Best Cheap Family Life Insurance (2026)

Legal & General, Assurity, Lincoln Financial, Pacific Life and Ethos offer the best cheap family life insurance policies in 2026.

Compare affordable life insurance options for families and see how your current rates stack up.

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Written by Mark Fitzpatrick

Updated: February 17, 2026

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Key Takeaways

Based on MoneyGeek's analysis, Legal & General and Assurity are the best family life insurance companies overall.

Lincoln Financial is the cheapest family life insurance, offering policies at just $20 monthly for women and $25 monthly for men on average.

Pacific Life leads in coverage options for families, offering term, universal, indexed universal, variable universal and survivorship universal life policies with multiple rider options, including children's term.

Ethos is the top choice for families seeking the best customer experience. The company offers an easy application process and additional online resources that can benefit families.

What is the Best Family Life Insurance?

Legal & General is the overall best life insurance provider for male parents, while Assurity is the best insurer for women parents. Companies excel in different areas. Some offer lower rates, others focus on customer service. Compare the top family life insurance providers by category:


Male Parents	Legal & General	$26 (F), $30 (M)	10-40 years	$10,000,000	4.7
Female Parents	Assurity	$23 (F), $30 (M)	10-30 years	$10,000,000	4.7
Coverage Options	Pacific Life	$27 (F), $30 (M)	10-30 years	$10,000,000+	4.6
Affordability	Lincoln Financial	$20 (F), $25 (M)	10-30 years	$5,000,000	4.5
Customer Experience	Ethos	$32 (F), $43 (M)	10-40 years	$3,000,000	4.5

Rates are based on quotes for a 20-year term life insurance policy for a 30-year-old nonsmoker with $500,000 coverage. We used average weight and health ratings.

Your rates depend on coverage needs, age, health status and state regulations. Rates shown are estimates based on our survey methodology and may not reflect actual cheap family life insurance rates available to you. Contact licensed insurers directly for personalized quotes.

Best for Male Parents: Legal & General

Legal & General

MoneyGeek Rating

4.7/ 5

4.8/5Affordability

4.7/5Customer Experience

4.7/5Coverage

Avg. Monthly Cost
$26 (F), $30 (M)
Term Lengths
10-40 years
Max Coverage
$10,000,000

pros
- Low rates for male parents, averaging $30 per month
- One child rider covers all eligible children
- Child rider premiums stay the same over time
- Can convert term policies to permanent coverage until age 70
cons
- No coverage for children beyond 25
Legal & General is the top life insurance provider for male parents. It scored 4.7 out of 5 from MoneyGeek. Legal & General sells term life up to $10 million for ages 20 to 75.

Add these riders: accelerated death benefit, life event coverage extension and guaranteed insurability. Convert term policies to permanent coverage until age 70.

The child rider covers eligible children until their 25th birthday or your 65th birthday, whichever hits first. Coverage is $5,000 or $10,000.

Legal & General charges $30 per month on average for a $500,000, 20-year term life policy for male parents. Use the table below to compare average rates by age, coverage amount and term length for male and female parents.

Data filtered by:


$100,000	$10	$122
$250,000	$17	$197
$500,000	$30	$357
$750,000	$43	$509
$1,000,000	$57	$676
$1,500,000	$81	$965
$2,000,000	$106	$1,261
$2,500,000	$132	$1,569
$3,000,000	$158	$1,876

- A.M. Best rating: A
- NAIC complaint index: 0.35
- J.D. Power score: N/A
- Customer sentiment: 85% positive, 15% negative
- Max coverage: $10 million
- Medical exam required: Yes
- Ages supported: 20-75
- Riders and options: Accelerated death benefit rider, child rider, stacking rider, guaranteed insurability rider, conversion options to age 70
- Policies offered: Term, Universal

Best for Female Parents: Assurity

Assurity

MoneyGeek Rating

4.7/ 5

4.8/5Affordability

4.6/5Customer Experience

4.5/5Coverage

Avg. Monthly Cost
$23 (F), $30 (M)
Term Lengths
10-30 years
Max Coverage
$10,000,000

pros
- Affordable rates for women at $23 monthly
- Wide range of riders, including critical illness coverage
- Child rider that offers coverage until age 25
- Renewable term coverage available up to age 99
cons
- AM Best rating A- lower than some competitors
- Return of Premium rider limited to longer terms
- No-exam coverage reduced after age 50
Assurity is the best life insurance provider for mothers, combining affordability and strong policy flexibility.

Assurity offers term coverage up to $10 million with riders including accelerated death benefits, return of premium, accident-only disability income, critical illness, disability income and level term. Women parents can add a child rider that lasts until the child is 25.

For a 30-year-old nonsmoking woman, the average cost of a $500,000, 20-year term policy is $23 per month ($271 annually).

Compare average monthly and annual rates for different ages, coverage levels and term lengths for both male and female parents below.

Data filtered by:


$100,000	$7	$84
$250,000	$13	$153
$500,000	$23	$271
$750,000	$33	$394
$1,000,000	$43	$512
$1,500,000	$64	$759
$2,000,000	$85	$1,000
$2,500,000	$105	$1,242
$3,000,000	$126	$1,483

- A.M. Best rating: A-
- NAIC Complaint Index: 0.638
- J.D. Power: N/A
- Customer sentiment: 85% positive, 15% negative
- Max coverage: $10 million with medical exam, or $1 million (ages 18-50) and $500,000 (ages 51-65) without medical exam
- Medical exam required: No
- Ages supported: 18-75
- Riders and options: Accelerated death benefit, return of premium, accident-only disability waiver, critical illness, disability income, level term
- Policies offered: Term, Whole, Universal

Best Coverage Options: Pacific Life

Pacific Life

MoneyGeek Rating

4.6/ 5

4.5/5Affordability

4.6/5Customer Experience

4.9/5Coverage

Avg. Monthly Cost
$27 (F), $30 (M)
Term Lengths
10-30 years
Max Coverage
$10,000,000+

pros
- Coverage amounts exceed $10 million for families needing protection
- Broad rider selection, including child, disability and accidental death
- Accelerated death benefit is included at no extra cost
cons
- No-exam coverage available only up to age 60
- Doesn't offer whole life insurance products
Pacific Life offers the most comprehensive coverage options for families, with more than $10 million in term protection available and up to $3 million through accelerated underwriting for younger applicants.

Flexible riders like waiver of premium, accidental death benefit, guaranteed insurability and conversion options make Pacific Life well-suited for families wanting customizable financial protection.

Pacific Life's child term rider provides coverage of up to $20,000 per child until the child's 25th birthday or the insured's 65th birthday.

Monthly, a 30-year-old nonsmoking parent pays $27 (women) and $30 (men) for a $500,000, 20-year term policy. Compare average rates by age, coverage level and term length below.

Data filtered by:


$100,000	$10	$116
$250,000	$15	$178
$500,000	$27	$321
$750,000	$39	$464
$1,000,000	$51	$608
$1,500,000	$75	$895
$2,000,000	$99	$1,182
$2,500,000	$124	$1,468
$3,000,000	$148	$1,755

- A.M. Best rating: A
- NAIC complaint index: 0.08
- J.D. Power score: 657 (7th)
- Customer sentiment: 72% positive, 28% negative
- Max coverage: $10 million+, or $3 million without medical exam
- Medical exam required: No
- Ages supported: 18-75
- Riders and options: Accelerated death benefit, child term rider, waiver of premium, accidental death benefit, guaranteed insurability, conversion options
- Policies offered: Term, Whole, Universal, Variable Universal, Indexed Universal

Most Affordable: Lincoln Financial

Lincoln Financial

MoneyGeek Rating

4.5/ 5

5/5Affordability

3.6/5Customer Experience

4.5/5Coverage

Avg. Monthly Cost
$20 (F), $25 (M)
Term Lengths
10-30 years
Max Coverage
$5,000,000

pros
- Lowest monthly costs for men and women at $20 to $25
- Child rider available
- Coverage available up to $5 million with exam and $1 million without exam
cons
- Fewer rider options than other major insurers
Lincoln Financial is the cheapest life insurance for families, with a $500,000, 20-year term policy averaging $20 per month for women and $25 for men.

The company offers term life insurance for 10 to 30 years, with a maximum coverage of $5 million and no-exam policies with up to $1 million coverage.

Lincoln Financial's child rider provides coverage up to $15,000 until the youngest child's age 25 or the insured's age 65, whichever comes first.

Lincoln Financial earned a perfect rating for affordability. It offers the lowest average costs for both men and women.

Data filtered by:


$100,000	$7	$87
$250,000	$12	$137
$500,000	$20	$236
$750,000	$28	$329
$1,000,000	$38	$453
$1,500,000	$56	$665
$2,000,000	$74	$869
$2,500,000	$86	$1,019
$3,000,000	$99	$1,168

- A.M. Best rating: A
- NAIC complaint index: N/A
- J.D. Power score: 652 (10th)
- Customer sentiment: 50% positive, 50% negative
- Max coverage: $5 million, or $1 million without medical exam
- Medical exam required: No
- Ages supported: 18-80, or 18-60 without medical exam
- Riders and options: Accelerated death benefit
- Policies offered: Term, Universal, Variable Universal, Indexed Universal

Best Customer Experience: Ethos

Ethos

MoneyGeek Rating

4.5/ 5

4.1/5Affordability

5/5Customer Experience

5/5Coverage

Avg. Monthly Cost
$32 (F), $43 (M)
Term Lengths
10-40 years
Max Coverage
$3,000,000

pros
- Fast digital application with same-day coverage
- Strong customer reviews for clarity and service
- Free estate-planning tools included
cons
- Fewer riders than traditional insurers
Ethos offers the best customer experience for families. Apply digitally. Get up to $3 million without a medical exam. Add an accelerated death benefit rider for critical, chronic and terminal illnesses.

Ethos gives you free estate-planning guides for wills and trusts.

Rate Note: 30-year-old nonsmokers pay $32 monthly (women) and $43 monthly (men) for a 20-year $500,000 policy. Rates vary by age, coverage, term length and gender.

A 30-year-old nonsmoker pays $32 monthly for women and $43 for men with a 20-year term policy and $500,000 coverage. Average rates vary by age, coverage amount, term length and gender.

Data filtered by:


$100,000	$12	$148
$250,000	$21	$256
$500,000	$32	$385
$750,000	$56	$675
$1,000,000	$71	$850
$1,500,000	$104	$1,254
$2,000,000	$138	$1,657
$2,500,000	$172	$2,061
$3,000,000	$205	$2,464

- A.M. Best rating: A+
- NAIC complaint index: N/A
- J.D. Power score: N/A
- Customer sentiment: 95% positive, 5% negative
- Max coverage: $3 million without medical exam (Term), $20,000 (Guaranteed Whole)
- Medical exam required: No
- Ages supported: 18-69 (Term), 55-85 (Guaranteed Whole)
- Waiting Period (Guaranteed Whole): If death occurs from non-accidental causes within the first 2 years, beneficiaries receive 100% of premiums paid plus 30%.
- Riders and options: Accelerated death benefit, free will and estate planning tools
- Policies offered: Term, Guaranteed Whole, Indexed Universal

How to Choose the Best Family Life Insurance

Match family life insurance coverage to your household's financial needs and timeline:

1
Calculate Coverage Needs
Multiply your annual income by 10. A parent earning $75,000 needs about $750,000 in coverage. Stay-at-home parents need $250,000 to $500,000 to cover childcare, household management and lost services.
2
Pick Your Term Length
Match your term to when your youngest child reaches financial independence. Your youngest is five? Buy a 20-year term. You have a newborn? Buy a 30-year term. This keeps coverage active while your family depends on your income.
3
Choose Your Policy Type
Buy term life insurance. It fits family budgets and covers you during child-raising years.
4
Compare Companies
Get quotes from three insurers minimum. Rates vary for identical coverage.
5
Add Riders
Buy child riders to cover all children under one policy. Spouse riders cover both parents under one policy and cut combined premiums compared to buying two separate policies.

What is the Best Type of Life Insurance for Families?

Match coverage to your financial goals, budget and timeline. Compare life insurance plan types using the table:


Term Life	Low	10–30 years	No	Young families, mortgages
Whole Life	High	Lifetime	Yes	Estate planning, lifelong needs
Universal Life	Mid–High	Lifetime, flexible	Yes	Families with fluctuating income
Simplified Issue (No-Exam)	High	Lifetime	Limited	Health issues, no exam
Guaranteed Acceptance	Very High	Lifetime	Limited	Last resort, final expense

SEPARATE POLICIES VS. JOINT LIFE INSURANCE FOR FAMILIES

Separate life insurance policies give independent financial coverage for each parent. Joint first-to-die policies pay once when the first parent dies, then coverage ends. These policies cost less than two separate policies but provide no coverage for the surviving spouse, leaving them potentially uninsurable. Joint second-to-die policies pay only when both parents die, making them useful for estate planning rather than income replacement.

Separate policies work best for income replacement. Joint second-to-die policies suit families with estate tax concerns. First-to-die policies usually provide limited income-replacement value for families with children.

Average Cost of Life Insurance for Families

Life Insurance rates vary by age, health, lifestyle, coverage amount and type. For 20-year term policies with $500,000 coverage, parents pay an average of $65 to $70 monthly. Adding a $10,000 child rider costs $5 to $10 monthly, bringing total costs to $70 to $75 monthly.


Monthly	$36	$29	$5-$10	$70-$75
Annual	$428	$351	$60-$120	$839-$899

These estimates illustrate how affordable life insurance for families compares across coverage types. Costs for male and female parents are based on quotes for 30-year-old nonsmokers with average weight and health ratings. Individual rates will vary depending on your coverage needs, age, health status and state regulations. Contact licensed insurers in your state for personalized quotes that reflect your local requirements.

Family Life Insurance Plans: Riders and Add-Ons

Life insurance riders tailor coverage to your household. Add coverage for family members or boost benefits beyond your base policy.

Spouse Term Life Riders

Spouse riders add term life coverage for your husband or wife at 25% to 100% of your base policy amount. You'll pay less than buying two separate policies, and the rider ends if you divorce or your primary policy lapses.

Children's Term Life Riders

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.

Family Income Benefit Riders

This rider pays a monthly income to your beneficiaries instead of a lump sum, replacing your paycheck for a specific period. It's valuable for families with young children needing steady income for living expenses and education costs.

WHEN TO UPDATE A FAMILY LIFE INSURANCE POLICY

Review your family life insurance after major life events that change your financial situation or dependents, then adjust coverage amounts or term lengths to match new responsibilities. Marriage, divorce, birth, adoption and home purchases all require coverage adjustments.

Income changes of about 20% or more often justify increasing or reducing coverage to keep income replacement aligned. When your youngest child reaches 18, you can reduce coverage or let term policies expire. Take another look at your coverage after career changes that affect employer-provided life insurance.

Best Life Insurance Companies for Families: Bottom Line

Family life insurance helps protect your household by offering coverage for parents and optional riders for children. Coverage can be set up through separate policies for each parent, a joint policy for both spouses or a mix of options based on what works best for your family.

We reviewed life insurance quotes and policy offerings to identify the top insurers that offer low-cost life insurance for families. The premiums shown serve as starting points, as final rates may vary depending on added riders for spouses or children.

Legal & General, Assurity, Lincoln Financial, Pacific Life and Ethos offer some of the best family life insurance plans. Compare offers and prices to find the best policy and provider for your needs.

Life Insurance for Family: FAQ

We answer questions about the best life insurance for families.

Can you get one life insurance policy for the whole family?

You can't cover multiple family members under a single life insurance policy. Each person needs an individual policy, but riders can provide limited coverage for dependents. A child rider covers all children under one rider, while a spouse rider adds smaller coverage for a partner. Riders are less expensive than separate policies but offer lower benefit amounts.

Do both parents need life insurance?

Yes. Both parents need coverage, even if one doesn't earn income outside the home. The primary earner needs 10 times annual income to replace lost earnings. Stay-at-home parents need $250,000 to $500,000 to cover childcare and household services. Both parents work? Match coverage to each parent's income.

Should I get life insurance for each member of my family?

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 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.

Consider your personal and family circumstances, each member's health and your coverage needs to determine if individual coverage works.

Should you buy life insurance for a newborn?

Parents should prioritize their own coverage before buying life insurance for a newborn because the main goal of family life insurance is to replace income and cover major expenses like housing, childcare and education.

Once those needs are secured, adding a child rider for a newborn can provide a modest death benefit and guarantee future insurability, even if health issues arise later. For families interested in broader financial protection for children, we published a guide on the best life insurance for children.

What happens to life insurance after divorce?

After divorce, update life insurance beneficiaries and reassess coverage needs. Ex-spouses may remain beneficiaries unless you make changes. Courts may require one parent to keep an ex-spouse as beneficiary to secure child support or alimony.

Coverage amounts may need adjustment if household income decreases after separation. Learn more in MoneyGeek's guide to life insurance and divorce.

What life insurance benefits do military families get?

Military families receive benefits through Servicemembers' Group Life Insurance (SGLI), which provides up to $500,000 for service members, $100,000 for spouses and $10,000 for children. Since SGLI ends with service, many families add private term coverage to reach adequate financial protection.

Veterans can convert SGLI to Veterans' Group Life Insurance (VGLI) within 240 days of separation to continue coverage without new medical underwriting. Review the best life insurance for veterans.

Best Family Life Insurance: Our Ratings Methodology

Family life insurance covers multiple people under different policies or riders. That makes total costs and coverage gaps hard to compare. We analyzed 248,399 quotes to find companies with affordable rates and flexible coverage for parents and children.

Our Scoring

We built a scoring system based on what matters when you insure your family:

Affordability (55%) Premiums determine if you can cover both parents plus child riders. We got quotes from insurers directly.

Customer Experience (30%) Application ease, claims processing and service matter when you manage multiple policies or add riders as your family grows.

Coverage Options (15%) Policy flexibility and rider availability determine if you can cover stay-at-home parents, add children affordably and adjust coverage as kids grow.

Quote Profile

We used 30-year-old nonsmokers as our baseline: 5'9" and 160 pounds for men, 5'4" and 120 pounds for women, average health. This profile matches typical buyers: parents in peak earning years with young children needing long-term income replacement. We adjusted age, gender, health and coverage amounts to show how different family situations affect premiums.

What We Analyzed

Each score includes: cost data from quote systems, A.M. Best financial strength ratings and years in business, NAIC and J.D. Power complaint data plus customer reviews, and buying process evaluation including online tools and payment options.

We focused on companies with national coverage and straightforward quote processes. Updated 2025.

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.

Read Full Bio »

sources

US Department of Veterans Affairs. "Servicemembers' Group Life Insurance (SGLI)." Accessed November 27, 2025.
US Department of Veterans Affairs. "Veterans' Group Life Insurance." Accessed November 27, 2025.

Best Cheap Family Life Insurance (2026)

What is the Best Family Life Insurance?

Best for Male Parents: Legal & General

Legal & General

Best for Female Parents: Assurity

Assurity

Best Coverage Options: Pacific Life

Pacific Life

Most Affordable: Lincoln Financial

Lincoln Financial

Best Customer Experience: Ethos

Ethos

How to Choose the Best Family Life Insurance

What is the Best Type of Life Insurance for Families?

Average Cost of Life Insurance for Families

Family Life Insurance Plans: Riders and Add-Ons

Best Life Insurance Companies for Families: Bottom Line

Life Insurance for Family: FAQ

Can you get one life insurance policy for the whole family?

Do both parents need life insurance?

Should I get life insurance for each member of my family?

Should you buy life insurance for a newborn?

What happens to life insurance after divorce?

What life insurance benefits do military families get?

Best Family Life Insurance: Our Ratings Methodology

Related Pages

sources