Child life Insurance Plans 2021

Child life Insurance Plans 2021

What is child plan in life insurance?

Children’s life insurance is naturally a whole life policy ranging between $10,000-$50,000 in coverage. In addition, a small part of your monthly payment is added into ‘cash value,’ an interest-bearing account. These funds can help you in paying for college or co-curricular expenses quickly.

Child life insurance policies do not necessarily require a medical examination before purchasing a policy. Parents and grandparents can both purchase specific guidelines for their children or grandchildren. However, four essential features of any policy are going to be constant in every company. That includes: premium values can not be increased unexpectedly, the purchased policy will expire when it is supposed to pass, Coverage value can not necessarily decrease, and cash value can be withdrawn anytime. These are few standard features in each insurance plan.

Which policy is best for child?

Given below are few child life insurance policies that are available in the market in best life insurance companies

  • Mutual of Omaha

They offer whole life insurance, including build-up cash value and fixed premium rates. Once the coverage is purchased, it has no expiration date; they provide a range from $5,000 to $50,000. Since it is one of the cheapest yet most efficient insurance plans in the market, you must consider it a top priority. It also provides insurability riders that will allow you to buy more coverage later if that’s what you desire.

Mutual also allow withdrawing cash value in case of emergency or necessity, without any extensive hard work. You can check their quotes available on their official website, but to purchase the policy, you will have to get in touch with the insurance agent himself.  

  • Gerber Life

Gerber also offers a whole life insurance policy. For children ranging from 0 to 14 years old. They also allow building cash value, along with fixed premiums. Although most people are aware of Gerber because of their food product, they are also a well-reputed insurance company in the market.

Gerber’s life insurance attracts most people because of its doubling insurance coverage once the child turns 18. But since their premium charge is typically high thus when they increase range, it isn’t going to affect them much. You can also buy additional life coverage at Gerber.

  • Globe Life

Globe also offers whole life insurance that allows building cash values and promises fixed premiums. It is provided from age 0 to 24, without any expiration date of coverage. The coverage essentially ranges from $5,000 to $30,000. 

You can choose globe if you’re looking for low premiums and extended insurance coverage. Since they offer a range of up to 24, no other insurance company allows coverage for more than 18 years.

  • Protective 

Protective also offers whole life insurance that allows building cash values and promises fixed premiums. It is offered from age 0 to 18, without any expiration date of coverage. The coverage essentially ranges from $10,000 to $20,000.

Protective has a solid standing in the market with a reputable ranking. Its excellent financial record also shows that they are reliable and trustworthy.

  • Transamerica

Transamerica also offers whole life insurance that allows building cash values and promises fixed premiums. It is offered from age 0 to 17, without any expiration date of coverage. The coverage essentially ranges from $1,000 to $50,000.

The only drawback of the negative element of Transamerica is that to buy an insurance policy; you will have to get in touch with their insurance agent personally since there is no mechanism available for fulfilling an online application form and purchase a policy.

  • Royal Neighbors of America

Royal Neighbors of America also offer whole life insurance that allows building cash values and promises fixed premiums. It is offered from age 0 to 17, without any expiration date of coverage. The coverage essentially ranges from $10,000 to $49,000.

It was also the very first insurance company to sell life insurance coverage to minor children ever. Their policy rates are cost-friendly, and the company’s historical standing is also reasonably impressive. However, to buy their policy, you will have to contact their insurance agent personally, or else there’s no other way of purchasing a plan.

  • Foresters Financial

Foresters Financial also offers whole life insurance that allows building cash values and promises fixed premiums. It is provided from age 0 to 17, without any expiration date of coverage. The coverage essentially ranges from $5,000 to $75,000.

The unique aspect of foresters is that they allow insurance coverage up to $75,000, which isn’t usual. Since most other companies close their range at $50,000, they are cost-friendly and offer almost much price as mutual insurance and Omaha were offering.

  • American Amicable

American Amicable also offers whole life insurance that allows building cash values and promises fixed premiums. It is offered from age 0 to 17, without any expiration date of coverage. The coverage essentially ranges from $10,000 to $35,000.

It is a well-reputed company that enjoys an excellent ranking in the insurance industry. You can purchase its policy by contacting its agent via phone call or by arranging an in-person meeting.

  • Liberty Bankers life

Liberty Bankers life also offers whole life insurance that allows building cash values and promises fixed premiums. It is offered from age 0 to 17, without any expiration date of coverage. The coverage essentially ranges from $10,000 to $30,000.

They have a solid financial record, offer competitive premiums, and enjoy a good reputation in the market. But Liberty conditions you to spend $15.00 per month. Although that is a rare arrangement in child life insurance, they practice it.

  • Physicians Premium

Physicians Premium also offers best child life insurance plans that allows building cash values and promises fixed premiums. It is provided from age 0 to 17, without any expiration date of coverage. The coverage essentially ranges from $5,000 to $10,000.

It is slightly different from other companies in that it only allows you to buy a policy of $5,000 or of $10,000. Nothing else is offered. Their application process is available online, and you can apply for it via an online portal. You don’t necessarily have to get in touch with an agent.

How much life insurance do you need for a child?

Best child insurance plan is naturally a whole life policy and its price is ranging between $10,000-$50,000 in coverage.The monthly installments are as low as 5$ and maximum 20$.

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