Best Cheap Family Life Insurance (2025)

Legal & General, Assurity, Lincoln Financial, Pacific Life and Ethos offer the best cheap family life insurance policies in 2025.

Find out if you're overpaying for life insurance below.

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Written by Mark Fitzpatrick

Updated: December 1, 2025

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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 female 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 amount. We used average weight and health ratings. Individual rates will vary depending on your coverage needs, age, health status and state regulations. Rates shown are estimates based on our survey methodology and may not reflect actual quotes 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
- Competitive rates for male parents at $30 monthly
- Child rider covers all children
- Child rider premium remains level
- Extended conversion to permanent coverage until age 70
cons
- Online tools less robust than some competitors
- Fewer permanent life options after term conversion
Legal & General is the top-rated life insurance company for male parents, with a MoneyGeek score of 4.7 out of 5. The company offers term coverage up to $10 million to applicants ages 20 to 75.

Standout features include an accelerated death benefit rider, a stacking rider to extend the term for life events, a guaranteed insurability rider and conversion of term policies to permanent policies up to age 70.

Legal & General's child rider covers eligible children up to the day before their 25th birthday or the insured's 65th birthday, with coverage options of $5,000 and $10,000.

Legal & General rates average $30 per month for a $500,000, 20-year term policy for male parents. Filter the table below to compare average rates for various ages, coverage levels and term lengths for both 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.

The company 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. Female parents can add a child rider that lasts until the child's age 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–$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 offers families the cheapest life insurance policy, 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, fully digital application with same-day coverage available
- Strong customer reviews highlight clarity and responsiveness
- Includes free estate-planning tools for policyholders
cons
- Limited rider options compared to traditional insurers
Ethos offers the best customer experience for families seeking life insurance coverage through a digital-first platform. Applicants can get coverage up to $3 million without a medical exam and extend coverage with an accelerated death benefit rider for critical, chronic and terminal illnesses.

Ethos provides free estate-planning resources, including guides for wills and trusts.

Monthly, 30-year-old nonsmokers with a 20-year term policy and $500,000 coverage pay $32 (women) and $43 (men). Below are average rates for different ages, coverage levels, term lengths 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

What is the Best Type of Life Insurance for Families?

Selecting the best family life insurance policy means matching coverage to your financial goals, budget and timeline. Use this table to quickly compare life insurance plan types:


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

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

*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 extend your policy to cover additional family members or provide enhanced benefits.

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.

Best Life Insurance Companies for Families: Bottom Line

Family life insurance provides financial protection for your entire family through individual policies for each parent with child riders, joint policies covering both spouses or a combination approach based on your family's specific needs. We analyzed life insurance quotes and offers to determine the best family providers. These premiums serve as baselines for family life insurance. Actual rates may differ since family life insurance includes 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

Questions about the best life insurance for families? We answers them.

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?

Both parents should have coverage, even if one doesn't earn income outside the home. The primary earner needs at least 10 times annual income in coverage to replace lost earnings. Stay-at-home parents should carry $250,000 to $500,000 of coverage to account for childcare and household services. Dual-income families should align coverage amounts with each parent's contribution.

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, see MoneyGeek's guide to 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. Explore the best life insurance for veterans.

Best Family Life Insurance: Our Ratings Methodology

Choosing family life insurance means protecting multiple people under different policies or riders, making it harder to compare total household costs and coverage gaps. We analyzed 248,399 life insurance quotes to help you find companies that balance affordable rates with flexible coverage options for parents and children.

Our Research Approach

To select the best cheap family life insurance plans, we created a 5-point scoring system weighing what matters most when insuring your entire family:

Affordability (55%): Premium costs determine whether you can afford adequate coverage for both parents plus child riders. We collected cost data by requesting quotes from actual life insurance companies.
Customer Experience (30%): Application ease, claims processing and customer service quality matter when you're managing multiple policies or adding riders as your family grows.
Coverage Options (15%): Policy flexibility, rider availability and coverage limits determine whether you can protect stay-at-home parents, add children's coverage affordably and adjust protection as kids grow.

Default Profile and Variables

We collected quotes using a 30-year-old nonsmoker (5'9", 160 pounds for men and 5'4", 120 pounds for women, average health) as our baseline. This profile represents typical family life insurance buyers, parents in their peak earning years with young children who need long-term income replacement. We adjusted age, gender, health status and coverage amounts to reflect how different family structures and life stages affect premiums and eligibility.

Data Analysis

Each company's score incorporates cost data from online quote systems, financial strength ratings from A.M. Best and years in business, customer complaint data from NAIC and J.D. Power plus online customer reviews, and buying process evaluation including online tools and payment flexibility. We focused on companies with broad national coverage and straightforward online quote processes, ensuring our recommendations work for families across different states and situations. Coverage costs and company information were updated in 2025 to reflect current rates and 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!

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 (2025)

What is the Best Family Life Insurance?

Best for Male Parents: Legal & General

Best for Female Parents: Assurity

Best Coverage Options: Pacific Life

Most Affordable: Lincoln Financial

Best Customer Experience: Ethos

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