Best Children’s Life Insurance Companies of 2023

Based on our review of 21 of our top-ranked life insurance carriers, we named Protective the best company overall for children’s life insurance. It has an A+ (Superior) financial strength rating from AM Best and received few complaints, according to the National Association of Insurance Commissioners (NAIC).

The company offers a variety of different types of life insurance for children, including its Non-Participating Whole Llife Insurance policy, its ProClassic Legacy UL (universal life) policy, and its Index Choice UL policies. All are available to children under 18. 

Also, you can add a child term rider to your existing Protective life insurance policy. The rider covers biological and adopted children, and stepchildren ages 15 days to 18 years old. After the child turns 25, they can convert the rider into a permanent policy that provides up to five times the rider’s face value without taking a medical exam.

Nationwide is the best children’s life insurance provider for customer satisfaction. J.D. Power rated Nationwide second out of 21 providers for overall customer satisfaction, with a score of 813 out of 1,000 (the industry average is 776 out of 1,000). The company also has fewer complaints than expected for its size, according to the NAIC.

Through Nationwide, you can purchase children’s life insurance as a whole life insurance policy or a universal life insurance policy. In addition, Nationwide offers a child term rider for kids as young as 15 days old and provides coverage until age 22 or until the child is married, whichever comes first. Once they become an adult, they're eligible to convert the rider to their own permanent policy.

However, if you're looking for the cheapest term coverage, compare quotes with other providers. Based on our review of 32 life insurers offering term quotes, Nationwide's premiums came in about average for $250,000 30-year term policies across multiple age groups.

Learn more in our Nationwide review.

Out of the top children’s life insurance companies we reviewed, Mutual of Omaha is the best provider for an online application process for children’s coverage. You can get a quote and apply directly online from the company’s website—all without needing to contact an agent.

Mutual of Omaha’s children’s whole life policy is available for ages 14 days to 17 years old, and you can purchase $5,000 to $50,000 in coverage. Mutual of Omaha doesn’t sell children’s term life or universal life policies, but you can add a dependent child rider to your existing Mutual of Omaha term or UL policy. This rider covers eligible kids ages 15 days through 20 years old and provides coverage until the child turns 23 or the policyholder turns 65, whichever comes first.

The dependent child rider will provide up to $10,000 in coverage and is convertible after the child’s 23rd birthday for up to five times the face value of the rider. However, Mutual of Omaha’s maximum child term rider face value is the lowest out of the providers in this list. 

Learn more in our Mutual of Omaha review.

Looking at all the best children’s life insurance companies we reviewed, Penn Mutual has the widest selection of policies. You can purchase a standalone term, whole, universal, indexed universal, or variable universal life policies for your eligible children. Plus, some whole life policies are eligible for dividends. It’s also the only company in this list that offers term life insurance for kids (one-year term only).

If you purchase life insurance from Penn Mutual, you can add a term rider to your policy for children ages 0-17. It can provide up to $25,000 in coverage for each of your eligible children up to age 23. After the child’s 23rd birthday, they have the option to convert the rider into a permanent policy without taking a medical exam. The maximum face value of the converted policy is five times the rider’s coverage amount.

However, we found that the company’s online capabilities are limited. You can’t get a quote or apply online, and policy details are limited. You’ll need to work with an agent throughout the purchase process.

Of the best children’s life insurance companies, State Farm has the highest financial strength rating from AM Best. It boasts an A++ (Superior) grade, which means that AM Best deems that it has a superior financial ability to honor its insurance obligations, such as paying claims. 

In addition to its excellent financial stability, State Farm stands out for customer satisfaction. In J.D. Power’s 2021 U.S. Individual Life Insurance Study, State Farm ranked the highest for customer satisfaction out of 21 major life insurance companies.

In terms of children’s life insurance policies, State Farm offers standalone whole or universal life insurance policy for kids, plus a child term rider you can add to your own State Farm life insurance policy. 

The child term rider covers children up to age 25, or until the policyholder turns 65, whichever comes first. You can get up to $20,000 in coverage for each eligible child, and when the term ends, the child has the option to convert the rider into a permanent policy. The maximum convertible coverage limit is five times the face value of the rider.

Learn more in our State Farm review.