What is the Best Type of Life Insurance to Buy for a Child?

Last Updated: April 1, 2026 | Written by President of Term Life Online – AU, AAI, ARM

Why Parents Consider Life Insurance for Children

Life insurance for children is less about replacing income and more about creating financial security and future opportunity. Policies purchased early often provide unique advantages that cannot be matched later in life.

Key benefits include:

• Guaranteed future insurability regardless of health changes
• Extremely low premiums locked in for life
• Cash value growth that can be accessed later
• Financial protection for funeral expenses
• A financial head start for adulthood

Because children are typically very healthy, insurers offer the lowest possible rates—often just a few dollars per month.

The Best Type of Life Insurance for a Child: Whole Life Insurance

For most families, whole life insurance is widely considered the best type of policy to buy for a child.

Whole life insurance provides permanent coverage that lasts the child’s entire lifetime, as long as premiums are paid.

Why Whole Life Works So Well for Kids

1. Lifetime Protection

Unlike term policies that expire, whole life insurance stays active for life. This means your child will always have coverage—no matter what happens with their health later on.

2. Locked-In Low Rates

Buying coverage when a child is young locks in extremely low premiums that never increase.

3. Cash Value Growth

Whole life policies build cash value over time, which grows tax-deferred. Later in life, your child may be able to borrow against the policy to help with:

• College expenses
• Starting a business
• Buying a home
• Emergencies

4. Guaranteed Insurability

If your child develops a health condition later in life, having a policy already in place ensures they cannot be denied coverage.

Alternative Option: Child Term Life Insurance

Some parents consider term life insurance for children. Term policies provide coverage for a specific period, such as 10, 15, 20, or 30 years.

However, term life insurance for children has limitations:

• Coverage eventually expires
• No cash value accumulation
• Rates increase when converting later

Because of these limitations, whole life insurance is typically the better long-term strategy for children.

Another Option: Child Rider on a Parent’s Policy

Some life insurance policies allow parents to add a child rider to their own coverage. This rider provides a small amount of coverage for children under the parent’s policy.

While riders are inexpensive, they also have limitations:

• Lower coverage amounts
• No independent policy ownership
• Often no long-term cash value

Many parents eventually choose to convert the rider into a permanent policy later.

How Much Life Insurance Should You Buy for a Child?

Coverage amounts for children are usually modest but meaningful. Typical policies range from:

• $10,000
• $15,000
• $20,000
• $25,000
• $30,000

The right amount depends on your financial goals and whether you want the policy to accumulate meaningful cash value over time.

A licensed agent can help you compare options and determine the best coverage level.

When is the Best Time to Buy Life Insurance for a Child?

The best time to buy life insurance for a child is as early as possible.

Why?

Because premiums are based on age and health. A newborn or young child qualifies for the lowest possible rate category, which can lock in decades of savings.

Waiting until adulthood means:

• Higher premiums
• Potential health complications
• Possible denial of coverage

Starting early ensures your child has protection already in place before those risks ever arise.

Is Life Insurance for Children Worth It?

For many families, the answer is yes—especially when the policy offers lifelong benefits.

A child life insurance policy can:

• Protect your family financially
• Provide guaranteed lifelong coverage
• Build tax-advantaged savings
• Give your child financial flexibility in adulthood

In many cases, the cost is less than the price of a few cups of coffee each month.

Get a Free Quote for Child Life Insurance

Every family’s situation is different, which is why comparing options is important.

The good news is that finding affordable coverage is quick and easy.

Request your free life insurance quote today to see the best child life insurance policies available and lock in low lifetime rates while your child is still young.

There’s no obligation—and it could be one of the smartest financial decisions you make for your child’s future.

Child Life Insurance Quotes

Top Pick – Globe Life Insurance

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• $1* for the first month starts your child's policy today.
• Up to $30,000 of coverage for children.
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• Carry their life insurance policy into adulthood.
• No-Risk, 30-Day Money-Back Guarantee.
• No Medical Exam – Simple Application.
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• The Globe Life family of companies has nearly 17 million policies in force.
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• Globe Life is rated A (Excellent) by A.M. Best Company as of August 2023.

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With roots going back to 1900, Globe Life has been protecting American families for generations.

Resources:

• The Benefits of Child Life Insurance Plans
• FAQs About Child Life Insurance
• Can You Buy Life Insurance for a Child without a Medical Exam?
• A.M. Best Company: Compare financial strength ratings of life insurance companies
• Life Happens.org: Learn about life insurance and review facts.

About Our Methodology

Reviewed By: President of Term Life Online – AU, AAI, ARM

• 30+ years of experience in insurance planning

How We Keep This Guide Accurate: We regularly updates our content to reflect the latest rates and industry trends. We are committed to providing transparent, unbiased information to help you make the best decision for your family.

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Disclaimer: This is for informational purposes only. Consult a licensed professional for advice.