Updated: September 16, 2025
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Based on MoneyGeek's analysis, Legal & General and Assurity are the best overall providers for family life insurance. Legal & General ranks first for male parents with a MoneyGeek score of 95, while Assurity is the top provider for female parents with a MoneyGeek score of 94.
Lincoln Financial ranks highest for affordability, offering family life insurance policies at just $20 monthly for women and $25 monthly for men on average.
Pacific Life leads in coverage options for families, offering term, universal, indexed universal, variable universal and survivorship universal life policies. It also has multiple rider options, including children's term.
Ethos is the top choice for families seeking the best customer experience. The company offers an easy application process and additional online resources that can benefit families.
Legal & General is the overall best life insurance provider for male parents, while Assurity is the best insurer for female parents.
The right insurer for you depends on your circumstances and needs. Companies excel in different areas. Some offer lower rates, while others focus on excellent customer service. Below are the top family life insurance providers by category to help you find the right fit.
Legal & General | Male Parents | 95 | $30 | $357 |
Assurity | Female Parents | 94 | $23 | $271 |
Lincoln Financial | Affordability | 90 | $20 (women) $25 (men) | $236 (women) $294 (men) |
Pacific Life | Coverage Options | 92 (women) 94 (men) | $27 (women) $30 (men) | $321 (women) $357 (men) |
Ethos | Customer Experience | 91 (women) 90 (men) | $32 (women) $43 (men) | $385 (women) $522 (men) |
*Rates are based on quotes for a 20-year term life insurance policy for a 30-year-old nonsmoker with $500,000 coverage amount. We used average weight and health ratings. Individual rates will vary depending on your coverage needs, age, health status and state regulations. Rates shown are estimates based on our survey methodology and may not reflect actual quotes available to you. Contact licensed insurers directly for personalized quotes.
Legal & General is the top-rated life insurance company for male parents, with a MoneyGeek score of 95 out of 100 and rates averaging $30 per month for a $500,000, 20-year term policy. The company offers term coverage up to $10 million to applicants ages 20 to 75.
Standout features include an accelerated death benefit rider, a stacking rider to extend the term for life events, a guaranteed insurability rider and the conversion of term policies to permanent policies up to age 70.
For families, Legal & General's child rider is worth considering. It covers eligible children up to the day before their 25th birthday or the insured's 65th birthday. Coverage options for children's life insurance rider are $5,000 and $10,000.
Assurity is the best life insurance provider for female parents. The company combines affordability and strong policy flexibility. For a 30-year-old nonsmoking woman, the average cost of a $500,000, 20-year term policy is $23 per month ($271 annually).
The company offers term coverage up to $10 million. Available riders you can choose from to extend coverage are accelerated death benefits, return of premium, accident-only disability income, critical illness, disability income and level term. Female parents can also add a child rider that lasts until age 25 of the child.
Lincoln Financial offers the cheapest life insurance policy for families, with a $500,000, 20-year term policy averaging $20 per month for women and $25 for men.
The company offers term life insurance for 10 to 30 years, with a maximum coverage of $5 million. It also has no-exam policies that can have up to $1 million coverage.
Families can benefit from Lincoln Financial's child rider, which provides coverage up to $15,000. The rider covers children until the youngest child's age 25 or the insured's age 65, whichever comes first.
Pacific Life offers the most comprehensive coverage options for families. The company offers high coverage limits, with more than $10 million in term protection available and up to $3 million through accelerated underwriting for younger applicants. A 30-year-old nonsmoking parent can expect to pay $27 per month for women and $30 for men for a $500,000, 20-year term policy.
The company's flexible riders, such as waiver of premium, accidental death benefit, guaranteed insurability and conversion options, make it well-suited for families who want customizable financial protection.
Pacific Life also has child term rider, which ensures coverage of up to $20,000 per child to all eligible children. The rider lasts either until the child's 25th birthday or the insured's 65th birthday.
Ethos offers the best customer experience for families seeking life insurance coverage. It streamlines the buying process with a digital-first platform. Applicants can get coverage up to $3 million without a medical exam. The company allows policyholders to extend coverage with an accelerated death benefit rider for critical, chronic and terminal illnesses.
Average monthly costs for 30-year-old nonsmokers with a 20-year term policy and $500,000 coverage are $32 for women and $43 for men.
Families can also benefit from free estate-planning resources, including guides for wills and trusts.
Choosing life insurance for your family involves many decisions that can feel overwhelming. Weighing your options helps you make confident choices that protect your loved ones' financial future.
Learn about family life insurance, including whether it's the right choice for your household, how much it costs and which policy types fit your family's needs.
Life insurance for your family serves several purposes:
Life insurance makes sense if your family couldn't afford their lifestyle without your income. You can buy coverage to replace your income for as many years as needed. If you die, your spouse can use the death benefit to continue caring for your family.
Family life insurance can eliminate debt, including your mortgage, so your partner won't struggle with payments. Paying off the mortgage also keeps your family in their home.
A parent's death could derail kids' college plans. With adequate life insurance, your partner can set aside college funds so your children can focus on education without worrying about student loans.
Future illness could affect your family's ability to get coverage. Joint life or family policies with riders let your spouse and children prove insurability and secure additional coverage regardless of health changes.
Household services such as childcare, cooking, and cleaning carry financial value that insurance can help replace.
Benefits can offset medical bills or funeral expenses, preventing financial strain on loved ones.
Family life insurance coverage depends on specific needs. In most cases, it includes multiple policies. Each parent may carry individual coverage, and the children can be insured either through separate policies or by adding a child rider to a parent's plan.
A policy's cost depends on age, health, lifestyle, coverage amount and policy type. In our example below, we used 20-year term policies for male and female parents with $500,000 in coverage each. Together, the estimated cost ranges from $65 to $70 monthly (about $779 to $839 annually).
Adding a child rider will increase total life insurance expenses. For instance, a $10,000 rider costs an average of $5 to $10 monthly. This puts the total to $70-$75 monthly, or about $839-$899 annually.
Monthly | $36 | $29 | $5-$10 | $70-$75 |
Annual | $428 | $351 | $60-$120 | $839-$899 |
*Costs for male and female parents are based on quotes for 30-year-old nonsmokers with average weight and health ratings. Individual rates will vary depending on your coverage needs, age, health status and state regulations. Contact licensed insurers in your state for personalized quotes that reflect your local requirements.
Many parents wonder whether buying life insurance for their children makes financial sense. While it's a personal choice, it often isn’t worth it unless there are family health concerns that could affect their insurability when they get older. A rider may be a better and more cost-effective option than buying a separate life insurance policy for a child.
Various factors affect life insurance quotes, and insurers weigh these factors differently, resulting in different premium rates. Compare quotes from multiple providers to find the best and most affordable life insurance. You can also use our life insurance rate estimator below to get personalized quotes in minutes.
We’ll give you a suggested amount of cover to buy in just 3 easy steps. — it's free, no personal information required, no spam.
Rates updated:
Sep 18, 2025
Selecting the right life insurance policy for your family means matching coverage to your financial goals, budget, and timeline. Each policy type works differently for family protection. Consider the following when comparing life insurance plan types:
Term Life | Low | Usually 10–30 years | No | Young families, mortgages |
Whole Life | High | Lifetime | Yes | Estate planning, lifelong needs |
Universal | Mid–High | Lifetime, flexible | Yes | Families with fluctuating income |
Simplified Issue | High | Lifetime | Limited | Health issues, no exam |
Guaranteed Acceptance | Very High | Lifetime | Limited | Last resort, final expense |
Term life insurance is the best life insurance for families on a budget because it provides maximum coverage for a set period at the lowest cost.
Family Benefits:
Families with young children, significant debts or single-income households needing strong financial protection.
Coverage ends when the term expires, and renewal costs rise with age or health changes.
Whole life insurance can be part of a long-term family life insurance plan, since it guarantees lifetime coverage and builds cash value.
Family Benefits:
Families with permanent financial obligations or estate planning goals.
Higher premiums limit coverage amounts compared to term insurance during peak family expense years
Universal life insurance offers permanent coverage with flexible premiums and adjustable death benefits.
Family Benefits:
Families with fluctuating incomes or those seeking flexible permanent coverage.
Cash value depends on credited interest or market performance, and underfunded policies can lapse.
Simplified issue policies work for families when medical underwriting is a challenge.
Family Applications:
Trade-offs: Coverage limits are lower (often $25,000–$250,000) and premiums are higher than fully underwritten policies, but approval is faster.
Guaranteed acceptance policies provide last-resort coverage when health issues prevent approval elsewhere.
Limited Use Cases:
Limitations: Premiums are high, coverage is low (commonly $5,000–$25,000), and most policies require a waiting period of two to three years before full benefits apply.
While permanent life insurance is a viable option for some, we recommend term life insurance for most people. With term life, you can get affordable coverage and invest the difference you’d pay for a permanent policy. Over time, your investments might perform better than the interest that accrues on the cash value in a permanent life policy.
Everyone’s situation is different, and the benefits provided by permanent life insurance make it the best choice for some.
The right family life insurance plan depends on your household’s structure and financial priorities. Different situations call for tailored approaches to ensure your family’s long-term security.
Profile | Recommendation |
|---|---|
Dual-Income Families | When both parents contribute to household income, each should carry coverage. Replacing five to ten years of earnings for each parent ensures the family can maintain its lifestyle if one spouse dies. Coverage should also account for the cost of replacing childcare and household services provided by the surviving parent. |
Single-Income Families | In these households, the breadwinner needs substantial coverage to replace their entire income stream. The stay-at-home parent should not be overlooked because their unpaid work, such as childcare and cooking, has significant financial value. Life insurance should cover both income replacement and the cost of these essential services. |
New Parents and Families with Young Children | Expenses rise quickly with young children, from childcare to long-term education costs. The best life insurance for new parents and young families is often a term life policy, offering maximum coverage for the lowest cost. A 20- to 30-year term with benefits equal to 10 to 12 times annual income helps secure financial stability until children reach independence. |
Parents with School-Age Children | Education and activity costs peak during these years, requiring higher coverage amounts. Families may need policies equal to 15 to 20 times annual income to cover tuition, living expenses and childcare. Child riders provide additional low-cost coverage, and guaranteed insurability riders allow families to expand financial protection as their income grows. |
Families with Adult Children | Once children are financially independent, coverage needs often decrease. Policies may shift toward paying off debt, supporting wealth transfer goals, or covering final expenses. Smaller term or permanent policies can still provide valuable support for a surviving spouse or heirs. |
Single Parents | Without a second household income, single parents carry full responsibility for their children’s needs. Larger policies and careful beneficiary planning, including guardianship arrangements, are essential. Some single parents pair a sizable term policy with a smaller permanent policy to balance affordability with guaranteed lifelong financial protection. |
Empty Nesters and Seniors | At this stage, most families need only modest coverage. Final expense life insurance is often the best choice because it offers smaller benefit amounts, doesn’t require a medical exam, and covers funeral or medical costs. This keeps financial protection affordable while ensuring loved ones aren’t left with bills. |
Blended Families | Stepfamilies require careful planning to protect all household members. The best approach often involves separate policies for each parent along with clear beneficiary designations for biological and stepchildren. Coordinating policies and including them in estate |
Military families have unique life insurance needs beyond standard Servicemembers' Group Life Insurance (SGLI) coverage.
SGLI provides up to $500,000 in coverage for active-duty service members at low rates. Family SGLI covers spouses up to $100,000 and children up to $10,000. This coverage has limitations. It's tied to military service and may not be sufficient for larger families or those with significant debts.
Life insurance riders extend your base policy to cover additional family members or provide enhanced benefits. These add-ons offer cost-effective ways to protect your entire family under one policy.
Spouse riders add term life coverage for your husband or wife, typically offering 25% to 100% of your base policy amount. This coverage costs less than buying separate policies and simplifies premium payments. Coverage ends if you divorce or if the primary policy lapses.
Child riders provide modest coverage (usually $10,000 to $25,000) for all your children under one rider, regardless of how many kids you have. Most insurers cover children from birth to age 25. The biggest advantage is guaranteed insurability. Your child can convert this coverage to their own permanent policy without medical underwriting when they reach adulthood.
This rider pays a monthly income to your beneficiaries instead of a lump sum, helping replace your paycheck for a specific period. It's particularly valuable for families with young children who need steady income for living expenses and education costs.
Riders generally cost less than buying separate policies, making them a budget-friendly way to extend coverage. The exact savings depend on the type of rider, the insurer and the coverage amount. While separate policies offer more flexibility, riders can provide affordable financial protection tied to your primary policy.
How much life insurance coverage you need depends on several factors. A good rule of thumb is getting at least 10 times your annual salary. You can calculate your specific needs by adding:
Then, deduct your current savings and existing life insurance coverage. This gives you the coverage amount needed to meet your financial obligations. Your family could struggle with expenses without adequate coverage once you're gone.
Use our life insurance coverage needs calculator below for a quick estimate.
Family life insurance isn't a single policy type but rather an approach to protecting your entire household's financial future. Unlike individual life insurance, which covers one person, family life insurance involves coordinating coverage for multiple family members to ensure everyone is protected.
When insuring your family, you have several options. You can buy separate individual policies for each family member, buy a primary policy with riders that cover spouses and children, or choose joint life insurance that covers two people under one policy. The best approach depends on your family's needs, budget and circumstances.
Couples can choose between joint life insurance (one policy covering both spouses) or separate individual policies. Each approach has distinct advantages depending on your situation.
Joint policies often cost less than two separate policies initially, but individual policies offer more flexibility. If one spouse develops health issues, individual policies protect the healthy spouse's rates.
When Joint Policies Work Best
Joint life insurance makes sense for couples with similar ages, health profiles, and life expectancies who want simplified coverage. It's particularly valuable for estate planning when the goal is transferring wealth to children or grandchildren.
When Individual Policies Are Better
Choose separate policies if spouses have different ages, health conditions and coverage needs. Individual policies also provide more flexibility if you divorce or need to adjust coverage amounts differently for each spouse.
Family life insurance provides financial protection for your entire family and can be structured in several ways: individual policies for each parent with child riders, joint policies covering both spouses, or a combination approach based on your family’s specific needs. MoneyGeek analyzed life insurance quotes and offers to determine the best family providers. These premiums serve as baselines for family life insurance. Actual rates may differ since family life insurance typically includes riders for spouses or children.
Legal & General, Assurity, Lincoln Financial, Pacific Life and Ethos offer some of the best family life insurance plans, based on MoneyGeek's analysis. Compare offers and prices to find the best policy and provider for your needs.
Questions about the best life insurance for families? Here are answers to common questions.
MoneyGeek found that Legal & General and Assurity provide the best life insurance for families. Lincoln Financial leads for affordability, while Pacific Life ranks first for coverage options. For customer experience, Ethos tops the list.
The best company for your family may differ depending on budget, policy type and coverage needs.
A family of four usually needs 10 to 15 times the primary earner’s annual income in life insurance coverage. For example, if the breadwinner earns $75,000 a year, consider $750,000 to $1.125 million in coverage. This amount helps cover mortgage payments, childcare, education, and daily expenses until children reach financial independence.
No, you can't cover multiple family members under a single life insurance policy. Each person needs an individual policy, but riders can provide limited coverage for dependents. A child rider covers all children under one rider, while a spouse rider adds smaller coverage for a partner. Riders are less expensive than separate policies but offer lower benefit amounts.
Yes, both parents should have coverage, even if one doesn’t earn income outside the home. The primary earner usually needs at least 10 times annual income in coverage to replace lost earnings. Stay-at-home parents should carry $250,000 to $500,000 of coverage to account for childcare and household services. Dual-income families should align coverage amounts with each parent’s contribution.
The average cost of life insurance varies, but getting life insurance for each family member can be costly and unnecessary. While you can cover each family member, it's usually not worth it and could strain your budget. The best approach is insuring the person whose income the family depends on most, which could be one or both parents.
Consider your personal and family circumstances, each member's health and your coverage needs to determine if individual coverage works, as life insurance can be costly.
Parents should prioritize their own coverage before buying life insurance for a newborn. The main goal of family life insurance is to replace income and cover major expenses like housing, childcare and education. Once those needs are secured, adding a child rider for a newborn can provide a modest death benefit and guarantee future insurability, even if health issues arise later.
For families interested in broader financial protection for children, see MoneyGeek’s guide to the best life insurance for children.
Divorce usually requires updating life insurance beneficiaries and reassessing coverage needs. Ex-spouses may remain beneficiaries unless you make changes. Courts may also require one parent to keep an ex-spouse as beneficiary to secure child support or alimony. Coverage amounts may need adjustment if household income decreases after separation.
Learn more in MoneyGeek’s guide to life insurance and divorce.
Military families receive benefits through Servicemembers’ Group Life Insurance (SGLI), which provides up to $500,000 for service members, $100,000 for spouses, and $10,000 for children. Since SGLI ends with service, many families add private term coverage to reach adequate financial protection. Veterans can convert SGLI to Veterans’ Group Life Insurance (VGLI) within 240 days of separation to continue coverage without new medical underwriting.
Choosing life insurance for your family means balancing coverage needs with budget constraints while ensuring your loved ones get financial protection when they need it most. We analyzed 248,399 life insurance quotes alongside customer experience and coverage options to find companies that deliver reliable coverage at affordable prices.
Our Research Approach
We created a 100-point scoring system weighing the factors families prioritize when shopping for life insurance. We focused on companies with broad national coverage and straightforward online quote processes.
Our Scoring Categories:
Sample Customer Profile
Data Sources
Each company's score incorporates:
Coverage updated in 2025 to reflect current rates and company offerings.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
