Top Life Insurance Providers for Children in 2023
Learn about the five best life insurance companies that offer coverage specifically designed for children in 2023, ensuring their financial protection.
Here are some top recommended life insurance providers for children's coverage in 2023:
- Gerber Life - Gerber's Guaranteed Life Insurance offers guaranteed issue whole life plans for children up to age 17. No medical exam required. Coverage from $5,000-$50,000.
- North American Company - Offers a Children’s Term Rider that can provide up to $15,000 in term life coverage for kids on a parent's policy.
- SBLI - Provides affordable guaranteed issue children's whole life coverage with a simplified application process. Policy amounts $5,000-$50,000.
- Transamerica - Their Universal Life policy for kids has a "Child Term Rider" for additional term coverage until age 25. No health questions up to $50,000.
- Banner Life - Parents can add a Child's Level Term Rider to their own policy to get term life coverage for kids until age 25.
- Pacific Life - Children's Whole Life Insurance plans offer permanent cash-value coverage with guaranteed additions. Minimum face amount $10,000.
- Guardian - With Children's Whole Life Insurance, kids get lifetime coverage with guaranteed insurability options at key milestones.
An independent agent can help compare children's life insurance options. Term riders on parent policies or permanent coverage like whole life are both great choices.
5 Best Children’s Life Insurance Companies of 2023.
Here are the 5 Best Children’s Life Insurance Companies of 2023, according to Forbes Advisor:
- Mutual of Omaha
- Globe Life
- State Farm
- Gerber Life College Plan
- Thrivent
These companies offer a variety of children’s life insurance policies that can be tailored to meet your specific needs and budget.
Mutual of Omaha is a good option for children’s life insurance because it offers a variety of policies, including term life insurance, whole life insurance, and universal life insurance. Mutual of Omaha also offers a number of riders that can be added to children’s life insurance policies to provide additional coverage, such as a rider that covers the cost of college tuition if the child dies.
Globe Life is another good option for children’s life insurance because it offers term life insurance policies with no medical exam required. This can be a good option for children with health conditions or who have been denied life insurance coverage from other companies.
State Farm is a good option for children’s life insurance because it offers term life insurance policies with competitive rates. State Farm also offers a number of riders that can be added to children’s life insurance policies to provide additional coverage, such as a rider that covers the cost of funeral expenses if the child dies.
Gerber Life College Plan is a good option for children’s life insurance because it offers a policy that is specifically designed to help pay for the cost of college tuition. The Gerber Life College Plan also offers a number of riders that can be added to the policy to provide additional coverage, such as a rider that covers the cost of child care if the parent dies.
Thrivent is a good option for children’s life insurance because it offers a variety of policies, including term life insurance, whole life insurance, and universal life insurance. Thrivent also offers a number of riders that can be added to children’s life insurance policies to provide additional coverage, such as a rider that covers the cost of chronic illness care if the child dies.
When choosing a children’s life insurance company, it is important to compare rates from different companies and to read the policy carefully to understand what is covered and what is not. It is also important to talk to a financial advisor to get help choosing the right children’s life insurance policy for your needs.
Here are some additional tips for choosing a children’s life insurance policy:
- Consider your needs. What are your needs for children’s life insurance? Do you need a policy to cover the cost of funeral expenses, or do you need a policy to help pay for the cost of college tuition?
- Compare policies. Compare children’s life insurance policies from different companies to find the best policy for your needs and budget.
- Talk to an agent. An insurance agent can help you compare children’s life insurance policies and choose the right policy for you.
By following these tips, you can find affordable children’s life insurance that meets your needs and budget.