Updated: August 14, 2025
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Based on MoneyGeek's analysis, Nationwide is the best overall provider for family life insurance, earning a MoneyGeek score of 97. It offers premiums averaging $16 per month for a $250,000, 10-year term policy.
Allstate ranks highest for affordability, offering family life insurance policies at just $12 per month on average, with flexible term lengths from 10 to 40 years and coverage options up to $50 million.
State Farm leads in whole life and no medical exam policies for families, offering options like Limited Pay Whole Life for lifelong coverage without ongoing premiums in retirement.
Nationwide is the overall best life insurance provider for families, but the right insurer for you depends on your circumstances and needs. Companies excel in different areas. Some offer lower rates, while others focus on excellent customer service. Below are the top family life insurance providers by category to help you find the right fit.
Company | Best For | MoneyGeek Score | Monthly Cost |
|---|---|---|---|
Best Overall | 97 | $16 | |
Best for Whole Life and No-Medical-Exam Insurance | 99 | N/A | |
Best Cheap | 97 | $12 | |
Best for Customer Satisfaction | 96 | $13 |
Nationwide tops the list with an overall MoneyGeek score of 97. At $16 monthly for a $250,000 10-year term policy, it balances affordability and comprehensive coverage, making it an excellent choice for families.
Nationwide is MoneyGeek's top pick for family life insurance, earning a MoneyGeek score of 97. With 99 years in the industry, the company offers diverse life insurance policies, from term to whole and universal, catering to varied family needs. Monthly premiums cost $16 for a $250,000, 10-year term policy. This combination of affordability, extensive coverage options, and customer satisfaction makes Nationwide a top-tier choice for families seeking quality and value.
The company also leads in high coverage amounts. A Nationwide 10-year term policy with $1 million coverage costs $33 monthly.
State Farm ranks first for whole life insurance and no medical exam policies for families, earning a MoneyGeek score of 99 in both categories. State Farm offers stability and versatility with an A++ A.M. Best rating and a broad range of life insurance products.
State Farm leads as MoneyGeek's top pick for both whole and no-exam family life insurance, earning a score of 99 in each category. With 103 years of industry experience and an A++ A.M. Best rating, the company offers a diverse range of products, including Limited Pay Whole Life. This policy lets you pay for coverage completely in 10, 15 or 20 years, making it ideal for those who want to secure lifelong coverage for a child without paying premiums during retirement. State Farm also offers no-exam policies in both term life and guaranteed issue final expense insurance, making it a convenient choice for families.
Allstate ranks first in affordability for families, earning an overall MoneyGeek score of 97. The company offers $12 monthly for a $250,000 10-year term policy, making it ideal for budget-conscious families.
Allstate is MoneyGeek's pick for affordable life insurance, especially for budget-conscious families. At just $12 monthly, the company makes life insurance accessible without compromising financial stability. Through its partners, Allstate provides diverse term coverage amounts, from $100,000 to $50 million, and term lengths from 10 to 40 years. Allstate has 94 years of experience and holds an A+ A.M. Best rating. Despite these advantages, the company has more customer complaints than average.
GEICO leads in customer satisfaction, earning a MoneyGeek score of 96. Policies cost $13 monthly. GEICO tied with Progressive with perfect customer satisfaction scores, but GEICO wins due to its higher overall MoneyGeek score.
GEICO is MoneyGeek's top choice for customer satisfaction. Though GEICO's policies are issued through partners like Ladder, the company maintains an A++ A.M. Best rating, showing strong financial stability. Low complaint rates demonstrate strong customer satisfaction. GEICO offers term life insurance at $13 monthly for a $250,000, 10-year term policy, with coverage amounts from $100,000 to $8 million. With 89 years of experience and a user-friendly mobile app, GEICO makes life insurance accessible and reliable for families.
Choosing life insurance for your family involves many decisions that can feel overwhelming. Understanding your options helps you make confident choices that protect your loved ones' financial future.
Learn about family life insurance, including whether it's the right choice for your household, how much it costs and which policy types fit your family's needs.
Family life insurance decisions can feel overwhelming with so many factors to consider. Whether you should get life insurance for your family depends on your circumstances, but understanding your specific situation helps clarify the right approach. Your approach varies based on your income sources, dependents and financial obligations.
Life insurance for your family serves several purposes:
Life insurance makes sense if your family couldn't afford their lifestyle without your income. You can purchase coverage to replace your income for as many years as needed. If you die, your spouse can use the death benefit to continue caring for your family.
Family life insurance can eliminate debt, including your mortgage, so your partner won't struggle with payments. Paying off the mortgage also keeps your family in their home.
A parent's death could derail kids' college plans. With adequate life insurance, your partner can set aside college funds so your children can focus on education without worrying about student loans.
Future illness could affect your family's ability to get coverage. Joint life or family policies with riders let your spouse and children prove insurability and secure additional coverage regardless of health changes.
Buying life insurance for your children is a personal choice. However, it often isn’t worth it unless there are family health concerns that could affect their insurability when they get older. A rider may be a better and more cost-effective option than buying a separate life insurance policy for a child.
Various factors affect life insurance quotes, and insurers weigh these factors differently, resulting in different premium rates. Compare quotes from multiple providers to find the best and most affordable life insurance. You can also use our life insurance rate estimator below to get personalized quotes in minutes.
We’ll give you a suggested amount of cover to buy in just 3 easy steps. — it's free, no personal information required, no spam.
Rates updated:
Aug 29, 2025
Term life insurance is usually the best choice when buying life insurance for a family. Term life provides the most coverage for the lowest cost. Consider the following when comparing life insurance plan types:
Term life insurance is easy to get, with many companies offering coverage without medical exams for healthy applicants. It's also the most affordable option, so you can get maximum coverage within your budget. However, term coverage is temporary, so it doesn't work for permanent needs.
Whole life insurance is more expensive but offers lifetime coverage, making it ideal for permanent insurance needs, like final expenses. It also has a cash value component, which lets you save money you can access during your lifetime.
Universal life is another permanent option. Similar to whole life, universal life offers more flexibility. You can adjust your coverage amount and premiums if you meet specific criteria determined by the company and policy.
You may not qualify for standard medically underwritten policies if you have health issues. Simplified issue life insurance asks health questions but doesn't require a medical exam. This option works for those who can't qualify for other options.
If you have serious health issues or are at high risk, you may not qualify for simplified issue coverage. Guaranteed acceptance life insurance is a last resort. Though it's the most expensive option, you're guaranteed approval without health questions or medical underwriting.
While permanent life insurance is a viable option for some, we recommend term life insurance for most people. With term life, you can get affordable coverage and invest the difference you’d pay for a permanent policy. Over time, your investments might perform better than the interest that accrues on the cash value in a permanent life policy.
However, everyone’s situation is different, and the benefits provided by permanent life insurance make it the best choice for some.
Life insurance riders extend your base policy to cover additional family members or provide enhanced benefits. These add-ons offer cost-effective ways to protect your entire family under one policy.
Spouse riders add term life coverage for your husband or wife, typically offering 25% to 100% of your base policy amount. This coverage costs significantly less than purchasing separate policies and simplifies premium payments. However, coverage ends if you divorce or if the primary policy lapses.
Child riders provide modest coverage (usually $10,000 to $25,000) for all your children under one rider, regardless of how many kids you have. Most insurers cover children from birth to age 25. The biggest advantage is guaranteed insurability. Your child can convert this coverage to their own permanent policy without medical underwriting when they reach adulthood.
This rider pays a monthly income to your beneficiaries instead of a lump sum, helping replace your paycheck for a specific period. It's particularly valuable for families with young children who need steady income for living expenses and education costs.
Riders cost around 10% to 30% of what separate policies would cost, making them budget-friendly for young families. However, separate policies offer more coverage flexibility and aren't dependent on your primary policy remaining active.
How much life insurance coverage you need depends on several factors. A good rule of thumb is getting at least 10 times your annual salary. You can calculate your specific needs by adding:
Then, deduct your current savings and existing life insurance coverage. This gives you the coverage amount needed to meet your financial obligations. Your family could struggle with expenses without adequate coverage once you're gone.
Use our life insurance coverage needs calculator below for a quick estimate.
Military families have unique life insurance needs beyond standard Servicemembers' Group Life Insurance (SGLI) coverage.
SGLI provides up to $500,000 in coverage for active-duty service members at low rates. Family SGLI covers spouses up to $100,000 and children up to $10,000. However, this coverage has limitations. It's tied to military service and may not be sufficient for larger families or those with significant debts.
Family life insurance isn't a single policy type but rather an approach to protecting your entire household's financial future. Unlike individual life insurance, which covers one person, family life insurance involves coordinating coverage for multiple family members to ensure everyone is protected.
When insuring your family, you have several options. You can purchase separate individual policies for each family member, buy a primary policy with riders that cover spouses and children, or choose joint life insurance that covers two people under one policy. The best approach depends on your family's needs, budget and circumstances.
Couples can choose between joint life insurance (one policy covering both spouses) or separate individual policies. Each approach has distinct advantages depending on your situation.
Joint policies often cost less than two separate policies initially, but individual policies offer more flexibility. If one spouse develops health issues, individual policies protect the healthy spouse's rates.
When Joint Policies Work Best
Joint life insurance makes sense for couples with similar ages, health profiles, and life expectancies who want simplified coverage. It's particularly valuable for estate planning when the goal is transferring wealth to children or grandchildren.
When Individual Policies Are Better
Choose separate policies if spouses have significantly different ages, health conditions, and coverage needs. Individual policies also provide more flexibility if you divorce or need to adjust coverage amounts differently for each spouse.
The average cost of life insurance varies, but getting life insurance for each family member can be costly and unnecessary. While you can cover each family member, it's usually not worth it and could strain your budget. The best approach is insuring the person whose income the family depends on most, which could be one or both parents.
Family life insurance protects both spouses and children through one policy with a single premium payment. This could mean one spouse has the main policy with the other spouse and children covered by riders, or a joint policy for spouses with child riders. MoneyGeek analyzed term life insurance quotes for individual policyholders to determine the best family providers. These premiums serve as baselines for family life insurance. Actual rates may differ since family life insurance typically includes riders for spouses or children.
Nationwide is the overall best company, with a MoneyGeek score of 97. Policies cost $16 monthly for a $250,000, 10-year term policy. Allstate ranks highest for affordability, at $12 monthly for the same coverage. Compare offers and prices to find the best family life insurance for your needs.
Questions about the best life insurance for families? Here are answers to common questions.
MoneyGeek found that Nationwide provides the best life insurance for families. Nationwide also leads for high coverage amounts, while State Farm ranks first for whole life and no-medical-exam policies. The top pick may differ depending on your needs.
Getting life insurance for each family member doesn't always make sense. Consider your personal and family circumstances, each member's health and your coverage needs to determine if individual coverage works, as life insurance can be costly.
Dependent children under 18 get free life insurance under active military service members. Spouses pay affordable group rates. Both spouses and children can convert their policies to individual policies.
Choosing life insurance for your family means balancing coverage needs with budget constraints while ensuring your loved ones get financial protection when they need it most. We analyzed 1,488 life insurance quotes alongside customer satisfaction, financial stability reports and product offerings to find companies that deliver reliable coverage at affordable prices.
Our Research Approach
We created a 100-point scoring system weighing the factors families prioritize when shopping for life insurance. We focused on companies with broad national coverage and straightforward online quote processes because parents don't have time for complicated applications.
Our Scoring Categories:
MoneyGeek used the following weights to score and rank the best life insurance companies for whole life policies:
Meanwhile, we used the following weights to score and rank the best life insurance companies for no-exam policies:
We didn't weigh affordability for whole life and no-exam policies, since we didn't collect quotes for these policies.
MoneyGeek determined the best cheap life insurance company for families using the following weightings:
Sample Customer Profile
We modified this profile by age, gender, health status and location to capture how rates change across different family situations. We collected quotes for various term lengths and coverage amounts to show how different families can customize their protection.
Data Sources
Each company's score incorporates:
Coverage updated in 2025 to reflect current rates and company offerings.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like 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!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
