You can secure your children’s financial future with life insurance, just as you would for yourself or aging loved ones. Depending on different situations, such as getting lower rates on time or ensuring that your children will get life insurance coverage in the future, life insurance can be taken for children. While purchasing life insurance for children may be worth it, it is vital to be aware of the best life insurance companies for children.
Parents and guardians can get life insurance for children either by purchasing a standalone policy for them or including them under a rider on their life insurance policy. Purchasing life insurance for children comes with several benefits, such as lower rates and discounts. However, the right type of life insurance coverage solely depends on why the insurance is needed and your budget. In this write-up, some of the best life insurance companies for children are stated to guide you through your selection.
6 Best Life Insurance Companies for Children
There are no specific life insurance companies for children that are considered the best. This is because the best insurance company depends on the buyer’s needs and budget. As well as other factors like why insurance is needed. While we have these, this section of my write-up contains 6 of some life insurance companies determined to be the best for children:
Mutual of Omaha
For a standalone child life insurance policy, consider this top-rated insurance company. Mutual of Omaha offers life insurance policies ranging from $5,000 to $50,000. It offers coverage with as few as three health-related questions for underwriting. This life insurance company is well known for its A+ rating for customer satisfaction and financial strength to pay off claims.
American Family Insurance
This life insurance company for children offers whole life insurance policies with higher insurance coverage limits. It offers children whole life insurance policies, which include $25,000, $50,000, or $75,000 in insurance coverage paid either in 10-year or 20-year payment plans. Aside from these, this insurance company offers the opportunity to policyholders to purchase additional coverage on their policy without any medical exam taken.
Foresters Financial
Foresters Financial offers children a whole life insurance policy that is payable either for 10 years or 100 years without any medical exam taken. They offer a wide range of riders with no additional premium. These riders include death benefits for terminal illnesses and family health expenses due to natural disasters coverage.
Aflac Juvenile Life Insurance
Aflac offers life insurance coverage that covers children up to a specific age. They offer children’s term life insurance, which provides the right coverage at a much lower cost than whole life insurance. This insurance company is one of the few insurers that offer children’s term life insurance. If you require life insurance that covers your children up to a specific age, Aflac is the best to consider.
Gerber Life Grows Up
This life insurance company is determined to be the best because its maximum age limit for insurance coverage is 21 and it offers quotes online. When the child turns 18, this insurer automatically doubles life insurance plan coverage without affecting the premium.
Globe Life
Globe Life Insurance Company offers insurance policies for adult children and allows policyholders to purchase policies from childbirth until the age of 25. This insurance company offers the easiest application process and full coverage for children beginning from the day of purchase.
FAQs:
Can I Get Life Insurance for My Child?
Yes, it is possible to get life insurance for your child. As a parent, grandparent, or legal guardian, there are several ways you can get insurance for your child. Generally, children’s life insurance policies are small whole-life policies that are below $50,000 and grow into adult policies later in the future. Instead of a standalone policy, children can be insured under a rider on their parent’s life insurance policy.
What is the Best Type of Life Insurance for Children?
As previously stated, the best type of life insurance for children depends on the parent’s goals and budget. Most standalone life insurance policies for children are whole life insurance policies.
These policies require the policyholder to pay a fixed amount for premiums in exchange for a fixed death benefit and cash value opportunity. Including your kids in a raider on your life insurance policy may be a lot cheaper than a standalone policy. However, term life insurance policy does not exist for children.
Is life insurance for children worth it?
Medical issues and choice of career are two common reasons why life insurance for children may be worth it. This is to guarantee insurability for your child in the future after medical issues or inability to purchase coverage due to their career choices. However, whether or not life insurance for children is worth it or not depends on the situation and goals.