Best family life insurance companies of June 2023
Most people shop for life insurance in the first place because they want to provide financial protection for their children, spouse, or other family members. Having a life insurance plan for your family can give you peace of mind that your loved ones wouldn’t struggle financially in a worst-case scenario.
We used industry data, pricing from Policygenius carrier partners, and third-party ratings like A.M. Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.
Best overall: Transamerica
Cheapest: Corebridge Financial
Best joint life insurance for families: Prudential
Best term life insurance: Transamerica
Best whole life insurance: MassMutual
Best for long term lengths: Banner Life
Best for ease of signing up: Brighthouse Financial
Methodology: How we chose the best family life insurance of 2023
We don’t get paid for our company reviews and use an extensive rubric of criteria covering policy details, price, financial confidence, third-party ratings, and customer experience to assign unbiased ratings out of five stars. Any recommendations we make are based on internal and external expert opinions and data from our Policygenius Price Index, which uses real-time rate data from leading life insurance companies to determine pricing trends.
Our ratings and reviews can help point you to an insurer you can rely on for your family’s financial protection, but the best life insurance company for you is dependent on multiple factors. A licensed agent at Policygenius can work with you through the application process so you’re getting coverage from the best insurer for your circumstances at the most competitive price.
Best overall family life insurance
Transamerica
4.6
No-medical-exam option
Why we chose it
Transamerica is one of the oldest and largest life insurance companies, with over 12 million active accounts today. It offers affordable rates for almost every age, and you can even skip the medical exam if you fall under a certain age or coverage amount.
Pros and cons
Pros
Competitive rates for term life insurance
No-medical-exam available for qualifying applicants, including smokers and people between 60 and 70, which is rare
One of the fastest turnaround times in the industry for traditionally underwritten term policies
Cons
Term life not available in New York
Not a good option for people with a history of cancer, alcohol abuse, or asthma
Transamerica is an A-rated company with competitive premiums. It also offers an affordable child rider. Child riders are add-ons you can use to customize your policy and provide coverage for your children.
With Transamerica, you can add anywhere between $1,000 and $99,000 of coverage to your policy for your children. Your child can even convert the rider into a permanent policy of their own up until their 25th birthday.
Transamerica is also a good option if you’re applying while pregnant. The insurer will consider your application at any stage of pregnancy as long as there are no complications — even if you’re pregnant with twins — while other insurance companies might postpone applications during the second or third trimester until after delivery.
Cheapest family life insurance
2023 Policygenius award winner
Corebridge Financial
4.6
30+ year terms
All 50 states
Why we chose it
With competitive pricing and a range of flexible term periods for its Select-a-Term product, Corebridge is a solid option for many life insurance shoppers. Note: We are currently using AIG’s financial strength ratings until Corebridge has its own rating..
Pros and cons
Pros
Competitive pricing for all ages
Favorable underwriting for people with heart conditions and diabetes
Good for current and recently pregnant people, including people with gestational diabetes
Cons
Not the best for people with mental health conditions, including anxiety and depression
No no-medical-exam term option
Corebridge Financial (formerly AIG Life & Retirement) offers affordable premiums across many health classifications.
The company offers an affordable child rider — you can add as little as $500 in coverage for $2.50 per year, or $1,000 in coverage for $5.00 per year. You can opt for up to $25,000 in coverage for the child rider.
Best joint life insurance for families
2023 Policygenius award winner
Prudential
4.1
All 50 states
No-medical-exam option
Why we chose it
With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.
Pros and cons
Pros
Good for people over 60
More flexible income requirements than some other insurers
Considers applicants with a variety of immigration statuses (visas and green cards)
Cons
Younger applicants will likely find better prices elsewhere
No-med option can end up requiring a medical exam most of the time
Prudential is a reputable company that offers a second-to-die policy option with a no-lapse guarantee. This means two adults — usually spouses — are covered under one policy, and the death benefit is paid out to the beneficiaries when the second spouse passes away.
You can get approved with this policy even if one of the two people applying may not qualify for an individual policy.
Prudential’s survivorship life insurance policy also offers lower rates than other similar products on the market. Since joint life insurance is a more niche product, it’s best to speak with a financial advisor before deciding on this type of policy.
Best family term life insurance
Transamerica
Why we chose it
Consistent with our top overall pick, Transamerica is a great option for term life for families due to their child rider availability and favorable application guidelines for pregnancy.
The company also has a faster turnaround time on average than other insurers, and the potential for approval without the medical exam, which can lead to a more seamless application process.
Best family whole life insurance
2023 Policygenius award winner
MassMutual
4.9
All 50 states
Why we chose it
MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.
Pros and cons
Pros
Strong financial stability ratings
Higher potential for dividends for whole life policyholders than many competitors
Good customer experience ratings
Cons
High term life premiums
Term life not available through Policygenius
MassMutual offers a variety of permanent life insurance products that pay higher dividends to cash value policyholders than many competitors. This insurer also offers child whole life policies, which are more expensive than child riders but can serve as another way to provide financial protection for your child.
The company has high customer experience ratings as well as high third-party financial stability ratings.
Best for long level term lengths
2023 Policygenius award winner
Banner Life
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Banner Life has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
Banner Life offers affordable premiums, as well as some of the longest term lengths on the market. You can opt for a term length of 30, 35, or even 40 years. This makes Banner Life an ideal option for parents of young children, or parents who are considering growing their family in the future and will need financial protection for many years to come.
Best for ease of signing up
2023 Policygenius award winner
Brighthouse Financial
5.0
No-medical-exam option
Why we chose it
Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.
Pros and cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-med option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
Term life applicants limited to ages 25-50
Although this insurer doesn’t offer a child rider, Brighthouse Financial offers a seamless instant decision application process, which is convenient for young parents. If you have few health conditions and risk factors, you can complete a health interview over the phone instead of taking the in-person medical exam. Adults age 25 to 50 are eligible to apply.
If your priority is getting coverage for yourself or your partner quickly and easily, Brighthouse Financial is a great option.
Summary of the best life insurance for families
Company | Policygenius rating | Best for | Types of policies | |
4.6/5 | Term life insurance | Term life, whole life, universal | ||
4.6/5 | Affordability | Term life, guaranteed issue whole life, universal | ||
4.9/5 | Whole life insurance | Term life, whole life, universal | ||
4.1/5 | Joint life insurance | Permanent life, survivorship | ||
4.9/5 | Long term lengths | Term life, universal | ||
5/5 | Quick application | Term life |
Ready to shop for family life insurance?
What is family life insurance?
Family life insurance refers to the different policies that provide financial protection for the whole family — whether that includes a spouse, a domestic partner, one child, or multiple children.
Usually, this means one policy for every family member, but there are ways to cover more than one family member under the same policy. A licensed agent can help you determine which type of life insurance plan is best for you and your family.
Who needs to get family life insurance?
Most families will benefit from having a family life insurance plan, or combination of policies. The primary purpose of life insurance is to provide a financial safety net for your loved ones, so they wouldn’t face financial hardship if they had to live without your income or contributions to the household.
When working as a licensed agent, I would always recommend that any parent earning an income should have life insurance to protect it, but secondary earners and homemakers should also be insured. This way, you can protect any loss of income and domestic contributions like cooking, cleaning, and childcare.
Children don’t earn income, so they don’t typically need life insurance. There are options for life insurance policies for children, but most life insurance agents would recommend a child rider to insure the life of a minor child. The primary use of this rider would be to pay for funeral expenses.
If your child is disabled or if they require lifelong care, it may be worth considering a whole life policy, as this will ensure coverage for them for the rest of their lives.
Speaking with a licensed agent can help you determine which types of policies will best meet your family’s life insurance needs.
Aging parents living in your household
If you have aging parents living in your household, it may make sense to get a policy for them as well, especially if they contribute to your household through domestic responsibilities or childcare.
This can also be helpful if you share expenses with them, like paying rent, or will be responsible for their funeral arrangements.
Typically, your parents will need to get their own insurance policy, but you can be the policy owner and payor if you would be the one managing the policy, though this will require filling out additional paperwork for the insurer.
What are the best types of family life insurance policies?
When buying life insurance with your spouse, you have the option to buy two individual life insurance policies or one joint policy. Most couples should buy separate policies, which provide better and more affordable protection for your dependents.
The other option is a joint life insurance policy, which is best for families if one spouse doesn’t qualify for an individual policy or the life insurance payout is meant to cover estate or inheritance taxes.
There are various types of life insurance policies you can consider to protect your family. These mainly include term life and whole life.
Term life insurance is the best fit for most young families because it’s simple, affordable, and lasts only for as long as you need it.
Whole life, on the other hand, is a type of permanent coverage that doesn’t expire, has a cash value component that earns interest over time, and is usually five to 15 times more expensive than term.
Whole life insurance is usually best suited for people with lifelong financial obligations or people who are looking to use life insurance to diversify their investment strategy.
Other options to cover your family may include purchasing a whole life policy for your children or a spousal rider for your partner — a spousal rider is an add-on that ensures that if your spouse dies you’ll receive the death benefit.
However these options can be more expensive or offer less coverage than you need. These policies also don’t provide ongoing coverage for the surviving spouse after the primary insured person dies.
49% of the sandwich generation don't have life insurance
A recent Policygenius survey found that 49% of the sandwich generation (people with a parent age 65 or older who also are raising children or supporting adult children) doesn’t have life insurance to help financially support their loved ones after they die. If that’s your case, a term life insurance policy is an easy and affordable way to provide your family with a financial safety net in your absence.
Joint life insurance for couples
A joint life insurance policy may seem simpler because you can share one life insurance policy with your partner. However, most joint options are costly permanent life insurance policies and are best reserved for specific circumstances.
There are two types of joint policies:
First-to-die: Pays the death benefit after the first spouse dies, and is an option if one spouse can’t qualify for affordable individual coverage.
Second-to-die: Also called survivorship life insurance, it pays the death benefit after the second spouse dies. Second-to-die is most useful for inheritance planning.
Combining your coverage in one joint policy means that if one spouse is less healthy than the other, you’ll pay more for the joint policy than you would as individuals. In the event of a divorce, joint policies can also complicate proceedings.
Speak with an independent insurance agent to find out which life insurance options are best for your family. At Policygenius, our experts are licensed in all 50 states and can walk you through the entire life insurance buying process while offering transparent, unbiased advice.
Separate life insurance policies for couples
The most cost effective life insurance plan for a family typically involves purchasing one or more individual term life insurance policies — one for each parent — with the addition of a child rider.
A child rider is an optional policy add-on that pays a small death benefit if any of your children dies while your policy is active. This rider gives your children the option to convert the coverage to a policy of their own when they’re adults.
If you opt to purchase individual life insurance policies for you and your spouse, each person will need to go through the application process separately. Your premiums might differ from the premiums your spouse receives, depending on your respective health histories.
You can work with an insurance agent to navigate the application process together. You can also take the medical exam at the same time if it’s required.
Life insurance riders for your family
Child rider
A child rider is one of the most common riders, or add-ons, you can include on your policy. This gives your child or children a small amount of coverage and the price gets included in your individual premiums.
One child rider typically covers all eligible children in a family. If you have another child when you already have your life insurance policy, you can typically add them by contacting the insurance company.
Spousal rider
There’s an other-insured rider which is commonly used for spouses, sometimes called a spousal rider. This rider provides coverage for the spouse in addition to the original insured.
This add-on is becoming less common because it usually makes sense for both spouses to have their own policy. If the first spouse were to pass away, the rider wouldn’t be in effect anymore, and the second spouse would likely still need their own coverage.
Ready to shop for family life insurance?
How much does a family life insurance plan cost?
If you wanted life insurance coverage for a family with two parents with one or two mild and well-controlled health conditions and one or more children, the total monthly cost could be as low as $61 per month (under $750 per year).
Sample family life insurance premiums: Two parents and children
Family member | Coverage | Monthly premium |
|---|---|---|
35-year-old female | 20-year, $500,000 term life insurance | $25.55 |
35-year-old male | 20-year, $500,000 term life insurance | $30.51 |
One or more children | $10,000 child rider | $4.58 |
Total monthly premiums | $60.64 |
Family member | Coverage | Monthly premium |
|---|---|---|
35-year-old female | 20-year, $1 million term life insurance | $41.76 |
35-year-old male | 20-year, $1 million term life insurance | $50.71 |
One or more children | $10,000 child rider | $4.58 |
Total monthly premiums | $97.05 |
Family member | Coverage | Monthly premium |
|---|---|---|
35-year-old female | 20-year, $500,000 term life insurance | $25.55 |
35-year-old female | 20-year, $500,000 term life insurance | $25.55 |
One or more children | $10,000 child rider | $4.58 |
Total monthly premiums | $55.68 |
Family member | Coverage | Monthly premium |
|---|---|---|
35-year-old female | 20-year, $1 million term life insurance | $41.76 |
35-year-old female | 20-year, $1 million term life insurance | $41.76 |
One or more children | $10,000 child rider | $4.58 |
Total monthly premiums | $88.10 |
Family member | Coverage | Monthly premium |
|---|---|---|
35-year-old male | 20-year, $500,000 term life insurance | $30.51 |
35-year-old male | 20-year, $500,000 term life insurance | $30.51 |
One or more children | $10,000 child rider | $4.58 |
Total monthly premiums | $65.60 |
Family member | Coverage | Monthly premium |
|---|---|---|
35-year-old male | 20-year, $1 million term life insurance | $50.71 |
35-year-old male | 20-year, $1 million term life insurance | $50.71 |
One or more children | $10,000 child rider | $4.58 |
Total monthly premiums | $106.00 |
Methodology: Sample rates from the above six tables are for males and female non-smokers in a Preferred health classifications, obtaining 20-year, $500,000 term life insurance policies or 20-year, $1 million term life insurance policies with a $10,000 child rider. Life insurance averages are based on a composite of policies offered by Policygenius from Banner Life, Corebridge Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, and Transamerica and may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rates valid as of 06/01/2023.
Sample family life insurance premiums: Two parents with different incomes and children
In a household with two parents, it’s common for one person to be the primary income earner. If this is the case for your family, it could make sense to have your primary earner have more life insurance than the parent who earns less or contributes to the household as a stay-at-home parent.
This is a great way to make sure your family has the coverage you need without paying more for life insurance than you need to.
Family member | Coverage | Monthly premium |
|---|---|---|
35-year-old female | 20-year, $1 million term life insurance | $41.76 |
35-year-old male | 20-year, $500,000 term life insurance | $30.51 |
One or more children | $10,000 child rider | $4.58 |
Total monthly premiums | $76.85 |
Family member | Coverage | Monthly premium |
|---|---|---|
35-year-old female | 20-year, $500,000 term life insurance | $25.55 |
35-year-old male | 20-year, $1 million term life insurance | $50.71 |
One or more children | $10,000 child rider | $4.58 |
Total monthly premiums | $80.84 |
Family member | Coverage | Monthly premium |
|---|---|---|
35-year-old female | 20-year, $1 million term life insurance | $41.76 |
35-year-old female | 20-year, $500,000 term life insurance | $25.55 |
One or more children | $10,000 child rider | $4.58 |
Total monthly premiums | $71.89 |
Family member | Coverage | Monthly premium |
|---|---|---|
35-year-old male | 20-year, $1 million term life insurance | $50.71 |
35-year-old male | 20-year, $500,000 term life insurance | $30.51 |
One or more children | $10,000 child rider | $4.58 |
Total monthly premiums | $85.80 |
Methodology: Average monthly estimated rates are calculated for 35-year-old male and female non-smokers in a Preferred health class, obtaining a 20-year, $1,000,000 term policy with a $10,000 child rider and a 20-year, or a $500,000 term life insurance policy with a $10,000 child rider. Life insurance averages are based on a composite of policies from 10 carriers that offer policies through the Policygenius marketplace. Individual rates will vary as specific circumstances will affect each customer's rate. Rate illustration valid as of 06/01/2023.
Sample family life insurance premiums: One parent and children
Family member | Coverage | Monthly premium |
35-year-old male | 20-year, $500,000 term life insurance | $30.51 |
One or more children | $10,000 child rider | $4.58 |
Total monthly premiums | $35.09 |
Sample family life insurance premiums: One parent and one child
Family member | Coverage | Monthly premium |
35-year-old female | 20-year, $500,000 term life insurance | $25.55 |
One child | $10,000 child rider | $4.58 |
Total monthly premiums | $30.13 |
Methodology: Average monthly estimated rates are calculated for 35-year-old male and female non-smokers in a Preferred health class, obtaining a 20-year, $500,000 term policy with a $10,000 child rider. Life insurance averages are based on a composite of policies from 10 carriers that offer policies through the Policygenius marketplace. Individual rates will vary as specific circumstances will affect each customer's rate. Rate illustration valid as of 06/01/2023.
Tips for buying family life insurance
Consider your insurance needs Many financial advisors recommend 10 to 15 times earned annual income as a benchmark for your coverage. Below are a few examples of questions you can ask yourself to figure out how much life insurance you might need.
Who depends on my income?
Do I have any debt that needs to be paid?
How much would my family need to cover anticipated expenses, like rent or a mortgage or my children’s college tuition?
Compare quotes from reputable companies If you have children, you may want to proceed with a company that has a child rider option. At Policygenius, we work with more than 10 different carriers with high financial ratings, and have non-commissioned agents who can help point you in the right direction.
Follow the application process Once you apply, you’ll need to wait for the insurance company to review your application and offer your official rates. This process is called underwriting. Traditional underwriting — during which insurers evaluate your risk profile based on several factors — can take four to six weeks on average, but some people may be able to skip the medical exam for quicker approval.
Get an offer and pay your policy At the end of the application process, you’ll get your final policy offer and can decide to purchase your policy. Once you make the first premium payment, your policy becomes active, or in force.
More family life insurance options
Life insurance for married couples and domestic partners: Getting married and joining finances means you’ll likely have a new or increased need for life insurance.
Life insurance considerations for parents: Parents or soon-to-be parents need enough coverage to cover their income plus future expenses like tuition and childcare.
Life insurance for children: Read more about the different life insurance options you have for your children and why usually they don’t need their own policy.
What parents of children with disabilities should consider when it comes to life insurance: Having a dependent with a disability will likely affect what type of policy is best for you and who you’ll name as a beneficiary on your policy.
What happens to life insurance during a divorce: You may not need a new life insurance policy after a divorce, but you might need to change your beneficiaries or buy a new policy for your loved ones.
Life insurance for single parents: If you’re the sole provider for your children, it’s especially important to be aware of your life insurance options.
Buying life insurance for your parents: You might have extra considerations for your parents if they’re financially dependent on you or vice versa.
Buying life insurance for your grandchildren: You may want to buy life insurance for a grandchild to help set them up for financial success.
Frequently asked questions
Is there one insurance policy that covers a whole family?
It’s generally recommended that each adult in a family has their own life insurance policy, and if need be, that children are covered with a rider — an add-on to your policy that offers supplemental coverage for family members. Joint or whole life policies are often expensive and don’t always provide adequate coverage.
Do I need life insurance for every member of my family?
Any adult that contributes to your household should have life insurance, including a non-working spouse or your own parents. Children rarely need their own life insurance.
Should my spouse that doesn’t work still get life insurance coverage?
Yes. A spouse who doesn’t earn an income usually still contributes to the functioning of the household through domestic tasks and childcare. When they die, it will cost money to complete the work they contributed. An insurance policy will also cover their funeral expenses.
Can I get life insurance for a domestic partner or do we need to be married?
Domestic partners are eligible to apply for life insurance the same way married couples are. The relationship can be confirmed through a legal domestic partnership or more informally through demonstrated insurable interest, like sharing expenses, a home, and/or children.
How much does life insurance cost per month for a family of four?
It will depend on your health and how much coverage you need, but life insurance for a family of four can cost under $80 per month, or under $1,000 for the year.
Can I get life insurance on a family member?
You can get life insurance on your family members. If they’re children, you can purchase a whole life policy or a child rider. If they’re an adult, like your spouse or your parents, they’ll need to sign off on their own policy.
