There are several key reasons you may choose to purchase life insurance for your children, including the chance to receive a death benefit to cover the cost of the funeral and burial and to lock in insurability through your child’s adult years, which is a benefit if your child develops serious medical issues or enters a profession that renders them uninsurable.
It can also help provide savings for college or the down payment on a house if not used for a death benefit. While the savings may be small and you might do better with other investment vehicles, like a 529 plan or an IRA, as an added benefit to a death benefit, it’s not bad.
To help you get started, we reviewed more than 15 providers of life insurance for children and narrowed down our list to the top six companies based on various criteria, including cost, financial stability, flexibility, and more.
The 6 Best Life Insurance for Children of 2021
- Best Overall: Mutual of Omaha
- Best for Whole Life Coverage: Gerber Life Insurance
- Best for Term Coverage: State Farm
- Best for Versatility: Foresters Financial
- Best for Affordability: Thrivent
- Best for College Students: Globe Life Insurance
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