Best Family Life Insurance Companies (2024)

Best Family Life Insurance Companies

Best Family Life Insurance Companies

State Farmoffers a specifically branded “family life insurance” plan with many features and options. According to a study by J.D. Power, State Farm ranks highest among individual life insurance providers for customer satisfaction, which also helped place it on our list of best life insurance companies.

Since 1929, State Farm has been providing life insurance to families. In 2022, the company received the top spot in the J.D. Power U.S. Life Insurance Study and an A++ superior rating from AM Best. The family life insurance policy offered by State Farm allows policyholders to purchase a combination of term and/or whole-life insurance that covers immediate family members under the same policy.

State Farm’s Select Term rider offers term life coverage in 10-, 20-, and 30-year options starting at $100,000 that can be later converted to permanent coverage. A Child Term rider protects your children with coverage up to $20,000 through age 25 and can be converted to permanent coverage once they reach adulthood.

You can get a quote for term coverage online through State Farm’s website. However, you’ll need to work directly with an agent to get quotes for other types of coverage or to purchase a policy. Policies, features and riders may not be available in all states.

Read our full State Farm life insurance review

Offering a range of life insurance options, including term, whole, universal, and blended plans, Northwestern Mutual is our best choice for whole life insurance coverage that protects your family’s short- and long-term needs.

Northwestern Mutual offers a variety of life insurance policies. The company earns our top nod for whole life insurance, offering families customized plans based on their unique needs and premium preferences. Northwestern Mutual holds an A++ superior rating through AM Best and ranks fourth in the J.D. Power 2022 U.S. Life Insurance Study.

You can choose from whole-life policies that last throughout your life and benefits such as premiums that never increase, successfully protecting your spouse and children with secure coverage well into retirement.Northwestern Mutual’s customizable life insurance products blend whole and term coverage to meet long-and short-term needs.

The website has an online life insurance needs calculator, and many applicants will need a medical exam to buy a policy that can be completed through an approved financial advisor.All policies are eligible to receive dividends through Northwestern Mutual, with an estimated $6.8 billion expected to be paid in 2023.

Read our full Northwestern Mutual Life Insurance Review.

MassMutual is our top choice for the best term policies for family life insurance coverage, offering convertible term coverage and guaranteed premiums (in fact, its convertible term coverage earned it a place on our list of best life insurance companies).

MassMutual provides flexible life insurance products that protect your family with up to $10 million in coverage through term, whole, universal, and variable life policies. MassMutual ranked above-average in the 2022 J.D. Power U.S. Life Insurance Study, coming in at 9th place among 21 carriers, and holds an A++ superior rating from AM Best.

Term life policies from MassMutual are available in 10-, 15-, 20-, 25-, and 30-year options convertible into whole-life coverage. In some cases, you’ll be eligible for term conversion credits that can be applied to your new permanent policy’s premiums. Policies must be purchased through a financial professional, and insurance applicants may be required to a paramedical exam to secure a policy.

Read our full MassMutual Life Insurance Review.

With a child rider offering up to $100,000 in protection through age 25, Prudential is our pick for the best child rider option.

Prudential provides term life, universal life, indexed universal life, variable universal life, survivorship universal life, and survivorship variable life policies. The coverage options vary, and not all products are offered in every state. Prudential earned an A+ excellent financial strength rating from AM Best but ranked 11th out of 21 in the 2022 J.D. Power U.S. Life Insurance Study.

You can protect your family through survivorship policies, disability protection, and a child rider for $10,000 to $100,000 in coverage under age 25 that is added to a parent’s term or whole-life policy. Other policy riders include waiver of premium, accidental death, estate protection, overloan protection, living needs benefits, and chronic and terminal illness benefit.

You can obtain an online quote for term life coverage through Prudential’s website, but you must speak with an agent to secure a policy.

Read our full Prudential Life Insurance Review.

Offering online quotes and an interactive policy-builder tool, Transamerica makes buying life insurance easy for your family and provides some of the most affordable options.

Offering affordable family life insurance coverage, Transamerica earns our top recommendation. This carrier provides reliable coverage with various policy options, high coverage limits, and online tools. You can buy term life, whole life, universal life, indexed universal life, or final expense insurance coverage. AM Best rates Transamerica’s financial strength as A or excellent.

Transamerica offers term coverage in amounts starting from $25,000 and exceeding $10 million or more. No medical exam is required for qualified applicants seeking $2 million in coverage or less. Term policies come with 10-, 15-, 20-, 25-, and 30-year options. Online quotes are available for some policy types, though you’ll need to purchase coverage through an agent. These term policies are not offered in New York.

Read our full Transamerica Life Insurance Review.

Our choice for the best life insurance for young families is Banner Life, offered under the umbrella of Legal & General America, with coverage of up to $10 million and terms up to 40 years. Supplemental coverage can be added to 20 of those years to benefit the needs of young families.

Offering term coverage up to 40 years, Legal & General America is our top pick for younger families. Via William Penn Life Insurance in New York and Banner Life elsewhere, Legal & General America protects customers with a family history of cancer, those with treated conditions like hypertension or high cholesterol, and former smokers. Legal & General America holds an A+ superior financial strength rating from AM Best.

Term life insurance ranges from $100,000 to $10 million in coverage. Additional policy riders include a child rider that protects your kids until they reach age 25, a waiver of premium, an accelerated death benefit, a supplemental term rider, and a partial surrender benefit. Term policies include an annual fee of $90. Quotes are available online, but you must work with an agent to secure a policy.

Read our full Banner Life Insurance Review.

Bestow earns our nod for the easy application process, with quotes in seconds and the ability to buy a no-medical-exam term policy online in minutes.

Bestow was founded in Dallas in 2017. Most of its term life policies sold before January 2023 are written by North American Company for Life and Health Insurance, which holds as A+ rating from AM Best via Sammons Financial Group. Most of the policies sold after that date are written Bestow Life Insurance Company.

The company offers term life insurance up to $1.5 million without medical exams with a 30-day money-back guarantee. Applicants between 18 and 60 can obtain an online quote in seconds and immediately purchase the policy online. Bestow does not offer whole or universal life products, but 10, 15, 20, 25, and 30-year terms are available. Additional riders are unavailable, and coverage is not provided in New York.

Read our full Bestow life insurance review.