Ben Nguyen 
Choosing life insurance for your child is an important decision that can provide financial protection and peace of mind for their future. This guide examines the best children’s life insurance companies in Canada and what to look for when selecting coverage.
The Best Life Insurance for children Companies in Canada in September 2024
After thorough research comparing children’s life insurance policies from major life insurance providers in Canada, the following four companies stand out based on their competitive plans, benefits, financial strength, and reputation.
Sun Life Children’s Life Insurance
Sun Life is one of the largest and most trusted insurance companies in Canada. They offer a wide range of term and permanent life insurance options for children.
Key Benefits
- Child term life riders can be added to parent’s existing Sun Life policies. This provides affordable coverage for kids using a rider rather than a standalone policy.
- Sun Life’s child term life riders have issues with ages from 0 days to 17 years old. So you can enroll a newborn baby on the rider.
- Disability waivers for premium riders are available on children’s policies in case the insured child becomes totally disabled. Premiums are waived until recovery.
- Sun Life offers the flexibility to convert your child’s term life policy to a permanent life insurance policy up until age 25. This ensures lifelong coverage.
- Accidental death benefits can be added to both term and permanent children’s policies as an extra rider. Provides additional payout if death is accidental.
The Child Term Benefit (CTB) is an optional rider that can be added to many Sun Life insurance policies to provide term life insurance coverage for children. The CTB covers natural, adopted, and stepchildren named on the application.
The CTB provides a death benefit of $10,000 to $30,000 for each insured child until a certain age, often 25. Premiums for the CTB are charged on top of the base policy premium.
Advisors should regularly review whether clients still need the CTB rider. Clients may continue paying premiums after their children have aged out of eligibility, but the CTB can be cancelled if it is no longer needed.
Sun Life also offers permanent participating whole life insurance policies, like Sun Par Protector II, specifically designed for children’s coverage needs. These policies build cash value and offer lifetime protection. Consulting with a licensed advisor can help determine if the CTB rider or a standalone permanent children’s life insurance policy best fits the client’s situation and goals.
Sun Life Children’s Life Insurance Sample Premiums
| Plan | Death Benefit | Issue Ages | Monthly Premium |
|---|---|---|---|
| Sun Life Child Term Benefit (rider) | $10,000 | 0-17 years | $4.9 |
Overall, Sun Life’s children’s life insurance plans combine affordability, flexibility, and the backing of a top Canadian insurer.
Full review: Sun Life Insurance Canada
Manulife Children’s Life Insurance
Manulife is another highly respected insurance provider in Canada. They offer very competitive and flexible term life insurance policy options for children.
Key Benefits
- Manulife has a broad issue of age, ranging between 0 and 18 years old. You can get a policy after your baby’s initial newborn period.
- Future insurability rider allows you to increase the child’s life insurance coverage at set milestones without additional medical questions. Guarantees added protection.
- Disability waiver of premium rider is included, so policy premiums are waived if your child becomes disabled until recovery.
- Manulife’s children’s term life policies can be converted to a permanent life insurance policy up to age 25 or 26. Ensures lifelong coverage.
Manulife Children’s Life Insurance Sample Premiums
| Plan | Death Benefit | Issue Ages | Monthly Premium |
|---|---|---|---|
| Manulife Child protection rider (CPR) | $10,000 | 0 – 18 years | $2.5 |
With Manulife, it’s simple to get life insurance for your young children. The future insurability rider provides peace of mind, and your child can obtain more coverage later in life.
Full review: Manulife life Insurance
RBC Children’s Life Insurance
When it comes to permanent life insurance for children, RBC Life Insurance is an excellent choice. Their universal life policies offer lifelong coverage along with tax-deferred cash value growth.
Key Benefits
- RBC Life offers permanent universal life insurance plans designed specifically for children’s needs.
- Child term coverage can start at just $5,000, one of the lowest minimums available, makes coverage affordable, but this can be increased as needed over time as your child gets older.
- Children can be insured under RBC’s permanent plans from birth up to 17 years old.
- As the cash value grows tax-deferred, this can be used down the road for major expenses like college costs.
RBC Children’s Life Insurance Sample Premiums
| Plan | Death Benefit | Issue Ages | Monthly Premium |
|---|---|---|---|
| RBC Children’s Term Rider | $5,000 | 0-17 years | $2.7 |
RBC Life’s permanent children’s policies offer lifelong coverage and future options to utilize policy cash value funds if needed.
Full review: RBC Life Insurance
BMO Children’s Life Insurance
BMO Insurance offers a Child Term Rider that can be added to eligible adult permanent life insurance policies from BMO.
Key features:
- Provides term life insurance coverage for children of the insured up to age 25.
- The minimum coverage amount is $5,000.
- Maximum coverage amount is the lesser of $50,000 or 50% of the parent’s policy coverage.
- Covers natural, legally adopted, and stepchildren.
- Available for issue ages 14 days through 17 years old.
- The rider can be converted to a permanent plan up to age 25 with simplified underwriting.
- Premiums are level and guaranteed.
In summary, the BMO Child Term Rider offers an affordable way to add supplemental term life coverage for children to a parent’s existing permanent life insurance policy.
BMO Children’s Life Insurance Sample Premium
| Plan | Death Benefit | Issue Ages | Monthly Premium |
|---|---|---|---|
| BMO Child Term Rider | $5,000 | at least 15 days old and less than 18 years old | $2.8 |
Full review: BMO Life Insurance
Based on the overall benefits and features offered, these 4 leading insurance companies offer some of the top children’s life insurance options in Canada.
Getting Life Insurance for Your Child’s Unique Needs
While the above life insurers offer some of the best children’s life insurance options in Canada, you still need to evaluate your specific situation and needs:
- Consider your budget and how much you can afford to pay in premiums. Term life offers protection at a lower cost.
- Think about the amount of coverage that would be suitable to protect your child and family. Many policies have a minimum of $25,000 death benefits.
- Understand the differences between term, permanent, and child term riders and which type aligns with your goals.
- Look for policies with conversion options and guaranteed insurability riders to ensure continuous coverage.
- For permanent life insurance, examine the cash value accumulation options and projected growth.
Getting life insurance for your children is an important decision. Consulting with a qualified life insurance advisor can help you make the right choice. They will compare quotes from top insurers to find the best children’s life insurance policy that fits your family’s budget and protection requirements.
How To Buy The Best Children’s Life Insurance
Purchasing the right life insurance for your child involves some important steps. Here is a brief guide to buying the best policy:
Determine Your Needs
First, think about why you want coverage for your child and how much protection would be suitable for your family’s situation. Common ranges are $25,000 up to $100,000 or more. Outline your goals so you buy adequate coverage.
Compare Policy Types
Learn the differences between children’s term life insurance, permanent life insurance, and term riders. Understand which features and duration of coverage align with your needs and budget. Term life tends to be more affordable.
Research Top Insurers
Look at top children’s life insurance providers in Canada, such as Sun Life, Manulife, RBC Insurance, and BMO Insurance. Compare policy details, including issue ages, death benefits, riders, conversions, premiums, cash value options, and anything else applicable to your situation.
Work With an Expert Advisor
Consult an experienced life insurance advisor. They have access to quotes from Canada’s top insurers. An advisor can explain all your options and make personalized recommendations for the ideal children’s policy based on your family’s needs and finances.
See also: How to Find the Best Life Insurance Broker
Apply For Coverage
To apply, you’ll answer health history questions for your child and complete an application. In most cases, medical exams are not required. Policies can often be issued relatively quickly. Make sure to provide complete and accurate information.
Review the Policy
When your children’s life insurance policy is issued, thoroughly review all details and confirm the coverage meets your needs. Reach out to your advisor with any questions.
Pay Premiums On Time
Set up automatic payments so you never miss premiums. This keeps the policy active and prevents lapses in precious coverage for your child.
Following these steps will help you secure the best life insurance for protecting your child’s future and providing peace of mind.
See also: Life Insurance Rates By Age Chart
What to Look For in a Children’s Life Insurance Policy
When researching children’s life insurance options, keep the following policy features in mind:
- Age of Insurability – What is the age range for enrolling a child? Many policies insure children from 2 months up to 17 years old.
- Amount of Coverage – Policies offer death benefits that range from $5,000 up to $100,000 or more. Consider how much protection your family needs.
- Premium Costs – Compare monthly or annual premiums across insurers. Permanent policies have higher premiums than term.
- Conversion Options – Can the policy be converted to permanent life insurance as the child gets older? This provides lifelong protection.
- Cash Value – For permanent policies, look at how cash value accumulates and can be accessed in the future.
- Riders/Benefits – Additional riders for waiver of premium, guaranteed insurability, accidental death, and critical illness can enhance the policy.
When comparing children’s life insurance quotes, be sure to evaluate the policy details carefully, as coverage can vary significantly between insurers. Consulting with a licensed life insurance advisor is highly recommended to ensure you select appropriate coverage.
What to Look for in a Children’s Life Insurance Company
Choosing the right life insurance company for your child is crucial to getting optimal coverage. Here are the key factors to evaluate:
Financial Strength
Make sure to choose an insurer with strong financial ratings from agencies like A.M. Best. This ensures they have the resources to fulfill policy obligations and pay out claims. Avoid any companies with shaky finances.
Experience Insuring Children
Look for an established company with extensive expertise covering children specifically. They’ll have policies tailored to kids’ unique needs. Insurers like Sun Life, Manulife and RBC Insurance have insured children for decades.
Range of Policy Options
Look for a variety of children’s policy types such as term, whole life, universal life, and term riders. This provides flexibility to find coverage aligned with your needs and budget.
Competitive Premium Rates
Compare children’s policy rates across insurers to find the most affordable premiums for the specific coverage you want. Having an expert advisor simplifies this process.
Strong Customer Service
You’ll have peace of mind knowing the insurer provides fast and helpful service addressing your questions or policy needs. This gives you confidence in their commitment.
Ability to Increase Coverage
Look for the ability to take on more coverage in the future as your child gets older, either by converting term or using guaranteed insurability riders. This ensures lifelong protection.
Conducting thorough research and partnering with an advisor is key to finding the ideal
Secure Peace of Mind With the Right Children’s Life Insurance
While no one likes to think about life insurance for kids, it can be a wise investment in their financial future and your family’s protection. Take the time to educate yourself and partner with an expert advisor to select the optimal policy from the best children’s life insurance companies in Canada. Your children are your most valuable gift – make sure they’re covered.
Learn More With a Licensed Expert Advisor
At LifeBuzz, we understand choosing the best children’s life insurance is an important decision. Our licensed advisors have access to quotes from Canada’s top insurers and will help you evaluate your options. Connect with us today to protect your child’s future.
To aid in your search, our team of experts has thoroughly assessed the major life insurance companies in Canada and identified the leading providers based on policy type. Through comprehensive analysis, we have determined the top insurers for term life, universal life, whole life, critical illness, disability, and mortgage protection.
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Frequently Asked Questions
When should I buy life insurance for my child?
You can enroll a child in life insurance shortly after birth. Most policies allow you to insure a child from 14 days old onward. Purchase coverage early on to lock in low rates.
What is the best life insurance for children?
The best life insurance policy depends on your budget, goals, and need for either temporary coverage (term life) or permanent protection. Work with an advisor to select the right policy from a highly-rated insurer like Sun Life, Manulife, RBC, or BMO Insurance.
Can I get life insurance for my grandchild?
Yes, grandparents can absolutely purchase a life insurance policy for their grandchild. Obtaining coverage while young is wise to lock in insurability. Consult a licensed advisor on the best options.
What is a good coverage amount for the best children's life insurance?
$25,000 to $100,000 is a common range for children's life insurance coverage. Determine an appropriate amount based on future expenses and income replacement needs for survivors.
Is children's life insurance expensive?
No, children's coverage is very affordable, often $5 - $50 monthly for $25,000 to $100,000 in death benefits. Premiums depend on the policy benefits.
Does children's life insurance build cash value?
Permanent life insurance policies like whole, universal, and guaranteed no-lapse universal life build cash value children can use later.
How do I file a children's life insurance claim?
To file a claim on a child's life policy, contact the insurer immediately. You'll provide documentation and go through their claims process, Moving quickly to receive the payout.
When does my child convert children's life insurance?
Many term life policies allow conversion between age 21 and 25 or provide guaranteed insurability until then. Some policies automatically convert at 25.
Who has the best children's life insurance policy rates?
For budget rates, leading insurers to compare include Sun Life, Manulife, Canada Life, BMO, and RBC Insurance. An expert advisor can get you quotes to find the best value based on your needs.
What are the key features of the best children's life insurance?
Key features include affordable premiums, the ability to convert term to permanent coverage later, guaranteed future insurability riders, cash value options, and add-ons like disability waivers.
Who offers the best children's life insurance growth potential?
RBC Insurance and Sun Life have some of the best universal life policies that can maximize tax-deferred cash value growth through customized investment portfolios.
Should I use a broker for the best children's life insurance?
Yes, an independent broker can compare all the top insurers to find you the very best children's life insurance policy for your unique needs and situation.
Where can I research the best children's life insurance companies?
Use independent sites like RateHub and PolicyAdvice to research and compare children's life insurance companies, plans, ratings and features.
How do I learn about the best children's life insurance products?
Consult with an independent life insurance broker who can explain all the top children's insurance products and recommend the best options for your specific needs.
What best children's life insurance exclusions should I know about?
Understand exclusions for pre-existing conditions, deaths from certain preventable accidents, and suicide, which most children's policies do not cover. Ask insurers for specifics.
Can my child's doctor do a medical exam for the best children's life insurance?
Medical exams are typically not required for children's coverage. Health questionnaires are sufficient. But a doctor can do an exam if requested by the insurer in special cases.
Article Sources:
To fully appreciate our rigorous adherence to veracity, transparency, and editorial independence, consider reviewing our Editorial Policy at Lifebuzz.ca. It is this dedication that positions us as the ultimate dependable life insurance news outlet in Canada.
- How life insurance for children in Canada works – https://www.ratehub.ca/
- Child Life Insurance: Is It Right For Your Family? – https://protectyourwealth.ca/
Our Methodology for Rating the Best Children’s Life Insurance Companies
Our research team thoroughly evaluates and compares children’s life insurance companies using an in-depth scoring system. We focus on the key factors that matter most to families shopping for coverage. Here are the criteria we consider when analyzing providers:
- Financial Strength (40%): We evaluate insurers’ financial stability by examining ratings from agencies like A.M. Best. Companies with higher scores inspire trust in their ability to fulfill claims.
- Policy Options (33%): The variety of children’s term, whole, and universal life policies available is important. More choices provide flexibility to tailor coverage.
- Accessibility (19%): We evaluate how easy it is to get information, quotes, apply, and get customer support. Companies that provide a streamlined experience online and through advisors score higher.
- Riders & Features (8%): The availability of additional riders and benefits like disability waivers, guaranteed insurability, and accidental death coverage enhance policies. More riders earn higher scores.
By thoroughly researching and comparing all these factors, we aim to provide the most comprehensive and unbiased evaluations of children’s life insurance companies. Our ratings simplify the process of finding the best provider for your family’s needs and budget.
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