Child Life Insurance: Buyer’s Guide
Child life insurance, which covers anyone younger than 18 years, can be purchased as a rider to your existing insurance or bought as a separate policy. Find cheap child life insurance policies here, starting at $2.17/month.
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Written by
Sara Routhier
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Reviewed by
Leslie Kasperowicz
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UPDATED: Jul 16, 2020
It’s all about you. We want to help you make the right coverage choices.
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Here’s what you need to know…
- You can expect to pay anywhere from a few dollars to a few hundred dollars for a full child’s life insurance policy
- Child’s life insurance can be used to help with college costs
- Some companies require your child to undergo a medical exam before underwriting their policies
Are you confused about what is child life coverage and whether you need to buy life insurance for your kids? Some experts encourage doing it, while others suggest it might not be necessary.
Our child’s life insurance buyer’s guide answers the most life insurance’s most frequently questions for parents who wonder “how much is life insurance for a baby?” Read on to learn the basics so that you can make an informed decision.
But before diving in to learn more about child life insurance policies, use our FREE quote tool above to compare rates from the top child life insurance companies. Get started now.
Table of Contents
Best Child Life Insurance Companies by Market Share
If you’re shopping for child life insurance, the best place to start is with the top life insurance companies based on market share, as it’s a good indication of financial stability, solid customer ratings, and competitive rates.
The table below lists five life insurance companies from the National Association of Insurance Commissioners’ (NAIC) 2019 report that offer coverage for children.
| Companies | NAIC Rank | Ages Covered | Coverage Amount |
|---|---|---|---|
| State Farm | 9 | Birth - 18 years | $100,000 - $3,000,000 |
| Mutual of Omaha | 22 | 14 days-17 years | $5,000 - $50,000 |
| Thrivent | 29 | Birth - 15 years | $15,000 - $100,000 |
| Globe Life | N/A | Birth - 18 years | $5,000 - $30,000 |
| Gerber Grow-Up | N/A | 14 days - 14 years | $5,000 - $50,000 |
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The NAIC’s ranking is a strong measure of financial stability but doesn’t say anything about the quality of service you can expect to receive.
What is the average life insurance cost?
Standalone child life insurance policies don’t have to be expensive.
| Companies | Average Monthly Rates |
|---|---|
| Globe Life | $2.17 |
| Gerber Grow Up Plan | $3.27 |
| Omaha Mutual | $20.00 |
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While Mutual of Omaha life insurance offers cheap life insurance for kids, the best child life insurance plans for your wallet are ones like Gerber Life Insurance that are dedicated to offering coverage for children.
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Should I buy life insurance for my children?
Hopefully, you’ll never have to cash in a child’s life insurance policy to pay for their funeral costs.
But there are several other reasons to purchase life insurance for a child.
- Lower premiums
- Access to extra cash
- Savings for the future
These are all strong reasons to spend a few extra dollars for life insurance for your children.
What is the best life insurance policy for a child?
Understanding your child life insurance options can help you make the best family life insurance choice for your situation.
Whole Life Insurance
The best whole life insurance policy for a child is one that is cheap and grows in cash value over time.
Some people think of this as their child life insurance college fund because it allows your child to pay for college — which averages $30,500/year as of the 2019-2020 academic year.
Group Life Insurance
You may be able to purchase child life insurance through an employer. Group life insurance policies are usually cheaper than individual life insurance policies, and in some cases, your employer may pay the entire cost for you and your family.
Child Life Riders
Your best bet might be to purchase a life insurance rider to cover your children. But if you’re wondering what are life insurance riders? Here’s the gist: Typically, you pay $5 for each extra $1,000 worth of coverage. For example, if you wanted to get $10,000 worth of coverage for your child, you may pay an extra $50/mo.
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What is juvenile whole life insurance?
Juvenile whole life insurance is any policy that covers anyone younger than 18 years old.
As the above video explains, it’s also cheaper to purchase child life insurance than to first purchase life insurance as an adult.
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Child Life Insurance: The Bottom Line
Here’s the gist of regarding the pros and cons of child life insurance. One major pro to buying child life insurance: Premiums are more affordable. Also, in the event of a tragedy, your child’s funeral expenses will be covered. However, some companies require your child to undergo a medical exam before underwriting their policies for them, which can be stressful.
Now that you know about child life insurance and can make your informed decision, use our FREE quote tool now to find the best child life insurance rates around. Get started now.
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