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Top Children’s Life Insurance Companies

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. We’ll cover the pros and cons of each of these reputable companies, so you can make the right choice for your family.

Best Children’s Life Insurance Companies of 2022


Protective


Protective Life

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. 

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Protective has an A+ (Superior) financial strength rating from AM Best, which indicates a superior ability to pay claims.1 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.23 

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


Nationwide


Nationwide

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.34 

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.5 These are a few of the reasons it’s our top pick for best life insurance companies and best whole life insurance companies

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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. 

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