The best life insurance companies for your parents in 2026 include Legal & General, Lincoln Financial, Ethos, Pacific Life and Protective.
Find out if you're overpaying for life insurance below.
Updated: February 15, 2026
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Based on our analysis, Legal & General is the best term life insurance provider for elderly parents, offering a $500,000 20-year term policy at approximately $38 monthly for women and $47 monthly for men.
Lincoln Financial is our top pick for affordability, offering $500,000 20-year-term policies at $31 per month for women and $38 per month for men.
Ethos offers the best customer experience, while Pacific Life is the best option for comprehensive coverage options.
Protective earns the highest rating in our study for whole and universal life insurance for parents.
MoneyGeek analyzed leading insurance companies and found Legal & General to be the best term life insurance company for elderly parents.
The best life insurance for you depends on your needs and circumstances. Term life provides affordable short-term coverage, while whole and universal life offer lifelong protection and cash value. For permanent coverage, Protective is the best provider in our study.
Compare the best life insurance companies for parents:
Legal & General | Term: $38 (F), $47 (M) | 10-40 years | 4.7 | |
Lincoln Financial | Term: $31 (F), $38 (M) | 10-30 years | 4.5 | |
Ethos | Term: $54 (F), $72 (M) | 10-30 years | 4.4 | |
Pacific Life | Term: $39 (F), $47 (M) Whole: $630 (F), $698 (M) | 10-30 years | 4.7 | |
Protective | Term: $36 (F), $44 (M) Whole: $580 (F), $637 (M) | 10-40 years | 5 |
*The rates above are based on average quotes for 40-year-old nonsmokers with average weight and health ratings. Term policies have a 20-year term length. All average costs (term and permanent) are for a $500,000 coverage amount.
Actual rates may vary based on age, health, lifestyle, location and other factors. Consult a licensed insurance professional for personalized advice.
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Buying life insurance for your parents helps cover possible end-of-life expenses, such as medical and funeral costs. But buying coverage for your parents requires several steps beyond getting a policy for yourself.
You can't buy a policy without your parents knowing. Ask for their consent first.
Talk to them about life insurance. Explain why you want to buy them a policy. Discuss their options. Get their agreement before moving forward.
Show that your parents' death would hurt you financially. Submit identification. Do a phone interview. Some companies require a medical exam.
Gather these documents:
Insurable interest rules vary by state. Some states require more proof. Some define financial dependency differently. Contact your state insurance department with questions. Some states have different consent procedures or waiting periods.
Compare quotes from at least three companies. Check policy features, coverage and rates.
Calculate financial obligations your parents might leave. Ask how much they can afford if they're paying premiums. Check their current and future health issues.
Pick the company with the best value. Ask the agent about the application process. Gather all documents. Check if they need a medical exam.
Apply online, by phone or in person. Approval time varies by insurer.
Work with your parents during the application. Make sure they know what their policy covers.
Life insurance costs vary based on age, health, coverage amount and term length. For parents, rates are generally lower at younger ages and increase as you get older. Comparing average costs by age makes estimating how much protection might fit your family’s budget easier.
Average monthly rates for term life insurance vary across ages, coverage amounts and term lengths. Compare these figures before requesting personalized quotes.
| 10 years | $37 | $440 |
| 15 years | $46 | $551 |
| 20 years | $55 | $657 |
| 25 years | $85 | $1,025 |
| 30 years | $94 | $1,131 |
| 35 years | $154 | $1,845 |
| 40 years | $233 | $2,800 |
*Rates are based on life insurance quotes for parents aged 30 to 70 who have average weight and health ratings. Individual costs will vary depending on your profile, location and insurer.
Riders provide additional financial protections that address specific family concerns when buying life insurance for your parents. Optional add-ons customize coverage to match your parents' needs and circumstances.
Living benefits riders let your parents access their death benefit early if diagnosed with terminal, chronic or critical illness for medical expenses, long-term care or other needs while they're still alive.
Accelerated death benefits allow beneficiaries to access a portion of the policy's death benefit with qualifying health conditions. The remaining benefit stays in place for beneficiaries, minus the amount accessed early.
Child term riders cover your dependent children or grandchildren. Coverage lasts through childhood. Most include a conversion option. Your child can get permanent life insurance later without a medical exam.
Buy these if you're a guardian or financially responsible for younger family members.
Strengthen your parents' financial protection with these riders:
Life insurance is an important part of financial planning for your parents. Legal & General is the best term life insurance provider, and Lincoln Financial is the cheapest option. Ethos offers the best customer experience and Pacific Life is best for coverage options. Protective offers the best whole and universal life insurance policies.
Compare your goals, budget and policy features to find the right coverage to protect your family's future.
We answer common questions about parental life insurance.
Buying life insurance for your parents depends on your family's circumstances and needs. Getting life insurance to help cover their medical bills makes sense if you're concerned about possible health issues.
You need your parents' consent to purchase a life insurance policy on their behalf.
The right life insurance coverage amount for your parent depends on your situation. Multiply your salary by 10 and consider your current debts and possible financial obligations.
Yes. Adult children can pay the premiums, but the parent must agree to the policy and the child must show insurable interest, meaning they would be financially affected by the parent’s death.
Finding the right life insurance as a parent often means trying to balance two things at once: making sure your family has enough protection for the future and choosing a premium that still works with your current budget.
Our review was built with that balance in mind. We focused on insurers that offer strong coverage, fair pricing and an easy buying experience for busy parents.
Our Scoring System
Each company was evaluated in three areas, with up to five points available in each category. These results were combined into a MoneyGeek score out of 100, weighted to reflect the factors that matter most to parents:
What We Analyzed
To understand how each insurer performs, we drew from several data sources:
Sample Customer Profile
For pricing comparisons, we used a consistent customer profile:
We then adjusted this profile by age, gender, health status and location to see how premiums shift for different types of parents. This approach helped us identify insurers that offer consistently strong pricing across many life stages, from parents with young children to those nearing retirement with grown children.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. He has analyzed the insurance market for over five years, conducting original research for insurance shoppers. His insights have been featured in 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!
He writes about economics and insurance, breaking down complex topics so people know what they're buying.
