Best Children’s Life Insurance Companies of 2022

Multiple coverage options for children and affordable term life insurance

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91 Companies reviewed
55 Features considered
5 Awarded "Best of 2022"

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 2022

Best Overall : Protective

Investopedia's Rating
4.6

  • AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations. A+
  • Accepts Credit Cards: Yes
Pros & Cons
Pros
  • Convertible children’s term rider

  • Paid-up benefits if insured dies before children

  • Variety of policy options for children

Cons
  • Poor J.D. Power ranking 

Why We Chose It

Protective offers a wide array of options for children’s coverage. It has the highest term conversion limits for children and offers the most affordable term policies of the companies we reviewed. 

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

Best for Customer Satisfaction : Nationwide

Investopedia's Rating
4.7

  • AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations. A+
  • Accepts Credit Cards: Yes
Pros & Cons
Pros
  • Convertible children’s term rider

  • Far fewer complaints than expected

  • Ranked second for customer satisfaction by J.D. Power

  • Offers children’s whole, term and universal life insurance

  • Policies include three living benefits

Cons
  • Must contact Nationwide for quote

Why We Chose It

Nationwide receives high marks for customer satisfaction and financial stability, and it offers a variety of options for children’s life insurance. The insurer has had far fewer complaints than expected over the last three years and also ranks second out of 21 insurers in the J.D. Power 2021 U.S. Individual Life Insurance Study. 

You can get whole or universal life insurance coverage for children or add a children’s term rider to your own term or permanent policy. 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. 

Best for Living Benefits : Mutual of Omaha

Investopedia's Rating
4.4

  • AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations. A+
  • Accepts Credit Cards: Yes
Pros & Cons
Pros
  • Convertible children’s term rider 

  • Two attractive riders with children’s whole life

  • Wide array of available riders

  • Most policies include living benefits

Cons
  • Maximum $10,000 face amount on children’s riders

  • Only whole life insurance for children

Why We Chose It

Mutual of Omaha offers a variety of riders, including uncommon ones such as a disability income rider and a return of premium option for term coverage. Plus, most policies have at least two living benefits, and Express Term and Express IUL policies have three—for terminal, critical, and chronic illnesses. This is one reason it’s a top pick for best term life insurance companies.

You 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 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.

Best for Most Policy Types : Penn Mutual

Investopedia's Rating
4.3

  • AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations. A+
  • Accepts Credit Cards: Yes
Pros & Cons
Pros
  • Convertible children’s rider available

  • Far fewer complaints with the NAIC than expected

  • High-coverage no-med-exam policies for eligible applicants

  • Some policies eligible for dividends

Cons
  • No online quote or application

Why We Chose It

Penn Mutual offers the most options for permanent coverage for children of our top-rated companies. You can purchase universal life, variable universal life, indexed universal life, whole life, and one-year term policies for your children. The one-year term policy is convertible to a permanent policy, so it’s a good option for temporary needs or if you can’t currently afford the premium for permanent coverage. 

You can get up to $25,000 in coverage with a children’s rider on your own policy. (This is the highest amount offered of 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. You can’t get a life insurance quote or apply for term coverage online.

Best for Financial Stability : State Farm Life Insurance

Investopedia's Rating
4.0

  • AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations. A++
  • Accepts Credit Cards: Yes
Pros & Cons
Pros
  • Children’s convertible term rider available

  • Highest financial strength rating from AM Best

  • Top-ranked for customer satisfaction

Cons
  • Below average pricing on term coverage

  • Few other customization options

  • Must speak with an agent to apply for term

Why We Chose It

While all of our top picks have superior financial strength ratings, State Farm takes the highest possible grade from AM Best with an A++ (Superior) rating, making it the best choice for financial stability. 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. And if you want a robust suite of living benefits, you may be better served elsewhere. 

Compare the Best Children’s Life Insurance Companies of 2022

Overall Rating Best For
AM Best Rating
AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations.
Term Life Sample Cost
Policy Types
Accepts Credit Cards
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Protective
4.6
Best Overall A+ $22.92/month Indexed Universal (IUL), Term, Universal (UL), Variable Universal (VUL), Whole Yes Get A Quote
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Nationwide
4.7
Best for Customer Satisfaction A+ $26.25/month Final Expense, Indexed Universal (IUL), Term, Universal (UL), Variable Universal (VUL), Whole Yes Get A Quote
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Mutual of Omaha
4.4
Best for Living Benefits A+ $28.38/month Final Expense, Indexed Universal (IUL), Term, Universal (UL) Yes Get A Quote
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Penn Mutual
4.3
Best for Most Policy Types A+ $23.92/month Term, Universal (UL), Variable Universal (VUL), Whole Yes Get A Quote
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State Farm Life Insurance
4.0
Best for Financial Stability A++ $35.24/month Final Expense, Term, Universal (UL), Whole Yes Get A Quote
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*Quotes above are examples of what a 40-year-old in excellent health might pay for a 30-year $250,000 policyGet life insurance quotes from multiple companies to find your best rate.

Final Verdict

Protective wins because it offers the maximum coverage amount on its children’s term rider, has excellent term pricing, and offers comprehensive coverage options for both children and adults. 

But if you want included living benefits, consider Mutual of Omaha and Nationwide. If customer satisfaction is most important to you, a policy from Nationwide or State Farm may best meet your needs. And if you need a temporary children’s term policy, you should go through Penn Mutual, which is the only top insurer to offer the option. Penn Mutual is also an excellent choice if you want a permanent policy that pays dividends.

Children's Life Insurance Companies

Frequently Asked Questions

What Is Child Life Insurance?

Child life insurance provides a death benefit should the child pass away while the policy is in effect. Generally, permanent policies are available for children, but you can usually add a children’s term rider to your own policy to provide a small amount of coverage for all of your children. Many companies let you convert the term rider to a permanent policy when the child becomes an adult. Most people buy child life insurance to cover burial expenses in the event their child dies as a minor or to lock in a low rate for the child’s life and protect their insurability. 

What Is a Children’s Term Rider?

A children’s term rider typically provides coverage for all current and future dependent children of the insured, including adopted and step-children, up to a certain age. The coverage limits generally max out at $25,000, but some companies allow you to convert the coverage to a permanent policy worth up to five times the amount of the rider once your child reaches adulthood. And they can get the extra coverage without showing evidence of insurability, which helps protect your child’s access to insurance in the event they develop health issues. 

Depending on the company you choose, you may be able to add a children’s term rider to an adult term, whole life, or universal life policy. If children’s life insurance is important to you, be sure to compare the features of the riders offered by each company, such as the age of expiration, the convertibility, and whether the coverage remains in-place if the insured dies.

Should I Get Life Insurance for My Child?

Children don’t earn income and don’t have dependents, so while it is tragic when a child dies, it may not leave the child’s family in financial ruin. If you can cover a child’s funeral expenses out of your emergency fund, a child’s life insurance policy may not be necessary. You should also think twice before using it as a college savings strategy, since you’ll likely do better with a 529 plan

However, if your goal is to ensure that your child can get coverage for their family when they grow up, regardless of what health issues arise along the way, you might consider either a permanent policy or a convertible children’s term rider. Consider your options carefully. While you may be able to lock in a lower rate for your child by starting with a permanent policy, you may pay more in premiums over time. A convertible children’s term rider is usually inexpensive, and you can let your children decide whether they want to convert the coverage later on.

How We Chose the Best Children’s Life Insurance Companies

Based on third-party consumer studies, like J.D. Power’s 2021 U.S. Life Insurance New Business Study and the 2021 Insurance Barometer Study by Life Happens and LIMRA, we determined the factors that parents and guardians are most concerned with when buying life insurance for their children. We then evaluated more than 91 life insurance companies based on more than 50 data points, including ratings for the following:

  • Cost
  • Policy types and features
  • Riders or endorsements
  • Financial strength
  • Customer satisfaction
  • Customer complaints
  • Business age
  • No-medical-exam options

We selected the companies with the best financial strength ratings, the lowest number of consumer complaints, and the broadest range of options and tools. We weighted each category as follows:

  • Customer education, application, and online service features: 32%
  • Policy types, features, and riders: 29% 
  • Financial stability: 17% 
  • Customer satisfaction ratings: 15%
  • Cost: 8%

We then looked at which of the top-scoring companies offer children’s life insurance policies and children’s term riders, as well as the features associated with each. For example, we considered the maximum amount of coverage available with a children’s term rider, whether it could be converted to permanent coverage, and which types of policies are available to children. We ranked companies based on features such as these to select the optimal life insurance providers for children.

Children's Life Insurance Companies