If you’re looking for life insurance to cover your family, we round up the best options.
with our comparison partner, Policygenius
Why Trust Us?
Our editorial team follows a strict methodology for reviewing life insurance companies.
34
Companies Reviewed
60,346
Quotes CollectedOur team collected more than 60,000 sample quotes from life insurance companies using unique user profiles to give readers an accurate view of pricing across competitors. We gather quotes for ages 18 to 75 years old for 62 life insurance providers.
19
Rating FactorsWe score life insurance companies based on 19 different factors to provide you with a comprehensive rating.
100
Hours Reached
Top 5 Family Life Insurance Companies
Family life insurance policies can be plans that cover multiple members under one policy or separate policies. Below is our list of top life insurance picks for families:
- Ethos: Our top pick
- TruStage: Best for whole life coverage
- Bestow: Best for online term policies
- Fidelity:Best for accidental death coverage
- State Farm: Best for customer satisfaction
Ethos
Our pick for online no-exam coverage
4.5
Coverage: 3.9/5
Riders: 3.1/5
Availability and Ease of Use: 4.5/5
Brand Trust: 0/5
Our Rating
Our Review
BBB RatingA+
Why We Picked Ethos
Why We Picked Ethos
Ethos is our pick for the best no-exam life insurance because it provides a streamlined, all-online application you can complete from the convenience of your home. The company is an independent broker that partners with life insurance carriers such as TruStage, Mutual of Omaha and Ameritas to offer term and whole life policies.
When you apply for a term policy through Ethos, the company begins the underwriting process by requesting a report from MIB, formerly known as the Medical Information Bureau, instead of requiring a medical exam. You can choose between, 10-, 15-, 20- and 30-year terms and get anywhere from $20,000 to $2 million in coverage.
Ethos also offers guaranteed-issue whole life insurance without a medical exam to applicants between 66 and 88 years old. The company’s maximum whole life death benefit of $30,000 is lower than some competitors, but its application process is quick and offers coverage in minutes.
Pros and Cons
Pros Offers term and whole life insurance products with no medical exam requirements Provides an online application that quickly matches you with coverage Includes free will and estate planning with eligible policy purchases Cons Whole life policies are only available to people ages 65 and older Coverage not currently available in New York
Coverage and Cost
Cost
To estimate Ethos’s life insurance pricing, we based the below rates on a 20-year, $250,000 term policy for a tobacco-free applicant who qualifies for the preferred health rate class. We averaged the rates of female and male applicants to arrive at the following:
- 35-year-old: $17
- 45-year-old: $32
- 55-year-old: $75
Available Coverage Options
Ethos offers the following no-exam coverage options:
| Type of Policy | Ethos Life Insurance Coverage |
| Term life insurance | $100,000–$2 million |
| Guaranteed issue whole life insurance | $1,000–$30,000 |
TruStage
Best for online whole life insurance
4.3
Coverage: 3.8/5
Riders: 4.4/5
Availability and Ease of Use: 4.7/5
Brand Trust: 3.1/5
Our Rating
Our Review
BBB RatingA+
Why We Picked TruStage
Why We Picked TruStage
- Policies offered:Whole and term
- AM Best rating:A-
TruStage is a brand of life insurance and financial services products offered by CUNA Mutual Group, a prominent insurance and financial services organization serving credit unions and their members across the U.S. Founded in 1935, TruStage provides a variety of family life insurance options, with a focus on streamlined life insurance quotes and online applications.
TruStage offers both term and whole life insurance policies, including guaranteed-acceptance whole life coverage. While prices for TruStage term life insurance policies are higher than competing online insurance options, it does not require a medical exam for coverage.
There are some areas where TruStage falls short compared to other life insurers. It limits its term life policies to five years, and rates will increase with every renewal as the policyholder enters a new age bracket.
Guaranteed whole life coverage comes with strings attached, including that your beneficiaries may not receive the full death benefit if you die within two years of your first premium payment. Regardless, TruStage is a reliable and reputable family life insurance provider best suited to tech-forward individuals.
Pros & Cons
Pros Offers guaranteed issue whole life up to $100,000 Does not require a medical exam for most policies Provides an instant decision for most customers Cons May offer higher pricing than competitors Only offers five-year term lengths, with pricing increasing every five years
Coverage and Cost
Coverage
| Coverage Item | Trustage Life Insurance Coverage |
| Term life insurance | $5,000–$300,000 |
| Whole life insurance | $5,000–$100,000 |
Optional Add-Ons
Based on our research, TruStage currently does not offer any life insurance add-ons.
Bestow Life Insurance
Best for online term policies
4.0
Coverage: 3/5
Riders: 3.1/5
Availability and Ease of Use: 4.7/5
Brand Trust: 0/5
Our Rating
Our Review
Why We Picked Bestow
Why We Picked Bestow
Bestow is a modern insurtech provider that offers no-exam term life insurance through a completely digital application that takes only minutes and often provides instant decisions. The company scored highly in our review for offering five different term period options: 10-, 15-, 20-, 25- and 30 years. Bestow offers no-exam plans to those between 18 and 60 years old with coverage amounts between $100,000 and $1.5 million.
The provider’s online application process is informative and intuitive, based on our experience, allowing you to easily see how factors such as term length and coverage amount impact premiums. If you get stuck, customer care agents are available via phone and live chat and were very responsive and helpful in our experience.
However, if you’re looking for a convertible policy or permanent coverage, Bestow is not the best-suited provider for you. Bestow does not offer whole life insurance or term policies that you can convert into permanent coverage.
Pros and Cons
Pros Offers a fast and easy online application process Most applicants get an instant decision Highly rated on Trustpilot and the Better Business Bureau (BBB) Cons Doesn’t offer permanent life insurance options Not rated by AM Best
Coverage and Cost
Cost
We estimated Bestow life insurance pricing by basing the below rates on a 20-year, $250,000 term policy for a tobacco-free applicant who qualifies for the preferred health rate class. We averaged the rates of female and male applicants.
- 35-year-old: $17
- 45-year-old: $31
- 55-year-old: $68
Available Coverage Options
Bestow offers the following no-exam coverage options:
| Type of Policy | Bestow Insurance Coverage |
| Term life insurance | $100,000–$1.5 million |
Fidelity Life
Best for seniors
4.2
Coverage: 4.1/5
Riders: 4.4/5
Availability and Ease of Use: 4.7/5
Brand Trust: 2.9/5
Our Rating
Our Review
BBB RatingA+
Why We Picked Fidelity
Why We Picked Fidelity
- Policies offered:Term, whole andguaranteed issue
- AM Best rating*:A-
Fidelity Life could be a good fit if you are older, have serioushealth issuesor have been denied coverage in the past. The company offers several options for permanent no-exam coverage, including whole life,final expenseandaccidental death benefitpolicies.
It holds an A- rating withAM Best, indicating excellentfinancial strength. But if you’re more concerned about customer service, Fidelity Life isn’t the strongestprovideron this list. It receives a higher concentration of complaints from state insurance departments than otherprovidersof its size.
*A.M. Best ratings accurate as of January 2024
Pros & Cons
Pros Offers no-exam coverage Customers can easily get quotes and apply online Provides an accidental death benefit policy Cons Standard term life policy is only issuable up to age 65 Offers fewer riders than some competitors
Coverage and Cost
Coverage Options
All of Fidelity Life’sno-exam policiesoffer permanent coverage. Its RAPIDecision Senior Whole Life and RAPIDecisionFinal Expensepolicies still require you to answer questions about yourmedical history, while the RAPIDecisionGuaranteed Issue policyensures coverage for anyone between the ages of 50 and 85.
The company also offers an affordable standaloneaccidental death benefitpolicy for those who wish to supplement an existing life insurance policy or increase theirpayoutin the event of a fatal accident.
Average Fidelity Life Insurance Cost:
- 35-year-old: $34.64
- 45-year-old: $62.74
- 55-year-old: $84.21
State Farm
Best for customer satisfaction
4.6
Coverage: 4.7/5
Riders: 4.4/5
Availability and Ease of Use: 3.9/5
Brand Trust: 4.9/5
Our Rating
Our Review
BBB RatingA+
Why We Picked State Farm
Why We Picked State Farm
- Policies offered:Term life, whole life, universal life and no-exam final expense
- AM Best rating*:A++
State Farm began offering life insurance in 1929 and has the highest possible AM Best financial strength rating. State Farm alsoboasts a No. 1 rankingamong insurance companies for customer satisfaction in J.D. Power’s 2022 U.S. Individual Life Insurance StudySM.
For family coverage, State Farm has riders that let you combine coverage for many members under one policy. The Select Term rider can add coveragestarting at $100,000for a spouse, and the Child’s Term rider offersup to $20,000in coverage for each child.
Pros & Cons
Pros High AM Best rating High customer satisfaction rating Can add additional adults and children to term policies Cons Not available in Massachusetts Riders limited for term policies
Coverage and Cost
Coverage Options
State Farm offers term life, whole life and universal life coverage. Term policies are available for 10, 20 and 30 years and start at $100,000 in coverage. Instant answer coverage is available for $50,000, which would be enough to cover funeral expenses.
Rider Options
Rider options you may be able to add to a State Farm policy:
- Select term rider
- Child’s term rider
- Waiver of premium for disability rider
- Payor insurance benefit rider
- Accelerated death benefit for long-term care rider
- Waiver of premium benefit rider
*A.M. Best ratings accurate as of July 2023
What Is Family Life Insurance?
If the goal is to financially protect your family in the event of a death, then any life insurance policy is a family life insurance. However, you should get a policy that will cover your family’s needs fully.
Family life insurance is one or many life insurance policies that provide a death benefit upon the death of a family member. The sum can help surviving family members avoid financial strain — the benefit can cover debts, mortgage payments, funeral costs and everyday living expenses.
In some cases, the person serving as the family’s main source of income has permanent coverage —whole life insurance, for example —while a term policy covers other family members, including spouses, parents and children.
Compare the Best Life Insurance for Families
Use the table below to compare top family life insurance providers:
| Company | Best For | Star Rating | Monthly Cost | BBB Rating | Visit Site |
|---|---|---|---|---|---|
| Our pick for online no-exam coverage | 4.5 | $17-$75 | A+ | EXPLORE PLANS |
| Best for online whole life insurance | 4.3 | N/A | A+ | EXPLORE PLANS |
| Best for online term policies | 4.0 | $17-$68 | N/A | LEARN MORE |
| Best for seniors | 4.2 | $34-$85 | A+ | EXPLORE PLANS |
| Best for customer satisfaction | 4.6 | N/A | A+ | LEARN MORE |
| Company | BBB Rating | Monthly Cost | Star Rating | Best For | Visit Site |
|---|---|---|---|---|---|
| A+ | $17-$75 | 4.5 | Our pick for online no-exam coverage | EXPLORE PLANS |
| A+ | N/A | 4.3 | Best for online whole life insurance | EXPLORE PLANS |
| N/A | $17-$68 | 4.0 | Best for online term policies | LEARN MORE |
| A+ | $34-$85 | 4.2 | Best for seniors | EXPLORE PLANS |
| A+ | N/A | 4.6 | Best for customer satisfaction | LEARN MORE |
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Types of Life Insurance
Life insurance is a financial agreement that pays a tax-free death benefit in a lump sum to beneficiaries when people covered by the insurance policy pass away. The lump sum payout can provide a financial cushion to help family members pay for funeral costs, end-of-life bills and other living expenses. How life insurance policies work and features included can vary depending on the policy type.
Term Life Insurance
Term life insurance is the most basic type of policy and often the most affordable. Under a term life policy, policyholders are protected within a certain period of time, such as 10, 20 or 30 years. If you outlive the policy’s term, the insurance may expire or you could renew or convert the term policy into a permanent policy. When renewed or converted, policy premiums are likely to increase because you’re older. There are different term life insurance types:
- Level term
- Decreasing term
- Return of premium
- Renewable life
- Convertible life
Permanent Life Insurance
Permanent life insurance is a type of life insurance that stays in place as long as you pay the premiums. While more expensive than term policies, permanent insurance has a cash value amount. Your money accrues over time, and you can get some or all of it through a loan or withdrawal. You can even use the cash value to pay premiums.
Whole life insurance policies offer a fixed death benefit and level premiums, while universal life policies may offer adjustable benefits and premiums. Depending on the permanent policy type, cash value may earn interest or can be invested. Types of permanent policies are:
- Whole life insurance
- Universal life insurance
- Variable life insurance
- Variable/universal life insurance
How Much Is Family Life Insurance?
The cost of family life insurance depends on your circ*mstances, policy type and coverage options. There are many factors that affect insurance premiums, including your age, gender, lifestyle habits and more. Many insurers also offer online estimate tools you can use to determine how much you will pay for coverage.
Factors That Affect the Cost of Life Insurance
Insurance companies set insurance rates based on your risk profile, which they determine during the underwriting process. Factors that can affect your insurance rates include:
- Age: Insurance premiums typically increase the older you are.
- Gender: Men pay more for life insurance because women have a longer life expectancy.
- Health: Insurance providers may require a medical exam to determine how healthy you are. Having a pre-existing medical condition could increase your insurance premiums.
- Family medical history: A history of family medical conditions can also affect your cost.
- Tobacco use: Not smoking could lower your premiums because of the risk smoking can pose to your health.
- Occupation/Lifestyle: Working in a high-risk job or participating in high-risk hobbies could increase your premiums.
- Chosen coverage: The type of coverage you choose, the amount of your death benefit and optional riders included in your policy can affect your premiums.
Life Insurance for Couples
Life insurance offers some financial protection for couples, depending on your unique situation. Whether you are married or have children can play a factor in whether you need life insurance coverage at all and, if so, how much you need. For example, if you and your partner have made major purchases such as buying a home or car, or if you have children or are planning a family, life insurance can ensure the surviving spouse can continue to cover these expenses.
You also have a choice between separate life insurance policies, each covering one partner, or a joint life policy, also known as survivorship life insurance. Joint life policies have potentially lower premiums and more flexible underwriting. On the other hand, separate policies for couples are easier to customize and can offer living benefits.
Is Life Insurance Worth It?
At a minimum, it’s a good idea for the family breadwinner to have life insurance because it provides a revenue stream for the family when the primary source of income is gone.
Having insurance that covers a stay-at-home parent or parent with a low salary can be worthwhile because the death benefit can pay for tasks they manage, such as childcare. Coverage for children isn’t always necessary, but it could make sense for kids who have health conditions and a higher mortality risk.
Employers may offer group life insurance coverage as a health benefit to employees, and that coverage could be enough to protect your family, depending on your situation. Life insurance may not make sense for families with older adults who have paid off mortgages and grown children. If assets can cover your affairs, there’s likely no need to pay for additional coverage.
Young adults and couples without many financial responsibilities might not need life insurance either. However, consider that when you’re younger and healthier, life insurance is less expensive. Locking in a term policy while your rate is low could be a cost-effective plan because you may have children or more people to financially support later down the road.
What is the Best Family Life Insurance?
The right insurance plan can be different from one family to the next. State Farm is a top choice for service because it ranks high for customer satisfaction. Transamerica makes our list because of how efficiently it processes claims. Shopping around can help you find an insurance provider with adequate coverage and features that meet your budget and family’s needs.
Frequently Asked Questions About Life Insurance For Families
Family life insurance looks different for each family. You can insure the entire household with one policy that bundles coverage, either as a joint policy or with riders that add coverage for other individuals. Another option is buying separate policies. Comparing options and premium costs can help you find the right coverage.
Term life policies are often the simplest and most affordable policies that cover families for a period where they have large expenses (mortgage payments, childcare bills and tuition). If you die during the term, your family will have money from the death benefit to cover these major costs, and there may be money left over.
Life insurance options for families vary by provider. In some cases, spouses can get a joint life insurance policy. Or you can add riders that cover additional people to an individual policy. Another option is buying separate life insurance policies for each family member.
Life insurance provides a death benefit when a member of your family dies. This lump sum payout is tax-free, and you can use it to pay for funeral costs, end-of-life bills and living expenses. You can also use life insurance payouts as an inheritance.
At a minimum, life insurance coverage for adults and children can pay for final affairs, which are sometimes costly. According to the National Funeral Directors Association, the median cost of a viewing with burial is $7,848 and $6,970 for cremation. Medical bills are another type of end-of-life cost a death benefit could help pay for. Any money left over could go toward living expenses and other bills that arise.
While living, cash value accumulated from children or adult policies could be tapped into to cover expenses, like education costs. However, investing in education savings plans over a long period could provide a greater return and be a better way to pay for school.
Methodology: Our System for Ranking Life Insurance Companies
Our team researches and ranks life insurance companies using an in-depth scoring system that considers the factors most important to consumers like you. Our analysis includes a comprehensive review of each provider we feature based on available coverage, customizability, availability, customer service and company reputation. Here are the factors we take into consideration when rating life insurance providers:
- Brand trust (40%): Life insurance payouts can exceed $100,000 or more, which makes choosing a reputable and trustworthy insurance provider important. To assess brand trust, we use J.D. Power and Associates customer satisfaction surveys, AM Best credit rating scores and the National Association of Insurance Commissioners (NAIC) complaint index. The higher a company scores in each area, the more points it receives.
- Coverage (33%): The more policy options a life insurance company offers, the more opportunities you have to obtain the right coverage for your specific needs. For this reason, we give companies the most points for offering multiple types of life insurance, including various term, permanent and no-exam options.
- Availability and ease of use (19%): Since life insurance coverage options can be complex, we consider the ways a customer can reach a company — and how easy communication is. For this category, we research how many communication channels a company offers for general customer support, claims processing and the application process. Companies earn the most points for offering various ways to interact with an agent, both in-person and online.
- Riders (8%): Companies offering various life insurance riders or endorsem*nts allow policyholders to better customize their coverage. In this category, we determine how many riders a company offers and award the most points to providers with more than 10 options.
We use our rating system to compare and contrast each company against key factors to help us determine the best life insurance companies in the industry. To learn more, read ourfull life insurance methodologyfor reviewing and scoring providers.AM Best Disclaimer
If you have feedback or questions about this article, please email the MarketWatch Guides team ateditors@marketwatchguides.com.
Taylor MedineAuthor
Taylor Medine started blogging about her experiences stretching a dollar in 2013 as a recent college grad. Eventually, that passion grew into a career studying personal finance topics and demystifying them for people like her — the everyday consumer. When she’s not writing, you’ll find her hunting for travel deals or trying (and often failing) at a DIY project.
