Updated: May 25, 2025
Advertising & Editorial Disclosure
Mutual of Omaha is the top provider of children’s life insurance. Its Children’s Whole Life Insurance offers lifetime protection and guaranteed premiums for children aged 14 days to 17 years.
State Farm’s Children’s Term Rider stands out for its flexibility. It covers children up to age 25 and offers the option to convert to permanent insurance, ensuring long-term security.
Life insurance policies for children are typically whole life policies, providing lifelong coverage with guaranteed premiums, cash value accumulation and a death benefit.
With a MoneyGeek score of 96 out of 100, Mutual of Omaha stands out as a leading provider in the life insurance market for children. This company offers both standalone life insurance for children and term life child riders, showcasing its commitment to providing versatile and comprehensive options for young policyholders. That said, the ideal choice for you depends on your needs. Below are the top life insurance companies by category to help you find the right fit.
Mutual of Omaha is the best overall life insurance company for children, earning a MoneyGeek score of 96.
Mutual of Omaha provides a range of products, including term life, whole life and universal life insurance, ensuring customers can access diverse options that suit their individual needs and circumstances. With its impressive history spanning 114 years, the company has also established itself as a premier provider of children's life insurance. The company's commitment to financial stability, customer satisfaction and a streamlined buying process is evident in its high MoneyGeek score.
One of Mutual of Omaha's standout offerings is its Children's Whole Life Insurance, designed for children from 14 days old to age 17. This policy is not only a thoughtful way to ensure lifelong protection for children and grandchildren but also guarantees never-increasing premiums.
The Dependent Children’s Rider, which can be added to a base policy, further exemplifies the insurer's dedication to offering tailored solutions for young family members. This rider allows for coverage extension to all unmarried dependent children in the household, including automatic coverage for children born or adopted after the rider is issued.
State Farm is a top-tier choice for those seeking child riders. It received a MoneyGeek score of 99, the highest among companies offering child riders.
State Farm offers competitive life insurance solutions for families with children. The insurer's Children's Term Rider is particularly noteworthy, offering flexible and comprehensive coverage for children up to age 25 or until the policyholder turns 65. This rider can be conveniently converted to permanent insurance, ensuring long-term security for the child, regardless of future health changes. The option to purchase up to five times the amount of coverage on the child's 18th birthday adds another layer of adaptability and foresight to their offerings.
State Farm's dedication to financial stability, customer satisfaction and a diverse range of products, evident in its notable MoneyGeek score, positions it as an excellent choice for families seeking secure and flexible insurance coverage for their children.
Finding the right life insurance for your children secures their future insurability and locks in a low rate. Learn how to buy the right policy, compare offers and options, and explore how life insurance for children works with the help of our guide below.
Buying life insurance for children is usually a straightforward process. When looking to buy a life insurance policy for children, you may have questions about what information is needed or what health factors are considered. These common questions are answered below.
For most children's life insurance policies, only a few pieces of information are needed. The child's full name, date of birth and social security number are usually all that's necessary. Some life insurance policies for kids ask a few health questions, which may include:
If there are health questions and you can answer "no" to them, there should be no problem getting approved. If not, a guaranteed whole life insurance policy without health questions may be the best option.
No, your child does not have to approve the life insurance policy because they are a minor. If a grandparent purchases life insurance for their grandchild, one or both parents will usually have to sign a consent form agreeing to the purchase and provide access to their medical records, if needed.
Generally, there is no waiting period on a child's life insurance policy. The beneficiary receives the full death benefit if they pass after the policy becomes effective. All life insurance policies include a suicide clause. If the insured dies by suicide in the first two years of the policy, the beneficiary will not receive the death benefit.
Yes, most children’s life insurance policies can start at 14 or 15 days old, with coverage available for purchase until the child reaches their 18th birthday. Coverage is guaranteed for life with a whole life policy unless you discontinue payment or cancel the policy.
It depends on the type of life insurance. Health is a factor with simplified-issue whole life insurance for children, but not with guaranteed-issue whole life insurance for kids. Neither policy requires a medical exam, but a simplified-issue whole life application asks two to three health questions about the child to determine eligibility. A guaranteed-issue whole life policy typically does not involve any health questions. A children's term rider added to a parent's or grandparent's policy usually doesn't require health questions, either.
Life insurance rates vary significantly depending on the company and your coverage needs. Comparing personalized quotes from multiple insurers can help you find the best life insurance. The life insurance quote estimator below can provide estimates from different companies to help narrow down your options.
We’ll give you a suggested amount of cover to buy in just 3 easy steps. — it's free, no personal information required, no spam.
Rates updated:
Jun 06, 2025
No parent or grandparent wants to think about the death of their child or grandchild. Unfortunately, it is a reality for some. Children's life insurance can pay for medical bills and funeral expenses if the child were to get sick or injured and pass away. Generally, it only makes sense to buy life insurance for children if they are at higher risk of a genetic or hereditary condition that could prevent them from getting life insurance when they are older.
Most children's life insurance policies ask few health questions or have none at all, and few require a medical exam. If you are concerned about your child's future insurability, buying coverage when they're younger and presumed to be the healthiest may make sense. However, if your family generally enjoys good health, has no history of uninsurable health issues, and you can comfortably cover medical expenses and funeral costs should the unthinkable happen, purchasing life insurance for your children may not be necessary.
A life insurance policy for children is typically a whole life policy, a form of permanent life insurance designed to last their lifetime. Premiums, cash value and the death benefit are guaranteed. The cash value will accumulate throughout the policy's duration and can be accessed in the future.
Whole life insurance differs from term life insurance, which offers level premiums and death benefits for a certain number of years and does not build cash value. While whole life insurance is more expensive, buying it for a child can be a cost-effective approach to life insurance compared to waiting until they are old enough to buy their own term life policy.
One advantage of whole life over term insurance is the inclusion of a cash value account within the policy. After covering insurance costs and fees, the remaining premium is directed into a cash value savings account. Over time, this account accrues with a modest interest rate (which varies by company and product) and can eventually be utilized in several ways. The cash value can be taken out as a loan, used to supplement retirement income, utilized to pay policy premiums or withdrawn. While the cash value can be accessed for any purpose, withdrawing funds will reduce the death benefit owed to your beneficiary unless the amount is repaid before your death.
If you’re considering purchasing life insurance for children, weigh the pros and cons to decide if it’s the best choice for your situation.
Though the chances of a child's death are low, it isn't impossible. Children whole life insurance policies can pay for funeral expenses and other costs. However, a children's term rider on a parent's or grandparent's policy can do the same and often is much cheaper than a separate life insurance policy for children.
Many children’s life insurance policies offer a guaranteed insurability rider at no cost. Even if you have to pay for it, it usually costs pennies a day. This option locks in your child’s insurability for at least the amount of coverage in the policy and often a multiple of that amount. If your child increases their coverage, there are no health questions or medical exams for the additional coverage amount.
When you buy whole life insurance, rates are guaranteed never to increase, and the death benefit will never decrease for the life of the policy as long as premiums are paid. Life insurance rates are lowest for children, especially newborns, so locking in the low rate now will ensure your child pays the most affordable rates for permanent coverage over their lifetime.
After the insurance costs and fees are paid, the rest of the premium goes toward the cash value. Over time, the cash value grows tax-deferred and can be accessed for any reason through a loan or withdrawal. Cash value is sometimes used to pay for college instead of taking out student loans with potentially high interest rates. However, you should speak with a financial advisor to discuss the implications of this strategy. Withdrawing more than the premiums paid may risk policy lapsing or expose you to potential income taxes.
Most children's life insurance policies are capped at $50,000, though some, like Foresters', offer up to $75,000 in coverage. Most children will need to buy more life insurance when they reach adulthood, especially if they plan to get married and have their own children.
Children’s life insurance is a lifetime commitment of payments unless you buy a limited-pay whole life policy. The cash value can be used to pay future premiums, but this will lower the amount your child has available later in life. Additionally, the money spent on life insurance decreases the amount available to support your child throughout their childhood.
Though children’s whole life builds cash value, it has a low rate of return compared to other investments, like a 529 college savings plan. You will almost always get a much better rate of return investing the money directly than funding a whole life insurance policy for children, which comes with fees and interest rates set by the provider.
Adding a children’s term rider to a parent’s term or permanent life insurance policy is usually more cost-effective than buying a whole life insurance policy for a child.
Though rider details and cost vary by carrier, most children’s term riders cover all children born or adopted into the family for one fee. At a certain age, the child or parent can convert the rider coverage amount into a permanent life insurance policy for each child. If you want to cover your children but don’t want to pay for a separate life insurance policy, consider adding a children’s term rider to your new or existing policy.
Depending on the life insurance product and carrier, a guaranteed insurability option rider may be a free add-on or purchased separately.
This guaranteed option allows you to buy more life insurance at specific events or ages without requiring a medical exam or health questions. For example, milestone birthdays, such as age 21, and significant life events like marriage or the birth of a child will activate the guaranteed option. You can buy up to a certain amount defined by your policy without proving insurability.
Life insurance for children is usually only a wise investment if their future insurability is at risk because of their family's health history. Otherwise, children’s life insurance is usually not the best investment. With high fees and limited cash value growth, investing money for your child’s future in a standalone account will yield better returns much sooner than the slow growth that comes with whole life insurance for kids. Here are a few alternatives to consider:
Buying life insurance for children can be a proactive way to secure their future financial stability. It ensures that financial support will be available for expenses like funeral costs or counseling in the event of an unforeseen tragedy. Securing a policy at a young age can also lock in lower premiums and guarantee insurability, regardless of future health changes, providing a financial safety net that can be beneficial throughout a child's life.
MoneyGeek analyzed life insurance offers from various companies to determine the best providers for children's coverage. Mutual of Omaha is the best overall company. State Farm received the highest rating among companies offering a child rider. This guide also provides information about child life insurance to help determine whether it's the right fit for you.
We answered some frequently asked questions about life insurance for kids below.
If you have a family health history that could lead to a chronic, genetic or hereditary illness in your child, buying life insurance for them may be worthwhile, as the condition may affect their future insurability. Locking in low rates now with a guaranteed-insurability option rider can help your child get more coverage in the future.
The best life insurance company to insure your child offers the right coverage and policy options at a fair rate. Before buying life insurance for your child, get three or more quotes from different carriers to compare premiums and features. Pay special attention to free and paid riders that could benefit your child.
Based on MoneyGeek's analysis, Mutual of Omaha is the best company for those looking for achildren's policy. State Farm ranks the highest among insurers offering child riders.
Why Trust MoneyGeek?
We analyzed life insurance companies based on customer satisfaction, financial stability reports, product offerings and more to determine the best life insurance companies for children.
MoneyGeek’s Scoring System
In our unique scoring system, companies can earn up to five points in each of the five categories. We then use these category scores to calculate an overall MoneyGeek score out of 100. We applied the following weightings to score insurers:
Affordability was not included in this category since we do not have quotes for life insurance policies for children.
Each company’s score incorporates the following:
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
