Are you considering taking out life insurance for a minor?
Then you have come to the right place.
In this guide to
Aspects addressed in this article
- Details about the policy for minors
- Pricing examples
- The 10 best companies
- Main reasons to hire him
- Savings for college
- Future insurability <
/ul> - Coverage limits
- Who can hire you
- How to hire it online
- Frequent questions
How does life insurance for minors work?
Generally, life insurance for minors is a whole life policy with coverage between $10,000 and $50,000. A small portion of your monthly payment goes into an interest-bearing account called “cash value.” Funds in this account can be used to help pay for college expenses.
Most life policies for minors do not require an exam, and parents and grandparents can purchase coverage for their children and grandchildren.
Whole life policies are very simple. This is the fine print:- Premiums can never increase
- The policy does not expire at any age
- Coverage cannot decrease
- Build cash value that you can withdraw at any time
As we told you before, they are very simple to understand. There is no fine print you need to worry about.
You can also get coverage for a minor through a rider to someone else's term life insurance.
But this does not mean that the minor has a policy. This coverage would simply be an add-on to the other person's policy. If that other primary policy were to become inactive at any time, the minor's coverage would also be inactive.
Additionally, term
Just keep this in mind…
If you want life insurance for your child, it is always best to purchase a separate policy.
How much does life insurance for minors cost?
Boys and girls pay the same price | Prices do not change | Coverage never expires
| AGE | $10,000 | $20,000 | $30,000 | $50,000 |
| 0-4 | $4.00 | $7.00 | $10.00 | $16.00 |
| 5-9 | $4.80 | $8.60 | $12.40 | $20.00 |
| 10-14 | $5.50 | $10.00 | $14.50 | $23.50 |
| 15-17 | $6.90 | $12.80 | $18.70 | $30.50 |
What are the best life insurance companies for minors?
The following companies offer the best life insurance for minors. They stand out from the rest in price, how easy it is to apply, additional clauses included, financial strength and history of customer service.
- Mutual of Omaha
- Gerber Life
- Globe Life
- Protective
- Transamerica
- Royal Neighbors of America
- Foresters Financial
- American Amicable
- Liberty Bankers Life
- Physicians Mutual
The 10 Best Whole Life Insurance Companies for Children in the United States
Below you will find a detailed review of each company. Outside of the first three, the others appear in no particular order.
Also keep in mind that not all of these companies will be available in all states.
Best overall, first place: Mutual of Omaha
- Policy type : Whole life
- Generates cash value : Yes
- Fixed premiums : Yes
- Coverage Expiration Date : Never
- Available ages : 0 -17
- Coverage range : $5,000-$50,000
- Unisex prices : Yes
Mutual of Omaha's minor coverage is underwritten by one of the strongest and most financially stable life insurance companies in the world. Its complete life coverage for minors is undoubtedly the best option on the market.
First of all, it is the cheapest you will find. For example, $4.00 per month for $10,000 coverage is a very good price for life insurance for minors. Plus, they have the easiest online application process ever, and the policy includes two great riders at no extra cost.
The guaranteed insurability rider will allow the policy owner to purchase more coverage for the insured minor to address certain life circumstances.
For example, if you get married and have your own children, buy a home, or reach a certain age, you can purchase more coverage without having to answer any health questions.
Mutual of Omaha will allow you to do this up to a maximum of five times throughout the child's life.
Additionally, premium waiver riders will waive monthly payments for 90 days after the policy owner dies. This allows enough time for someone else to assume the policy payments.
You can then see prices and request insurance using the quote tool on this page. Once you complete the application, Mutual of Omaha will send you a hard copy of the policy in less than two weeks.
Example of Mutual of Omaha premiums
| AGE | $10,000 | $20,000 | $30,000 | $50,000 |
| 0-4 | $4.00 | $7.00 | $10.00 | $16.00 |
| 5-9 | $4.80 | $8.60 | $12.40 | $20.00 |
| 10-14 | $5.50 | $10.00 | $14.50 | $23.50 |
| 15-17 | $6.90 | $12.80 | $18.70 | $30.50 |
Second place: Gerber Life
- Policy type : Whole life
- Generates cash value : Yes
- Fixed premiums : Yes
- Coverage Expiration Date : Never
- Available ages : 0 – 14
- Coverage range : $10,000-$50,000
- Unisex Pricing : Yes (except in CA and FL)
Most people know Gerber for their baby food, but they also do life insurance.
What sets the Gerber Life Grow Up plan apart is that it doubles the life insurance coverage once the child turns 18 (without increasing the premium).
This is great, but the premiums are rather expensive, so what they do is overcharge you up front to make up for the coverage the insured will receive at 18.
They also guarantee that the minor will be able to purchase additional coverage later without having to prove his or her insurability.
Overall, it's a good plan worth considering. If you have already purchased coverage with Mutual of Omaha, then Gerber would be a good option for next.
Example of Gerber Life premiums
| AGE | $10,000 | $20,000 | $40,000 | $50,000 |
| 1 | $6.79 | $13.58 | $26.08 | $32.60 |
| 5 | $7.68 | $15.36 | $29.61 | $37.01 |
| 10 | $9.05 | $18.10 | $34.80 | $43.50 |
| 14 | $10.38 | $20.77 | $39.97 | $49.97 |
Third place: Globe Life
- Policy type : Whole life
- Generates cash value : Yes
- Fixed premiums : Yes
- Coverage Expiration Date : Never
- Available ages : 0-24
- Coverage range : $5,000-$30,000
- Unisex prices : Yes
Globe Life doesn't have the best track record when it comes to service, but it has some of the best baby life insurance for two reasons.
First, their premiums are some of the lowest you will find. Second, they allow you to purchase coverage for your child up to age 24. This is unusual as technically you would be purchasing cover for an adult if your child is over 18 years old.
No other provider does that.
So in summary, if you want coverage for a child between the ages of 18 and 24, then Globe Life child insurance is your best bet. If your children or grandchildren are under 18, then go with Mutual of Omaha or Gerber.
Globe Life Premium Example
| Age | $10,000 | $20,000 | $25,000 | $30,000 |
| 0-4 | $3.83 | $7.15 | $8.81 | $10.47 |
| 5-9 | $4.48 | $8.50 | $10.51 | $12.52 |
| 10-14 | $5.43 | $10.27 | $12.69 | $15.11 |
| 15-19 | $6.49 | $12.23 | $15.10 | $17.97 |
4) Protective
- Policy type : Whole life
- Generates cash value : Yes
- Fixed premiums : Yes
- Coverage Expiration Date : Never
- Available ages : 0-18
- Coverage range : $10,000 – $20,000
- Unisex prices : Yes
Protective is a well-established life insurance company with a strong financial track record. Their coverage is reasonably priced and they are one of the few companies that will allow you to purchase coverage for someone who is 18 years old.
Example of Protective Bonuses
| AGE | $10,000 | $20,000 | $40,000 | $50,000 |
| 1 | $6.20 | $12.40 | $24.80 | $31.00 |
| 5 | $7.00 | $14.00 | $28.00 | $35.00 |
| 10 | $8.20 | $16.40 | $32.80 | $41.00 |
5) Transamerica
- Policy type : Whole life
- Generates cash value : Yes
- Fixed premiums : Yes
- Coverage Expiration Date : Never
- Available ages : 0 – 17
- Coverage range : $1,000 – $50,000
- Unisex prices : No
The price of Transamerica's life insurance plan for minors is intermediate compared to what other companies charge for minors. The only downside is that they require you to hire through an agent.
They do not have an online application process. You will need to speak with an agent in person or by phone.
Example of Transamerica premiums
| AGE | $10,000 Niño | $10,000 Girl | $20,000 Niño | $20,000 Girl |
| 1 | $15.96 | $14.31 | $28.31 | $25.01 |
| 3 | $16.16 | $14.47 | $28.71 | $25.34 |
| 5 | $16.35 | $14.65 | $25.70 | $29.09 |
| 7 | $16.89 | $14.98 | $30.17 | $26.35 |
6) Royal Neighbors of America
- Policy type : Whole life
- Generates cash value : Yes
- Fixed premiums : Yes
- Coverage Expiration Date : Never
- Available ages : 0 – 17
- Coverage range : $10,000 – $49,999
- Unisex prices : No
Royal Neighbors of America was in fact the first insurer to sell life insurance to minors. While this is great and a plus, they unfortunately require you to meet with an agent in person to apply.
Their prices are reasonable and the company is sensational in terms of service and claims, but they need to offer an online application service.
Example of Royal Neighbors premiums
| AGE | $10,000 Niño | $10,000 Girl | $20,000 Niño | $20,000 Girl |
| 1 | $8.40 | $8.00 | $12.44 | $11.66 |
| 3 | $8.60 | $8.18 | $12.86 | $12.01 |
| 5 | $8.81 | $8.35 | $13.28 | $12.35 |
| 7 | $9.03 | $8.53 | $13.71 | $12.72 |
7) Foresters Financial
- Policy type : Whole life
- Generates cash value : Yes
- Fixed premiums : Yes
- Coverage Expiration Date : Never
- Available ages : 0 – 17
- Coverage range : $5,000 – $75,000
- Unisex Pricing : Yes (not in FL)
What sets Foresters Financial apart most is the amount of coverage it allows you to purchase. They will sell you life coverage for a child for up to $75,000. Most other companies have a limit of $50,000 or less.
As for prices, they are also very good. They offer almost the same price as Mutual of Omaha. Their prices are just a little higher than Mutual's.
Example of Foresters bonuses
| AGE | $10,000 | $20,000 | $40,000 | $50,000 |
| 1 | $4.45 | $7.86 | $14.67 | $18.07 |
| 5 | $5.24 | $9.43 | $17.82 | $22.01 |
| 10 | $5.92 | $10.78 | $20.51 | $25.38 |
| 15 | $7.43 | $13.81 | $26.57 | $32.94 |
8) American Amicable
- Policy type : Whole life
- Generates cash value : Yes
- Fixed premiums : Yes
- Coverage Expiration Date : Never
- Available ages : 0 – 17
- Coverage range : $10,000 – $35,000
- Unisex prices : No
American Amicable is an A-rated company that survived the great depression. You can rest assured that the company will pay your claims when the time comes.
The price of their coverage isn't bad, but they do require you to speak to an agent to apply for it. This can be done in person or over the phone.
Example of American Amicable premiums
| AGE | $10,000 Niño | $10,000 Girl | $20,000 Niño | $20,000 Girl |
| 0-10 | $12.62 | $11.71 | $22.59 | $20.77 |
| 11 | $12.84 | $11.89 | $23.03 | $21.14 |
| 12 | $13.04 | $12.08 | $23.43 | $21.51 |
| 13 | $13.25 | $12.26 | $23.85 | $21.88 |
9) Liberty Bankers Life
- Policy type : Whole life
- Generates cash value : Yes
- Fixed premiums : Yes
- Coverage Expiration Date : Never
- Available ages : 0 – 17
- Coverage range : $10,000 – $30,000
- Unisex prices : No
One thing you should know about Liberty Bankers is that they force you to spend at least $15.00 per month. This is something very unusual in the life insurance business for minors.
That said, their premiums are competitive and Liberty Bankers is financially strong.
Liberty Bankers Life Premium Example
| AGE | $20,000 Niño | $20,000 Girl | $30,000 Niño | $30,000 Girl |
| 1 | Price too low | Price too low | $17.33 | $15.31 |
| 3 | Price too low | Price too low | $18.03 | $15.95 |
| 5 | Price too low | Price too low | $18.64 | $16.56 |
| 7 | Price too low | Price too low | $19.47 | $17.45 |
10) Physicians Mutual
- Policy type : Whole life
- Generates cash value : Yes
- Fixed premiums : Yes
- Coverage Expiration Date : Never
- Available ages : 0 – 12
- Coverage range : $5,000 – $10,000
- Unisex prices : Yes
Physicians Mutual is a little weird because it only gives you two options. You can hire $5,000 or $10,000. And that's it.
Other insurers will allow you to contract the amount you want. Outside of this, they have a very easy online application process, so you won't have to speak to an agent.
Physicians Mutual Premiums Example
| AGE | $5,000 | $10,000 |
| 1 | $2.95 | $5.90 |
| 4 | $3.40 | $6.80 |
| 8 | $3.85 | $7.70 |
| 12 | $4.45 | $8.90 |
3 of the most important reasons to take out a life policy for your children
At the end of the day, it will be a matter of preference whether or not to buy life coverage for your children.
There is no set rule that says you should or shouldn't hire her. It's about what YOU think is best.
That being said, these are the most common reasons to get life insurance for your children.
1) Save for college or other reasons
Openly purchasing youth life insurance is not the best mechanism to save for your child's future college expenses. All financial advisors agree on this.
That being said, a baby life insurance policy can be used to save money for college.
Basically, the policy includes a cash value that accumulates over time. The cash value of a whole life policy is like a savings account behind the scenes.
Every time you make a payment, a percentage of it goes to the cash value account. In addition, the account earns interest each month, which increases the amount even more. The growth of this account has no limit.
You and your children have the right to withdraw funds from this cash value account at any time and for any reason.
For example, let's say your child needs money for college, buying a home, or any other expense. You can dip into this cash value to help you out.
2) Funeral costs
This is by far the most obvious and popular reason why parents and grandparents alike purchase life insurance for their children/grandchildren.
Although the chances of a child dying are low, it can happen. Having a life insurance policy for one of her children will give you peace of mind because she will know that her funeral costs will not cause a financial burden.
After all, an average funeral in the United States costs about $10,000. Cremations are not cheap either, as they can cost up to about $6,000.
3) Guaranteed insurability later in life
One of the many benefits of whole life insurance for minors is that they can get guaranteed coverage later in life.
Basically, the insurance company will allow the insured minor to purchase more coverage (up to a certain amount) without having to demonstrate evidence of insurability.
This means that neither your health nor your lifestyle will prevent you from getting more coverage.
Let's say your child gets cancer at age 20 or 30. The policy you purchased would allow you to purchase additional coverage, something that your cancer would prevent you from.
So, should you get comprehensive life insurance for minors?
Some professionals say yes, and others say no.
This is the truth…
It totally depends on you. If you will sleep better knowing that your children/grandchildren are insured, then purchase a policy for them. If not, don't do it.
Again, it's totally up to you.
Insurance (of any kind) provides peace of mind. The question is whether it's worth spending the extra money on a whole life policy in exchange for that peace of mind.
Only you can answer that question.
How much coverage can you purchase?
Most insurance companies will allow you to purchase between $5,000 and $50,000 in life insurance for children.
Each insurer is different in terms of their minimums and maximums.
Who is eligible to purchase life insurance for minors?
Not everyone can take out a policy for a minor. Life insurance companies will typically allow only the following people to purchase life insurance for a minor:
- Parents
- Grandparents
- Grandparents
- Stepparents
- Tutor legal
Adoptive parents are also accepted.
Insurance companies do not require the child's consent, which is why they only allow these people to purchase coverage for the minor.
Another important aspect to highlight. Grandparents can purchase life insurance for their grandchildren without parental consent.
How to take out a life insurance policy for newborn babies and minors
Most life insurance companies will allow you to purchase 100% child coverage online.
In general, you can apply and complete the entire process in less than 5 minutes.
Quick Tip : Use the quote tool on this page to see immediate child life insurance quotes and apply online. Coverage will be provided by Mutual of Omaha, which is one of the largest and most financially stable insurance companies in the world (they produced those Wild Kingdom shows). No advance payments are required, and you will have a policy in your home in 1-2 weeks.
Don't worry because you won't need too much information to complete an application.
But above all, any type of medical examination is never required .
This is what you will need…
All you will need to do is provide the following information about the child/grandchild you are insuring:
- Full name
- Birthdate
- Sex
- Answer a series of medical questions (varies by insurer)
You will then need to provide the following information about the person purchasing the coverage:
- Full name
- Link with the insured minor
- Home
- Sex
- Birthdate
- Social Security number
- Telephone
- Names of beneficiaries
- Payment information
Once you fill out the required information, the insurance company will process your application and send you a printed copy of your policy, which will arrive within a few weeks.
In case you are wondering…
Yes, you can apply by submitting printed paperwork if that is what you prefer (not all providers offer this option).
For example, the Gerber Life Grow Up plan can be enrolled online or by completing and submitting the paper application.
For minors to qualify, you will simply have to answer no to a few questions about the minor's health.
Remember that 99% of the time a medical exam is not necessary.
The child or grandchild you are insuring will be accepted as long as they were not born with any type of chronic condition, illness or disorder.
Frequently asked questions about life insurance for minors
Below are the most frequently asked questions we receive about life insurance for sons or daughters.
If you have any questions that are not listed here, write to us at contacto@insurancelatino.com
We will post your question and a response within 48 hours.
Can you take out life insurance for a child?
Many life insurance companies offer life insurance for minors. These will generally be whole life policies, which are permanent coverages with a savings component called cash value.
To take out life insurance for a minor, is your consent necessary?
No life insurance company requires the consent of the minor when taking out a life policy for them. Not even life insurance for teenagers requires your consent.
As long as you are a parent, grandparent, stepparent, or legal guardian, you can purchase coverage for them without them knowing.
What options exist for children with pre-existing conditions?
It will actually depend on the specific health problem(s). You will need to check with an agent to see if there is a life insurance company that offers underwritten underwriting underage life insurance that will accept the health issue your child is dealing with.
As a general rule, any type of chronic condition or disease will be rejected.
Is there a waiting period for life insurance for minors?
Coverage for minors never has a waiting period. No matter which company you sign up with, coverage goes into effect immediately. The only payment exclusion in a policy for minors is suicide within the first two years. All other causes of death will result in full payment of the death benefit.
Is there an age limit for life insurance for minors?
In most cases, insurance companies will not insure someone who is 18 years or older. Because they are adults, companies prefer that they buy their own coverage. In general, those under 18 can be insured by an adult without getting involved in the process.
Can life insurance be purchased for a teenager without his or her consent?
Yes, you can take out a life policy for a teenager without their consent because they are still a minor.
How long should you wait to take out life insurance for a baby?
Most life insurance companies simply require that the baby be 14 days old before they can insure it.
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