— October 18th, 2023 —
Published in CNBC Select
on cnbc.com
Written by Liz Knueven
Purchasing life insurance for children can help in a variety of situations, including locking in lower rates and guaranteeing that they’ll be able to get coverage in the future.
Parents, grandparents and legal guardians have several options for insuring children:
- Parents can purchase a standalone whole life or term life insurance policy for their child.
- Parents can insure children under a rider as a part of their own life insurance policy.
The right type of policy — and whether it’s the right choice for you in the first place — depends largely on your goals and budget.
CNBC Select analyzed many major insurers that offer life insurance for children, considering the financial strength ratings, customer satisfaction ratings, coverage limits, age limits and more to find the best policies to cover children.
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cnbc.com
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