Some families may decide to purchase life insurance for children to lock in a low rate and protect their insurability while providing for burial expenses in the event of their death. Children’s life insurance is also sometimes marketed as a college savings vehicle but is typically inferior to other savings plans.
There are a couple of ways to insure a child. You can add a children’s life insurance rider to a term or permanent policy that you purchase for yourself, or you can buy a separate policy in the child’s name. The best children’s life insurance companies offer both options and let you convert a children’s term rider to permanent coverage once the child becomes an adult. The best way to get a quote and apply for a child’s life insurance policy is to call an agent directly.
Best Children’s Life Insurance Companies of 2023
- Best Overall: Protective
- Best for Customer Satisfaction: Nationwide
- Best for Living Benefits: Mutual of Omaha
- Best for Most Policy Types: Penn Mutual
- Best for Financial Stability: State Farm Life Insurance