates. Regardless of which plan you pick, the premiums are locked in.
The policy has a built-in guaranteed purchase option benefit rider, which lets you increase the coverage at certain ages when the child experiences major life events, like getting married, buying a house or becoming a parent. American Family doesn’t require a life insurance medical exam at any of those times.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
Yes
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Close to expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
Whole life insurance available without a medical exam.
Ranked in the top 3 out of 22 companies in the 2022 J.D. Power life insurance study on customer satisfaction.
Cons
Close to the expected number of complaints for life insurance for a company of its size.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Mutual of Omaha gives policyholders more opportunities to top up their coverage. However, its child policies aren't available in Washington.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
Yes
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Close to expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
Whole life insurance available without a medical exam.
Ranked in the top 3 out of 22 companies in the 2022 J.D. Power life insurance study on customer satisfaction.
Cons
Close to the expected number of complaints for life insurance for a company of its size.
Overview: Mutual of Omaha’s policy offers simplified life insurance underwriting, which means you only have to answer three health questions about the child or grandchild you’re hoping to cover. The maximum coverage amount is relatively high at $50,000, and you can buy over the phone if you’d like to speak to an agent or online.
As with most children’s whole life policies, you have the option to buy additional whole life coverage when the child is an adult and gets married, purchases a home or has a child of their own, without their needing to take a medical exam. Mutual of Omaha stands out for also allowing you to buy more coverage at specific birthdays: 25, 30, 35 and 40.
If the policy owner dies within two years of taking out the policy, Mutual of Omaha will waive premiums and the cost of other life insurance riders for 90 days.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
More than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
Policies available directly from Aflac or through many workplaces.
Cons
No online quote option or policy details on website.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Aflac offers a choice between term and whole life insurance for children, which is unusual. But coverage is capped at low amounts.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
More than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
Policies available directly from Aflac or through many workplaces.
Cons
No online quote option or policy details on website.
Coverage is not available in all states.
Overview: Aflac is unique for offering a choice in policies: whole life insurance or term life insurance. Both policies are available for children 14 days to 17 years old, in coverage amounts ranging from $10,000 to $30,000. The insurer doesn’t offer online quotes, so you’ll need to contact an Aflac advisor to get an idea of cost and apply for coverage.
Like all permanent policies, the whole life option provides lifelong coverage — even if the child develops health conditions later in life. Aflac’s term life policy covers the child until their 25th birthday. At that stage, the young adult can convert the existing coverage to a whole life policy worth up to double the face amount without taking a medical exam.
Aflac child policy details
Policy name: Juvenile Whole Life Insurance and Juvenile Term Life Insurance.
Policy type: Whole life insurance and term life insurance.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Gerber's coverage automatically doubles when the child reaches 18 years old, on the policy’s anniversary. However, the company has a high complaint ratio.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Strong
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
Yes
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
More than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
Provides policies without a medical exam, making it easier to get life insurance.
Sells policies for all ages: children, teens, adults and seniors.
Cons
More than the expected number of complaints for a company of its size.
No app available for consumers to manage their life insurance policy.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Gerber's coverage automatically doubles when the child reaches 18 years old, on the policy’s anniversary. However, the company has a high complaint ratio.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Strong
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
Yes
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
More than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
Provides policies without a medical exam, making it easier to get life insurance.
Sells policies for all ages: children, teens, adults and seniors.
Cons
More than the expected number of complaints for a company of its size.
No app available for consumers to manage their life insurance policy.
Overview: Gerber’s Grow-Up Plan is open to children up to age 14. It has a unique selling point: The coverage amount doubles when the child turns 18, while premiums stay the same. So, if you purchase a $50,000 policy when the child is a baby, it will grow to $100,000 at the time of adulthood. Gerber also allows the child to buy more coverage as an adult — and it stands out for offering up to 10 times the original policy value.
The whole life insurance policy builds cash value over time, and once you’ve accumulated enough, you can borrow against the policy. Gerber is transparent about its interest rate for policy loans, which is 8%.
You can apply for a policy online or over the phone, with the company claiming more than 75% of applicants are approved almost immediately. The insurer also offers a discount of up to 10% on monthly premiums for setting up automatic payments.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Strong
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
More than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Long list of riders.
Fraternal benefits for policyholders.
Offers no-exam life insurance for type 2 diabetics.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Foresters offers various riders to cover unexpected incidents, though child policies aren't available in New York, California or Washington.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Strong
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
More than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Long list of riders.
Fraternal benefits for policyholders.
Offers no-exam life insurance for type 2 diabetics.
Cons
No online application process.
Accepts mail-in claims only.
Overview: Foresters allows you to enhance your child’s or grandchild’s coverage with an array of riders. These include an accelerated death benefit rider and a family health benefit rider, which helps to cover medical expenses you might incur as a result of natural disasters, like earthquakes and hurricanes. The insurer will also donate an additional 1% (up to $100,000) of the life insurance face amount to a charity of your choice in the event of the child’s death.
Foresters is a fraternal organization, and buying a policy for a child automatically enrolls them as a member. They’ll be able to access the portal and start attending events at the age of 16. However, there’s no option to apply for coverage online — you have to go through a representative.
If you don’t want to buy a separate policy for a child, consider adding a child term rider to your own life insurance policy. This rider can cover multiple children, and pay out a small amount — such as $5,000 to $25,000 — if a child dies. Keep in mind you’ll need to opt into this life insurance rider when you purchase your policy, but any children born or adopted once the policy is in place will typically be covered.
Another option is to take advantage of supplemental life insurance offered through your employer. Some policies cover eligible dependents, such as children. Speak to your benefits coordinator to find out if your workplace offers this coverage.
More about top-rated life insurance companies
Looking for a different type of life insurance policy? Check out NerdWallet’s top picks across these categories:
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2019-2021. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.
Frequently asked questions
Can you buy life insurance for a child?
Some companies offer standalone life insurance policies for children, and others allow you to add extra coverage to your own policy to cover a child.
Do I need the child’s consent to take out a policy?
No. While you usually need permission when buying life insurance for someone else, that only applies to adults. However, in general, you must be a parent, grandparent or legal guardian to buy coverage for a child.
Can I buy life insurance for a child at any age?
Most life insurance companies will only insure a child up to the age of 18, though there are exceptions.
Can you buy life insurance for a child?
Some companies offer standalone life insurance policies for children, and others allow you to add extra coverage to your own policy to cover a child.
Do I need the child’s consent to take out a policy?
