Best Family Life Insurance Companies in 2025

Family life insurance is a plan that includes both spouses and children in one policy with a single premium payment. It could include one spouse on the central policy with the other spouse and children insured under riders or a joint policy for both spouses with the children insured through a rider.

For this analysis, MoneyGeek collected and analyzed data for term life insurance for a single policyholder. You can view the premiums as a baseline for family life insurance. Actual rates may differ as family life insurance typically includes riders for a spouse or children.

Nationwide tops the list with an overall MoneyGeek score of 97. With an average monthly cost of $16 for a 10-year term policy with a $250,000 coverage amount, it offers a balanced blend of affordability and comprehensive coverage, making it an excellent choice for families.

Allstate ranks first in affordability for families, earning an overall MoneyGeek score of 94. The company offers an average monthly cost of $12 for a 10-year term policy with a $250,000 coverage amount, making it an ideal choice for budget-conscious families.

State Farm ranks first for whole life insurance and no-medical-exam policies for families, boasting a MoneyGeek score of 99 in both categories. State Farm offers stability and versatility with an A++ AM Best rating and a broad range of life insurance products.

GEICO came out on top in terms of customer satisfaction, earning a MoneyGeek score of 96. A policy costs an average of $13 per month.

For this category, GEICO tied with Progressive — both received perfect customer satisfaction scores. However, GEICO is the top pick due to its higher overall MoneyGeek score.

Whether you should get life insurance for your family depends on your circumstances. Coverage for the breadwinner could be sufficient, although it may be beneficial for both parents to have coverage for a family that depends on both incomes.

Life insurance is most crucial for families with income-dependent children. The best life insurance for a family of three or more is probably family term life insurance, as it’s usually the cheapest.

How much life insurance coverage you need depends on several factors. A good rule of thumb is to get at least 10 times your annual salary. However, you can determine your individual needs by adding up the following:

• Annual income and how many years you want to cover
• Personal debt amount
• Mortgage payoff amount
• Current and future education expenses
• Final expenses, like medical bills and funeral costs

Then, deduct your current savings and existing life insurance coverage amount. The total you’re left with is the amount of life insurance coverage you need to meet your current and future financial obligations.

If you don't consider all these factors, your family could struggle financially with expenses they can no longer afford with you gone.

The average cost of life insurance varies, but getting life insurance for each family member can be costly and unnecessary. While you can get family life insurance to cover each family member, it’s usually not worth it and could strain your budget. The best approach is to insure the person whose income the family depends on most, which could be one or both parents.

Still have questions about the best life insurance for families? Here are the answers to the most common questions on the subject.