Best family life insurance companies of 2024
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 AM 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.
Methodology
Why you can trust our picks
Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.
Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.
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
Best overall family life insurance: Transamerica
Transamerica is an A-rated company that 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.
Best term life insurance for families: Transamerica
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 some other insurers, and the potential to be approved without having to take the medical exam that’s usually required when you buy life insurance, which can lead to a more seamless application process.
2024 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
Cheapest family life insurance: Corebridge Financial
Corebridge Financial (formerly AIG Life & Retirement) offers lower life insurance rates compared to some of its competitors.
The company has 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.
2024 Policygenius award winner
Prudential
4.1
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
Best joint life insurance for families: Prudential
Prudential is a reputable company that offers a second-to-die policy option with a no-lapse guarantee, which means your policy won’t lapse if your cash value investments underperform. Also called survivorship life insurance, this option covers two adults — usually spouses — under one policy — and the death benefit is paid out to the beneficiaries when the second spouse dies. Second-to-die policies can be useful if you want to ensure financial support for a child with a disability after you and your spouse pass away.
Prudential’s survivorship life insurance policy also offers lower rates than similar competitors on the market. Since joint life insurance is a niche product, it’s best to speak with a financial advisor before deciding on this type of policy.
2024 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 satisfaction ratings
Cons
High term life premiums
Term life not available through Policygenius
Best whole life insurance for families: MassMutual
MassMutual offers a greater variety of permanent life insurance options that pay higher dividends to policyholders than many of its 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.
2024 Policygenius award winner
Legal & General America
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Legal & General America, which also does business as Banner Life and William Penn, 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
Best for long level term lengths: Legal & General America
Legal & General America, which also does business as Banner Life and William Penn, offers affordable premiums and 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 Legal & General America 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.
Comparing the best family life insurance companies
Company | Policygenius rating | Best for | AM Best rating | |
4.6/5 ★ | Term life insurance | A | ||
4.6/5 ★ | Affordability | A | ||
4.9/5 ★ | Whole life insurance | A++ | ||
4.1/5 ★ | Joint life insurance | A+ | ||
4.9/5 ★ | Long term lengths | A+ |
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.
Do you need to buy family life insurance?
When working as a licensed agent, I would always recommend that any parent earning an income should have life insurance to protect their family, 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.
The primary purpose of life insurance is to provide a financial safety net for your loved ones in the event of your death, so they wouldn’t face financial hardship if they had to live without your income or contributions to the household.
Do your children need life insurance?
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 is to pay for funeral expenses.
If your child is disabled or requires lifelong care, it may be worth considering a form of permanent life insurance to guarantee your child will have financial support after you’re gone.
Do your aging parents need life insurance?
If you have aging parents living in your household, they may need life insurance, especially if they contribute to your household through domestic responsibilities or childcare.
Your parents might also need a life insurance policy if you share expenses with them, like paying rent, or if you’ll be responsible for their funeral arrangements.
Your parents will need to sign off on their own insurance policy, but you can be the policy owner or payor if you’d be the one managing the policy. You and your parent would just need to fill out additional paperwork for the insurer.
Do couples need joint life insurance?
Most couples don’t need joint life insurance — a type of life insurance that covers two people under one policy. Joint life policies are often expensive, and they provide permanent coverage that’s best reserved for specific circumstances. Joint life policies also have some downsides:
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.
The most cost- effective life insurance plan for a family typically involves purchasing one or more individual term life insurance policies instead — one for each parent — with the addition of a child rider.
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.
What are the best types of family life insurance policies?
The two most popular types of life insurance policies for families include term life and whole life.
Term life insurance is the best fit for most young families. Its goal is to provide coverage during the years when you need it the most, like when you’re raising children or paying off a mortgage. Term life is affordable and it lasts for a set number of years — usually 10 to 30 — before it expires.
Whole life insurance, on the other hand, is a type of permanent coverage that doesn’t expire and comes with a cash value investment feature. For these reasons, it’s much more expensive than term life. Whole life is best used in certain situations — for example, if you’ve already maximized contributions to other investment accounts or if you have a lifelong dependent.
What are the best life insurance riders for your family?
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.
A spousal rider — also called an “other insured rider” — is an additional feature that 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.
How much does a family life insurance plan cost?
If you wanted life insurance coverage for a family with two parents who are relatively healthy 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
Insured family members | Coverage | Total monthly premium |
35-year-old female, 35-year old male, two children | 20-year, $500,000 term life insurance for each parent + child rider | $25.55 (female policy) + $30.51 (male policy) + $4.58 (child rider) = $60.64 |
Two 35-year-old female parents, two children | 20-year, $500,000 term life insurance for each parent + child rider | $25.55 X 2 (female policies) + $4.58 (child rider) = $55.68 |
Two 35-year-old male parents, two children | 20-year, $500,000 term life insurance for each parent + child rider | $30.51 X 2 ( male policies) + $4.58 (child rider) = $65.60 |
One 35-year-old female parent, one child | 20-year, $500,000 term life insurance for the parent + child rider | $25.55 (female policy) +$4.58 (child rider) = $30.13 |
One 35-year-old male parent, one child | 20-year, $500,000 term life insurance for the parent + child rider | $30.51 (male policy) +$4.58 (child rider) = $35.09 |
Methodology: Sample monthly rates are for male and female non-smokers in a Preferred health classifications, obtaining 20-year, $500,000 term life insurance policy with a $10,000 child rider. Life insurance averages are based on a composite of policies offered by Policygenius from Corebridge Financial, Legal & General America, Mutual of Omaha, Pacific Life, Protective, Prudential, and Transamerica. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 01/01/2024.
