5 Best Children’s Life Insurance Companies of 2023

With Protective’s children’s rider, you can get up to $25,000 in coverage for all current and future children aged 15 days to 18 years under one rider. When your children reach age 25, you’ll have the option to convert the rider to a permanent policy worth up to five times the rider’s face amount. Protective also offers whole, universal, and indexed universal life policies for children if you prefer permanent coverage.

Protective has an A+ (Superior) financial strength rating from AM Best, which indicates a superior ability to pay claims. And while the company ranked only 16th out of 21 companies in the J.D. Power 2021 U.S. Individual Life Insurance Study, the insurer received fewer complaints than expected with the National Association of Insurance Commissioners (NAIC) over the last three years, given its market share. 

Protective also earns top spots in our reviews of the best life insurance companies, best term life insurance companies, and best life insurance companies for people over 50. 

To learn more about Protective, read our full Protective Life Insurance Review. 

You can get whole or universal life insurance coverage for children or add a children’s term rider to your term or permanent policy through Nationwide. The rider covers eligible children from 15 days old until age 22 or the time of marriage. Once your child becomes an adult, they can convert coverage to their own permanent policy.

Nationwide also receives an A+ (Superior) financial strength rating from AM Best and includes three living benefits for chronic illness, critical illness, and terminal illness with most policies. These are a few of the reasons it’s our top pick for best life insurance companies and best whole life insurance companies.

Maybe the only downside is that the company’s term policies aren’t as affordable as some other providers. However, it’s worth comparing pricing for children’s standalone policies with other insurers.

At Mutual of Omaha, a customer can buy standalone whole life coverage for children and add a guaranteed insurability rider and/or a waiver of premium rider to the children’s whole life policy. There are also some no-medical-exam life insurance options, including the children’s whole life policy.

Should you choose a dependent children’s rider, you can get up to $10,000 in coverage for all dependent children aged 15 days through 20 years. It expires when the base policy terminates, the insured reaches 65, or the youngest child reaches 23. Like many other top companies, Mutual of Omaha lets you convert the children’s rider to a permanent policy with a face amount of up to five times the rider coverage amount. Note that this is a relatively low face amount compared to insurers that offer up to $25,000 in coverage.

For more information, read our full Mutual of Omaha Life Insurance review.

You can get up to $25,000 in coverage with a children’s rider on your own policy at Penn Mutual. (This is the highest amount offered by our top children’s life insurance companies other than Protective.) With this option, your children can convert to a permanent policy for up to five times the value of the rider on the policy anniversary closest to their 23rd birthday. 

Plus, the company has an outstanding history of paying dividends to eligible policyholders: it’s paid them consecutively since 1847. For this reason, it’s our pick for best whole life insurance company for dividends. It’s also a top pick for the best no-medical-exam life insurance companies because it has the highest coverage limits we’ve seen. Some healthy applicants are eligible to apply for up to $7.5 million in coverage without a medical exam.

Penn Mutual receives high praise for financial strength, with an A+ (Superior) grade from AM Best, and has had far fewer complaints with the NAIC than expected over the last three years given its size. However, you can’t get a life insurance quote or apply for term coverage online.

The State Farm children’s rider also provides coverage up to age 25 or when you turn 65. You can purchase up to five times the amount of the child’s term rider and convert it to permanent coverage once your child becomes an adult.

State Farm also offers universal and whole life policies for children and is highly ranked for customer satisfaction. It was the top insurer in the J.D. Power 2021 U.S. Individual Life Insurance Study—one reason it earned a top spot for customer satisfaction in our review of the best whole life insurance companies. Furthermore, the company had far fewer complaints with the NAIC over the last three years than expected based on its size. 

Since State Farm’s term coverage is more expensive than its competitors (based on our review of 32 term life insurance companies), it may be best for families who want permanent coverage for their children or permanent coverage for themselves with a children’s rider. If you want a robust suite of living benefits, you may be better served elsewhere.