One of the benefits of life insurance is that it provides financial protection and offers peace of mind to the beneficiaries of the policy if the policy owner dies. When it comes to protecting the financial status of your children and other immediate family members, it is essential to choose the best children’s life insurance company.
Life insurance for children provides coverage in the event of an unforeseen situation, like death. It also ensures that your family has the resources to maintain stability.
Are you in search of the best life insurance companies to insure your children? Then, look no further! We have helped to curate four top companies that offer the best life insurance coverage for children.
These insurance companies provide comprehensive coverage options, offer affordable premiums, and the application process is straightforward and relatively easy.
Best Children’s Life Insurance Companies of 2024
Whether you are in search of the right life insurance policy to secure the financial future of your child or to give you peace of mind, this guideline will help you choose the best children’s life insurance company for insuring your child.
We would be highlighting the top-rated insurance companies, their coverage details, and other useful information that would help in your decision-making. Here are some of the best life insurance companies for children:
1. American Family
Topping first on our list of the best children’s life insurance companies is American Family, also known as AmFam. This life insurance company is best known for the comprehensive coverage options it offers policyholders.
American Family offers both term and whole life insurance policies, and you are allowed to choose and customize the policy to your preference.
In addition to the wide range of coverage options American Family provides, the company also offers flexible payment options to individuals.
This means that the policyholders can choose the payment plan they are comfortable with; it could be a 10- or 20-year payment plan. Another reason that makes American Family stand out is the fact that it does not require a life insurance medical exam before offering coverage.
The only drawback of the life insurance policy provided by American Family is that it is not available in all states. So, you might want to confirm if the company offers a life insurance policy in your state.
2. Mutual of Omaha
Our second pick for the best children’s life insurance companies is Mutual of Omaha. If you are in search of a life insurance company that offers the best standalone policy, then you should consider Mutual of Omaha.
The life insurance policy offered by this company is flexible in the sense that the insurance underwriting is related to the health status of your children. And another thing, you can easily pay the policy online or over the phone.
Just like American Family, Mutual of Omaha offers whole life insurance without a medical examination. Also, if the policyholder passes on two years after taking it, the premiums on the policy will be waived. Nevertheless, it is important to note that Mutual of Omaha does not provide online quotes for term life insurance.
3. Aflac
Another top contender in children’s life insurance is Aflac, as it is known for the best term life insurance coverage it offers to children. What makes Aflac stand out from the others is the unique choice it offers children.
They have the opportunity to choose between whole or term life insurance, and the policies are available to children who are 17 years and younger. Even if your child develops a critical health issue later on in life, the whole life insurance policy provides lifelong coverage.
It is important to note that Aflac does not offer online quotes. So, you will need to contact an insurance agent that works with Aflac in order to get an idea of the coverage options they offer, including the cost of insuring your child.
4. Foresters
If you’re on the lookout for a life insurance company that offers a variety of riders, then you should check out Foresters.
This is a life insurance company that allows you to enhance the coverage of your child with a wide range of riders, some of which include accelerated death benefit and family health benefit riders.
These riders cover the medical expenses of your child if they are affected by a natural disaster, such as hurricanes or earthquakes. Aside from this benefit, Foresters also offers life insurance coverage for type 2 diabetes with a medical examination.
Nonetheless, to apply for life insurance coverage, you will have to go through a representative because there is no application process available online.
Is Child Life Insurance Worth It?
Most definitely! To protect your children against a wide range of risks and maintain financial stability, it is crucial to buy life insurance for them.
One of the major reasons why people purchase life insurance for their children is to ensure insurability later in life if there are medical conditions.
Sometimes, the career choice of your child may hinder their ability to buy coverage, so getting life insurance for them while they are young is an ideal option.
Aside from that, it also helps you unlock lower premiums if you shop around and compare prices from different life insurance companies.
FAQs
Can you buy life insurance for a child?
Yes, you can purchase a standalone policy for your children to protect them from a vast array of perils. There are several insurance companies that offer standalone life insurance policies for children. Some companies also allow you to add extra coverage to cover your child under your policy.
Can I buy life insurance for a child at any age?
While most life insurance companies offer life insurance policies to children who are up to 18 years old, it is still possible to get life insurance for your child who is below 18. For instance, Aflac offers life insurance for children who are 17 years of age and younger.
Do I need the child’s consent to take out a policy?
Generally, when buying life insurance for someone else, you need their permission to continue with the policy application. But this only applies to children; you don’t necessarily need the consent of your children before you purchase life insurance for them.
Before a child is given life insurance coverage, most insurance companies often require the presence of a parent or guardian before the coverage is approved and issued.
