When considering family life insurance, understanding the various options available is essential to securing your family’s financial future. Life insurance protects your loved ones from the financial burdens that come with loss, allowing them to focus on healing. Here’s a detailed look at some of the best family life insurance options available in 2024.
The 7 Best Family Life Insurance Plans
1. State Farm Life Insurance – Best for Customer Service
If excellent customer service ranks high on your list, State Farm’s family life insurance could be a great option. The company consistently ranks well for customer satisfaction, earning recognition for its reliable support. State Farm offers term, whole, and universal policies, allowing you to customize coverage to fit your family’s specific needs.
State Farm’s family life insurance policies include additional riders, like a term rider that extends coverage to family members, making it an affordable choice. Its children’s rider, covering kids from 15 days old to 25 years, provides added peace of mind. State Farm’s flexible options make it easier to protect your family.
2. Corebridge Direct – Best for Pregnant Individuals
Finding life insurance can be difficult if you’re expecting. Corebridge Direct stands out by offering family life insurance to pregnant individuals at any stage of pregnancy, provided they are in good health. This option is rare, as many providers delay applications during pregnancy.
A significant benefit of Corebridge’s policies is the terminal illness rider. This allows policyholders to access death benefits early if diagnosed with a terminal illness, covering expenses and easing the burden on loved ones. Additionally, Corebridge offers up to $25,000 in child coverage, making it ideal for growing families.
3. Protective Life Insurance – Best for Child Riders
Families seeking the best child rider coverage should consider Protective Life Insurance. A child rider ensures a death benefit to cover expenses like funerals if the unthinkable happens. Protective Life stands out by offering up to $25,000 in coverage for each child, from current to future children.
When your child turns 25, the rider can convert to a permanent policy at five times the original value. This flexibility and comprehensive coverage make Protective Life a solid choice for families looking to ensure their children’s financial security in the long term.
4. USAA Life Insurance – Best for Military Families
Military families often face unique challenges, and USAA Life Insurance provides tailored solutions. Offering policies to military members, veterans, and their families, USAA specializes in affordable, accessible life insurance with benefits that extend beyond the average policy.
USAA’s Military Severe Injury Benefit and Life Event Option riders are included at no extra cost, enhancing value. For active-duty military members, USAA may be the only option outside of government-provided insurance like SGLI. With competitive rates and policies designed for military life, USAA remains a trusted choice.
5. MassMutual Life Insurance – Best for Low-Income Families
MassMutual’s LifeBridge program provides a unique solution for low-income families. It offers $50,000 in free coverage for eligible parents and legal guardians. Unlike traditional policies, LifeBridge allocates the death benefit to a trust for children’s education expenses.
This program serves families earning between $10,000 and $40,000 annually. Applicants must meet specific age and health criteria, but it offers substantial financial relief for families struggling to afford life insurance. This makes MassMutual an excellent choice for those on a limited budget.
6. Banner Life Insurance – Best for Affordability
Banner Life Insurance is an ideal choice for families seeking affordable coverage without compromising on quality. The company offers term policies requiring no medical exam, making it accessible for many applicants, including those with health concerns.
Banner Life also offers flexible terms and coverage for up to 40 years. Its lenient underwriting policies cater to a wide range of individuals, including those with high blood pressure or mental health conditions. Families looking for affordable and comprehensive coverage should consider Banner Life.
7. Northwestern Mutual Life Insurance – Best for Whole Life Policies
Northwestern Mutual offers one of the most comprehensive options for families seeking a whole life insurance policy. Known for financial stability and excellent customer service, this provider’s whole life policies can be tailored to fit your financial goals.
Northwestern Mutual’s policies offer flexible premium payments and significant cash value accumulation. While the company doesn’t provide child riders, it does allow children to qualify for their own whole-life policy from birth, providing lifelong coverage that builds wealth.