Best Life Insurance for Children in 2025
Guardian, MassMutual, and Northwestern Mutual provide the best life insurance for children. Rates start at $3 per month for term life, while whole life insurance for kids costs $22 monthly. These top family life insurance companies offer early enrollment, annual payment discounts, and bundling options.
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Licensed Insurance Agent
Travis Thompson has been a licensed insurance agent for nearly five years. After obtaining his life and health insurance licenses, he began working for Symmetry Financial Group as a State Licensed Field Underwriter. In this position, he learned the coverage options and limits surrounding mortgage protection. He advised clients on the coverage needed to protect them in the event of a death, critica...
Travis Thompson
Updated November 2025
Guardian has the best life insurance for children starting at just $3 a month. MassMutual and Northwestern Mutual also offer plans with cash value growth and lifelong coverage.
- Families save more with annual payments and multi-policy bundles
- Whole life plans build long-term cash value for future expenses
- Top providers offer insurability regardless of future health
MassMutual offers college funding growth options and up to a 10% bundling discount, making it ideal for families planning ahead.
Northwestern Mutual leads with enhanced cash value performance and guaranteed insurability riders for future protection.
Top 10 Companies: Best Life Insurance for Children
Company Rank Claims
SatisfactionA.M. Best Best for
#1 685 / 1,000 A Quick Approval
#2 673 / 1,000 A++ College Funding
#3 670 / 1,000 A++ Future Planning
#4 666 / 1,000 A+ Education Savings
#5 659 / 1,000 A+ Whole Life
#6 657 / 1,000 A+ Investment Options
#7 653 / 1,000 A Flexible Plans
#8 644 / 1,000 A+ Family Security
#9 639 / 1,000 A++ Lifetime Protection
#10 626 / 1,000 A+ Growth Guarantee
This guide explains how children’s life insurance works, key factors that affect rates like age and health, and how to get life insurance quotes.
Parents can lock in low lifetime premiums and guarantee lifelong coverage by purchasing early. Stop overspending on life insurance. Use our tool to compare rates from top providers near you.
How Child Life Insurance Works
Child life insurance provides lifelong coverage with fixed premiums and cash value that grows over time. Because coverage starts early, rates are typically much lower than policies purchased in adulthood.
Children can be insured as early as 14 days old. Coverage amounts usually range from $10,000 to $50,000, and monthly rates start as low as $3 with Guardian.
Life Insurance for Children: Monthly Rates by Coverage Amount| Company | $10K | $25K | $50K | $100K |
|---|---|---|---|---|
| $3 | $5 | $8 | $15 |
| $4 | $6 | $9 | $16 |
| $4 | $7 | $10 | $17 |
| $5 | $8 | $11 | $18 |
| $5 | $9 | $12 | $19 |
| $6 | $10 | $13 | $20 |
| $6 | $11 | $14 | $21 |
| $7 | $12 | $15 | $22 |
| $7 | $13 | $16 | $23 |
| $8 | $14 | $17 | $24 |
These policies are typically owned and paid for by a parent or guardian until the child reaches adulthood.
The cash value builds gradually and can later help with future expenses like school, a first car, or a first home or apartment.
Buying life insurance for your child at birth or during early childhood locks in the lowest premium rates and guarantees lifelong coverage.
Michelle Robbins Licensed Insurance Agent
Child life insurance also guarantees insurability. If your child develops a health condition later in life, they still keep coverage because the policy was locked in early.
That long-term protection is one of the biggest reasons families choose to buy life insurance for children.
When the child reaches age 18 or 21, ownership can be transferred to them, depending on the insurance company. Once transferred, they can keep the policy, increase coverage, or access the built-up cash value if needed for larger financial goals.
This way, child life insurance serves both as a long-term investment and a savings tool that provides security well into adulthood.
Common Misconceptions About Child Life Insurance
Many parents overlook the value of children’s life insurance. It may seem unnecessary to insure a healthy child, but these policies offer long-term financial benefits for the child’s future.
Understanding the truth behind these common myths helps parents make more informed choices about family life insurance and the advantages of starting coverage early.
- Myth 1 — Children Don’t Need Life Insurance: While it’s true that children typically don’t have dependents, early coverage ensures lifelong insurability. If a child later develops a medical condition, their policy remains active and rates won’t increase.
- Myth 2 — All Child Life Insurance Earns Cash Value: Only whole life insurance for kids builds cash value over time, but term and rider policies do not.
- Myth 3— It’s Just a Savings Account: Children’s life insurance is more than a savings tool. While it does build cash value, it also provides a death benefit, guaranteed coverage, and financial flexibility.
Not all children’s life insurance products are designed the same. Some life insurance products focus on lifelong protection, while others emphasize savings or flexibility.
Compare multiple child life insurance companies to find the provider with the right type of plan for your family.
Read More: The Millennial’s Guide to Health Insurance
Different Types of Child Life Insurance
Children’s life insurance comes in a few main forms, each offering different levels of coverage and benefits.
Parents can choose from permanent whole life coverage that builds savings and lasts a lifetime. Term life insurance policies provide temporary security, or add-on riders to an existing family life insurance plan that extend coverage.
The most common type of life insurance for families is term life insurance, which is more affordable but provides coverage for only 10-40 years.
Whole life insurance for a child is a better investment. Monthly rates are low for children under five, and parents can lock in lifelong coverage while their kids are young and healthy. Making the right choice early can lead to lasting financial security as the child grows.
Whole Life Insurance for Children
Whole life insurance is the most popular choice for kids because it provides lifetime coverage and predictable growth.
One of the most significant advantages of whole life is guaranteed insurability. Once the policy is in place, the child will be insured for life, regardless of future health issues.
Whole life policies are also a long-term financial tool. As the cash value grows, it can help fund future financial goals or serve as an emergency fund.
Other types of life insurance for children do not build cash value, making whole life the best life policy for children.
Term Life Insurance for Families
Term life insurance provides temporary coverage for a specific period, typically 10 to 30 years.
It’s much cheaper, making it great for families who need short-term protection for final expenses or medical bills.
Some insurers offer renewable or convertible term policies that allow families to convert child term life to permanent coverage later.
Term life may work for families on a tight budget who want immediate protection without the commitment of lifelong premiums.
Adding a Child Rider on Parent Policy
A child rider is a simple and cost-effective way to extend life insurance protection to children under a parent’s existing policy.
It’s also the most convenient. Parents can add all their eligible children to a single life insurance rider for a flat rate.
When the child reaches adulthood, many insurers allow the rider to be converted into an individual policy without a medical exam.
A rider is best suited for families who know they want to buy life insurance for a child but are still deciding on future financial goals.
Life Insurance Add-Ons for Children
Choosing add-ons for a child’s life insurance policy can help strengthen long-term financial protection (Learn More: Return of Premium (ROP) Life Insurance).
These optional features support future flexibility, ensure continued coverage, and help the policy grow in value over time.
Life Insurance Add-ons to Consider for Children| Add-on Option | What it Does | Why it Matters |
|---|---|---|
| Guaranteed Insurability | Lets child boost coverage | Secures lifelong eligibility |
| Cash Value Growth | Builds long-term value | Funds education & savings |
| Waiver of Premium | Stays active if disabled | Prevents loss of coverage |
| Conversion Option | Converts to adult plan | Provides continuous protection |
| Child Term Rider | Covers all children | Simplifies family coverage |
| Accidental Death Benefit | Adds death payout | Adds financial protection |
Add-ons like guaranteed insurability or a conversion option ensure your child can increase coverage or transition into an adult policy with no medical exam, even if their health changes.
Cash value growth functions like a savings component that can be used for education, travel, or first-home expenses when they are older.
Get Cheap Life Insurance for a Child
Children’s life insurance premiums are determined by several factors, including the child’s age, health condition, coverage amount, and policy type.
Younger children typically have the lowest premiums due to lower mortality risk, while older children or those with medical conditions may see slightly higher rates (Read More: Best Life Insurance for Young Adults).
Life Insurance for Children: Monthly Rates by Age| Company | Age: 0 | Age: 5 | Age: 10 | Age: 15 |
|---|---|---|---|---|
| $7 | $8 | $10 | $13 |
| $6 | $9 | $11 | $14 |
| $8 | $10 | $12 | $15 |
| $5 | $11 | $12 | $15 |
| $8 | $12 | $13 | $16 |
| $9 | $13 | $14 | $17 |
| $10 | $14 | $15 | $18 |
| $11 | $15 | $16 | $19 |
| $12 | $16 | $17 | $20 |
| $9 | $17 | $18 | $21 |
Life insurance premiums for children increase gradually with age as the risk to insurers grows. Newborns can be insured for as little as $7 per month for $50,000 in term coverage. Premiums rise to around $18 to $21 a month by age 15 for the same policy.
Whole life insurance for kids will cost more than term because it offers lifelong protection and builds cash value over time.
Whole Life vs. Term Life Insurance Rates for Children
Purchasing coverage early allows parents to lock in these low lifetime premiums, providing cost-effective protection that remains stable as the child grows.
However, child life insurance rates also vary depending on the type of policy selected — term or whole life.
Life Insurance for Children: Monthly Rates by Policy Type| Insurance Company | 20-Year Term | Whole Life |
|---|---|---|
| $8 | $25 |
| $9 | $24 |
| $10 | $26 |
| $11 | $23 |
| $12 | $27 |
| $13 | $28 |
| $14 | $29 |
| $15 | $30 |
| $16 | $22 |
| $17 | $31 |
Term life insurance policies, such as a 20-year term, are much cheaper, typically ranging from $8 to $17 per month. Whole life averages $23 to $31 monthly, but provides lifelong protection and cash value accumulation (Learn More: Term vs. Whole Life Insurance).
Top companies like MassMutual and Guardian offer some of the lowest rates for younger children, while Prudential and Protective have slightly higher costs for older age brackets.
How Health Impacts Child Life Insurance Premiums
Insurers adjust premiums based on overall health risk, so conditions that may require ongoing medical care can lead to higher monthly costs.
Monthly rates are lowest for children with asthma or ADHD, ranging from $8 to $17, and highest for those with diabetes or obesity, ranging from $23 to $36 per month.
Life Insurance for Children: Monthly Rates by Health Condition| Company | ADHD | Asthma | Diabetes | Obesity |
|---|---|---|---|---|
| $15 | $8 | $22 | $27 |
| $16 | $9 | $23 | $28 |
| $17 | $10 | $24 | $29 |
| $17 | $10 | $24 | $30 |
| $18 | $11 | $25 | $31 |
| $19 | $12 | $26 | $32 |
| $20 | $13 | $27 | $33 |
| $21 | $14 | $28 | $34 |
| $22 | $15 | $29 | $35 |
| $23 | $16 | $30 | $36 |
However, coverage is still available from most major providers, even when additional risk is present (Read More: The Ultimate Insurance Cheat Sheet).
Parents can help manage costs by choosing a policy early, before health issues develop, which locks in lower lifetime premiums.
Other Key Factors That Affect Child Life Insurance Costs
Along with the child’s age, health, and policy type, insurance companies consider several other factors to determine how to set premiums and how stable they remain over time.
Understanding how these factors work together helps parents choose a family life insurance policy that balances their current budget with their long-term financial goals as their child gets older.
- Age & Health: Younger children generally receive lower premiums, and applying early can lock in guaranteed insurability. Chronic health conditions, such as asthma or diabetes, may increase costs.
- Coverage Amount: Higher death benefits lead to higher premiums. Most families choose between $10,000 and $50,000, depending on both budget and financial planning goals.
- Policy Type & Riders: Permanent life insurance costs more but offers lifelong protection and cash value growth, while term life is more affordable but temporary. Optional riders can also raise monthly costs but come with perks, like guaranteed insurability.
- Payment Schedule: Paying annually or using auto-pay can lower total costs with discounts. MassMutual cuts rates by 6% for parents who pay in full.
- State Regulations: Local state rules and insurer competition may influence pricing and available policy options in your local area.
Reviewing policy options with these cost factors in mind allows families to secure coverage that strengthens financial security and fits comfortably within their budget.
You can also compare child life insurance companies online to ensure you are getting the best life insurance plan for children at the right price.
Saving Money on Child Life Insurance
Most life insurance companies offer multi-child or policy bundle discounts that can further reduce monthly payments.
For example, MassMutual offers up to a 10% discount for bundling, while Protective provides 15% savings for combined plans.
Top Life Insurance Discounts for Children| Company | Annual Pay | Auto-Pay | Bundling | Multi-Child |
|---|---|---|---|---|
| 5% | 2% | 5% | 8% |
| 6% | 6% | 10% | 8% |
| 5% | 6% | 5% | 8% |
| 5% | 5% | 5% | 7% |
| 5% | 2% | 8% | 8% |
| 6% | 3% | 3% | 9% |
| 5% | 2% | 4% | 8% |
| 4% | 2% | 6% | 7% |
| 5% | 3% | 15% | 7% |
| 4% | 2% | 7% | 7% |
New York Life offers one of the highest multi-child discounts at 9%, making it ideal for big families seeking affordable coverage.
These savings not only lower premiums but also make long-term coverage more manageable.
Families can also save by bundling coverage with a parent’s existing life or home insurance policy, as multi-policy discounts are common.
Daniel S. Young Managing Editor
Finally, always compare multiple child life insurance providers, because rates and benefits vary widely.
Reviewing the top ten best life insurance companies ensures you find the best balance between affordability and long-term value.
Top Life Insurance Companies for Children
Leading providers like Guardian, MassMutual, Northwestern Mutual, and MetLife offer reliable coverage with strong financial ratings and a variety of policy options tailored to different family needs.
These insurers stand out for their flexible plans, potential for cash value growth, and long-term financial stability.
Parents should know which companies dominate this specialized insurance sector to identify insurers with the strongest presence and consumer trust.
Guardian, MassMutual, and Northwestern Mutual have the best life insurance for children. Check out our pros and cons to see why these top providers offer quality coverage and long-term financial protection for your family.
#1 – Guardian: Top Overall Pick
Pros
- Lowest Entry Premiums: Offers monthly premiums starting at just $5-$8 for newborns, making it the most affordable option for families starting coverage early.
- Health Condition Flexibility: Children with chronic issues like asthma or ADHD can still qualify for coverage. Learn more about the best no-exam life insurance companies.
- Guaranteed Lifetime Insurability: Guarantees lifetime insurability once approved, protecting your child’s access to coverage regardless of future health changes.
Cons
- Limited Coverage Amounts: Coverage amounts are lower than competitors’, limiting options for families seeking higher death benefits for their children.
- Slower Cash Value Growth: Cash value accumulation rates can be slower in the early policy years than those of other providers.
#2 – MassMutual: College Funding Expert
Pros
- Strong Market Presence: Commands 16% of the children’s life insurance market share, demonstrating strong consumer trust in delivering quality coverage for families.
- Exceptional Bundling Discounts: Offers up to 10% bundling discount when combining policies, making it highly cost-effective for families seeking multiple insurance policies.
- College Funding Optimization: Provides some of the lowest rates for younger children, specifically designed for college funding purposes and educational expenses.
Cons
- Extensive Documentation Required: May require more extensive health documentation during underwriting, potentially delaying approval.
- Limited Payment Incentives: Annual payment discounts are limited to 3-6%, offering less savings than some competitors. Learn more in our MassMutual insurance review.
#3 – Northwestern Mutual: Future Planning Leader
Pros
- Market Dominance: Dominates the market with a 24% share, establishing itself as the industry leader and most trusted provider of children’s coverage nationwide.
- Enhanced Cash Value Growth: Specializes in future planning features with enhanced cash value growth options (Learn More: Single Premium Life Insurance).
- Comprehensive Insurability Riders: Offers comprehensive guaranteed insurability riders allowing children to purchase additional coverage without medical exams.
Cons
- Higher Premium Rates: Premium rates tend to be higher across all age brackets compared to competitors.
- Stricter Conversion Requirements: Conversion options from child riders to standalone policies may have stricter requirements than other providers.
#4 – Nationwide: Education Savings Specialist
Pros
- Education Savings Integration: This allows accumulated cash value to be directly applied toward college expenses, tuition payments, and student housing costs.
- High Claims Satisfaction: Maintains a high claims satisfaction rating of 666/1,000, ensuring reliable payout processing when families need their policy benefits.
- Flexible Conversion Features: Offers flexible conversion from child riders to individual whole life policies without a medical exam. Learn more in our Nationwide review.
Cons
- Restrictive Health Underwriting: Coverage options may be more restrictive for children with pre-existing conditions compared to more lenient providers.
- Limited Market Presence: Market presence is smaller, potentially limiting local agent availability for personalized consultation and face-to-face service in rural areas.
#5 – Mutual of Omaha: Whole Life Specialist
Pros
- Guaranteed Level Premiums: As mentioned in our Mutual of Omaha life insurance review, it focuses on whole life products with guaranteed level premiums.
- Strong Claims Satisfaction: The company demonstrates reliable customer service when families file claims and need financial support quickly.
- Fast Approval Process: Mutual of Omaha helps families secure coverage for their children without lengthy waiting periods or delays.
Cons
- Lower Early Cash Value: This reduces investment benefits for families planning to use funds for college savings.
- Limited Customization Options: Limited rider options may restrict customization opportunities for families seeking enhanced features.
#6 – Pacific Life: Investment Options Leader
Pros
- Superior Cash Value Accumulation: Excels in investment-focused policy options with superior cash value accumulation rates.
- Specialized Insurability Riders: Offers specialized riders for guaranteed insurability that allow significant coverage increases at predetermined ages.
- Flexible Withdrawal Options: The company gives families easier access to funds when needed for emergencies, medical expenses, or opportunities.
Cons
- Higher Premium Costs: Monthly premiums are positioned higher in the mid-range at approximately $25-$30.
- Higher Minimum Coverage: Minimum coverage amounts may be higher than some families need. Learn more in our Pacific Life insurance review.
#7 – Protective: Flexible Plans Specialist
Pros
- Highest Bundling Discount: Features the highest multi-policy bundling discount at 15%, which is great for families combining multiple insurance products.
- Plan Customization Flexibility: Specializes in flexible plan customization, allowing parents to adjust coverage amounts and riders.
- Competitive Claims Satisfaction: Ensures dependable service delivery when families need their policy benefits processed during emergencies.
Cons
- Higher Rates for Older Children: Base premium rates for children aged 10-15 range from $18 to $21 per month, which are higher than competitors’.
- Restrictive Loan Terms: Cash value access may have more restrictive loan terms than those offered by providers (Read More: Best Term Life Insurance Companies).
#8 – MetLife: Family Security Expert
Pros
- Extensive Market Presence: Holds 21% market share as the second-largest provider, offering extensive resources and nationwide availability for families.
- Comprehensive Death Benefits: Emphasizes family security features with comprehensive death benefits ranging from $10,000-$50,000.
- Multi-Child Rider Value: As mentioned in our MetLife insurance review, it offers economical rates for larger families, covering all children under a single convenient policy.
Cons
- Lowest Claims Satisfaction: Indicates a slower processing or customer service issues when families need benefits paid.
- High Rates for Health Conditions: Premium rates for children with health conditions like diabetes or obesity range $23-$36 monthly.
#9 – New York Life: Lifetime Protection Leader
Pros
- Best Multi-Child Discount: New York Life is ideal for larger families seeking coverage for three or more children.
- Superior Financial Stability: Ensures long-term policy security and reliable payouts (Read More: Cheapest Million-Dollar Life Insurance).
- Excellent Payment Discounts: Provides excellent annual payment discounts of 5-6%, reducing total costs significantly for families committed to maintaining coverage.
Cons
- Higher Minimum Coverage: Initial coverage amounts may start at higher minimums, requiring larger premium commitments.
- Time-Consuming Underwriting: Its underwriting process can be more thorough and time-consuming, potentially delaying coverage start dates.
#10 – Prudential: Growth Guarantee Specialist
Pros
- Growth Guarantee Features: Represents 19% of the market and specializes in growth. Ensures minimum cash value accumulation rates regardless of market performance.
- Comprehensive Conversion Rights: Provides flexibility as families’ needs evolve from temporary to permanent coverage solutions.
- Strong Financial Ratings: Maintains strong financial ratings of A+, ensuring company stability and reliable long-term policy performance for policyholders.
Cons
- Higher Rates for Older Children: Premium life insurance for older children is slightly higher at $18-$21 monthly.
- Lowest Claims Satisfaction: As highlighted in our Prudential insurance review, its claims satisfaction rating of 626/1,000 is the lowest among all top providers.
Why Early Children’s Life Insurance Matters
Guardian Life, MassMutual, and Mutual of Omaha are the best life insurance companies for children. They offer strong financial stability, fixed premiums, flexible policy riders, and children can switch plans once they turn 18.
Whole life insurance for children provides lifelong financial protection, stable premiums, and the opportunity to build savings through cash value growth (Read More: One Quote that Convinced Me to Get Life Insurance).
Buying life insurance in early childhood helps secure lower lifetime premiums and ensures long-term insurability, even if health concerns arise later in life.
Heidi Mertlich Licensed Insurance Agent
The best life insurance plan for children should offer the ability to build cash value and flexibility for future needs, including transferring policy ownership when the child becomes an adult.
Purchasing early also helps maximize savings benefits over time. Since younger children are considered low-risk, premiums can remain significantly lower throughout the life of the policy.
Enter your ZIP code into our free quote comparison tool to instantly compare life insurance quotes from trusted insurers near you.
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