Updated: August 14, 2025
Advertising & Editorial Disclosure
Based on our analysis, Protective is the best life insurance provider for parents in our study, offering a $250,000 10-year term policy at approximately $14 monthly or $166 annually for qualifying applicants.
SBLI offers the best life insurance for senior parents, while Legal & General is the best company for long-term policies. Lincoln Financial is our top pick for affordability.
Life insurance is a valuable financial tool for parents, whether covering end-of-life expenses, replacing income or leaving a legacy for children.
Your choice of policy should depend on age, health and budget. Term life provides affordable short-term coverage, while whole and universal life offer lifelong protection and cash value.
MoneyGeek analyzed leading insurance companies in our study and found Protective the best overall insurer for parents among those reviewed, scoring 96 out of 100. For elderly parents, SBLI is the top choice. The best life insurance for you depends on your needs and circumstances.
Check the table below for a quick comparison of quality service and value.
Protective
| Overall
| 96
| $14
| $166
|
SBLI
| Senior parents | 94
| $250
| $2,995
|
Legal & General
| Long term policy
| 100
| $85
| $1,019
|
Lincoln Financial
| Affordability
| 90
| $14
| $165
|
*Rates based on sample profiles and may vary based on age, health, location and other factors
Protective earns the top spot for parents by combining affordability with comprehensive coverage options and valuable policy features. With a MoneyGeek score of 96, it balances low rates with strong rider availability. A 10-year term life policy offering $250,000 in coverage averages $14 per month, or $166 per year, making it one of the most competitive options.
Founded in 1907, Protective has more than a century of insurance experience and a broad product lineup that includes term, whole, and universal life insurance. Parents benefit from both built-in and optional riders, such as:
Protective ranks slightly above average in customer satisfaction with a J.D. Power score of 653 and carries an A+ financial strength rating from AM Best, reflecting its stability and reliability.
SBLI is a top choice for older parents looking for affordable and dependable life insurance. Established in 1907, the company brings more than 100 years of industry experience and maintains strong financial ratings.
Eligible applicants between the ages of 18 and 75 can purchase term life policies with coverage amounts reaching up to $10 million. For a 70-year-old male nonsmoker, a 10-year policy with $250,000 in coverage averages $250 per month or $2,995 annually, making it a cost-effective option in this age group.
SBLI also offers helpful riders, such as terminal illness coverage, child term insurance, and accidental death protection. With its combination of low pricing, high satisfaction scores, and financial stability, SBLI delivers solid value for seniors seeking affordable coverage.
Legal & General stands out for parents who want reliable, extended coverage. Its policies combine affordability, flexibility, and strong financial stability, making it a strong option for long-term family protection.
Legal & General earns a MoneyGeek score of 100, reflecting its balance of affordability, customer satisfaction, and policy strength. Parents benefit from its flexible long-term options, including coverage up to 40 years and up to $10 million in protection.
The company offers valuable riders such as child coverage that converts to permanent insurance, guaranteed insurability, and accelerated benefits for terminal illness. With conversion options available until age 70, parents can adapt coverage as their needs change. This combination of affordability, high coverage limits, and flexible riders makes Legal & General the best choice for long-term life insurance for parents.
Lincoln Financial is the best option for parents seeking affordable coverage. With low rates and flexible term lengths, the company makes life insurance accessible while providing strong financial protection for families.
Lincoln Financial earns a MoneyGeek score of 90, highlighting its strength in affordability and reliable coverage. Parents benefit from policies starting at $14 per month for $250,000 in coverage, making it one of the most cost-effective options available. Flexible term lengths from 10 to 30 years provide adaptability for different family needs. Coverage extends up to $5 million with a medical exam and $1 million without one, offering flexibility based on health history.
Lincoln Financial combines low rates, accessible coverage and long-standing financial stability, making it the top choice for parents who prioritize affordability.
Choosing the right life insurance policy as a parent can feel overwhelming, but this guide makes it easier. Whether you're protecting young children or covering final expenses for aging parents, the sections below walk you through your options. From comparing term and whole life coverage to evaluating cost, service and long-term value, this guide helps you find a plan that fits your family's needs.
Buying life insurance for your parents helps cover possible end-of-life expenses, such as medical and funeral costs. However, buying coverage for your parents isn't as simple as getting a policy for yourself. There are multiple steps you need to accomplish.
You need to complete multiple steps.
You can't purchase a policy without your parents' knowledge. You need to ask for their consent.
Start the conversation about life insurance with them. Discuss their options and explain why you’re considering enrolling them in a policy.
If they agree to buy life insurance, you can proceed with the next steps.
If you’re buying life insurance on your parents' behalf, you must demonstrate your insurable interest. You have to prove that the death of the person you want to insure will financially impact you.
This process includes submitting identification and a phone interview. Some companies may also require a medical exam.
Documentation requirements include:
Insurable interest requirements and documentation standards can vary by state. Some states have stricter proof requirements or different definitions of financial dependency. Contact your state insurance department if you have questions about specific requirements. Some states may have different consent procedures or waiting periods for policies purchased by adult children for their parents.
Compare quotes to find the right life insurance policy. Compare policy features, coverage and rates. Get quotes from at least three insurance companies to understand how much your parents' policy will cost.
Calculate possible financial obligations your parents may leave behind to determine proper coverage. Ask them how much they can afford if they're paying the premiums. Check if they have current or anticipated health issues.
Choose the insurance company that offers the best value. Ask the agent about the application process. Prepare all necessary information and documents. Verify if a medical exam is required.
The application may be completed online, over the phone or in person, depending on the insurance company. The approval and activation timeline also varies by insurer.
Work with your parents during the application process. This ensures they're aware of what their policy covers.
Getting life insurance for your parents requires their permission. You can't purchase a policy on their behalf without their consent. Insurance companies will verify that your parents have approved the purchase to avoid fraud.
Life insurance can help with estate planning. Beneficiaries can use the proceeds from the policy to pay estate or inheritance taxes. Life insurance proceeds are typically tax-free.
According to the National Funeral Directors Association, the U.S. median funeral cost with viewing and burial is $7,848. With rising costs, final expenses may reach $10,000 in the next few years.
Include all debts when calculating the life insurance coverage amount so your loved ones won't be financially burdened.
Life insurance can help with estate planning. Beneficiaries can use the proceeds from the policy to pay estate or inheritance taxes. Also, life insurance proceeds are typically tax-free.
You can also use our coverage needs calculator to estimate the right amount based on your parents' specific financial situation. This can help you factor in debts, final expenses, and your family's financial goals to find appropriate coverage levels.
Life insurance provides financial protection for new parents' children. To calculate coverage needs, multiply your annual salary by 10. Consider expected or planned financial obligations, such as college funds and mortgages.
Factor in your children's possible future expenses, such as special care needs and higher education. If you have student loans and other debt, include them in your calculation to prevent leaving a financial burden on your loved ones.
Insuring elderly parents is harder because of their age. Insurance providers often correlate old age with health concerns. If you must purchase life insurance for elderly parents to cover possible final expenses, policies like simplified issue and guaranteed acceptance that work well.
Standard life insurance policies, such as term, whole and universal, are also options, but the following are recommended for seniors:
Term life insurance provides temporary coverage for a fixed cost. It's generally the best option for parents because it's affordable compared to other life insurance types. New parents can choose this for lower premiums to have extra money to save or invest.
Seniors may not always get accepted for term life insurance, but apply for this first.
Tip: Many term life policies include conversion options that let your parents switch to permanent coverage without a medical exam, typically until age 70 to 71. This feature is valuable if your parents' health declines during the term period, allowing them to secure lifelong coverage when they might otherwise be uninsurable. Review conversion deadlines and available permanent policy options when selecting term coverage.
Parents looking for coverage that doesn't require a medical exam may find simplified issue life insurance the best option. This type of coverage works well for people with serious health concerns.
Applicants may still need to answer some health-related questions depending on the insurance company. Insurers may reject applicants.
Since a medical exam isn't required, the application process for simplified-issue life insurance is typically faster. However, premiums are often higher than traditional policies.
Guaranteed acceptance life insurance is a type of whole life insurance that offers approval regardless of the applicant's health status. It doesn't require medical exams or health questions. Most seniors between 50 and 80 get instant approval after completing the application process.
This type of policy is best for those needing coverage but who have been denied simplified issue life insurance due to serious health issues.
Guaranteed acceptance coverage usually has low coverage amounts and high premiums.
Compare various factors when looking for the best life insurance for parents. Shopping around and comparing coverage and features helps you choose the right policy.
For many parents, term life insurance may be the best option. Instead of paying higher premiums for whole life insurance, consider investing the difference in a high-interest savings account or a low-risk investment.
When buying life insurance for your parents, riders can provide additional financial protections that address specific family concerns. These optional add-ons customize coverage to match your parents' unique needs and circumstances.
Living benefits riders let your parents access their death benefit early if diagnosed with terminal, chronic or critical illness. This feature provides financial support for medical expenses, long-term care or other needs while they're still alive.
Accelerated death benefits allow beneficiaries to access a portion of the policy's death benefit when they face qualifying health conditions. The remaining benefit stays in place for beneficiaries, though reduced by the amount accessed early.
Child term riders protect dependent children or grandchildren in your parents' care. This coverage extends through childhood and often includes conversion rights, allowing children to obtain permanent life insurance later without medical underwriting.
These riders are valuable when parents serve as guardians for grandchildren or have ongoing financial responsibilities for younger family members.
Beyond living benefits and child coverage, several other riders can enhance your parents' financial protection:
Compare rider availability when shopping for your parents' life insurance, as options vary between insurers. Consider your family's specific needs: your parents' health status, their financial responsibilities for dependents, and any coverage gaps that riders might fill.
Life insurance can help pay your parents' final expenses and debts. However, it may not be worth it if you aren't dependent on their income.
Buying insurance for yourself is often a better option. Purchasing life insurance for a parent isn't worthwhile if you have enough savings to cover final expenses.
Life insurance can be expensive for elderly parents. Instead of paying costly premiums, saving money and investing offers better flexibility and may be a better approach. You won't have to deal with complicated paperwork.
Life insurance is a key part of financial planning for parents, whether raising young children or caring for aging loved ones. Protective is the best overall provider with affordable premiums and flexible options. SBLI works well for senior parents, while Legal & General offers top-rated long-term life insurance coverage. Lincoln Financial is the best option for buyers who value affordability the most.
Compare your goals, budget and policy features to find the right coverage to protect your family’s future.
Depending on your situation, purchasing life insurance for your parents can be beneficial. MoneyGeek answers frequently asked questions about parental life insurance to help you decide.
Based on MoneyGeek’s analysis, Protective is the best overall insurance company for parents. Elderly parents may find SBLI the top option, while Legal & General is the best for long-term policies. Lincoln Financial has the best cheap policy.
Buying life insurance for your parents can be beneficial, depending on your family’s circumstances and needs. For example, getting life insurance to help cover their medical bills makes sense if you're concerned about possible health issues.
No, you need your parents' consent to purchase a life insurance policy on their behalf.
The right coverage amount will depend on your situation. Multiply your salary by 10. Consider your current debts and possible financial obligations.
Finding the best life insurance as a parent means balancing adequate coverage for your family's future with premiums that fit your current budget. We designed this evaluation to identify insurers that excel at serving parents' unique needs — companies that offer substantial coverage at competitive rates while making the buying process straightforward during an already busy time in your life.
Our Scoring System
We evaluated each company across five categories, with scores up to five points each. These category scores create an overall MoneyGeek score out of 100, using weightings that reflect what matters most to parents:
What We Analyzed
Our evaluation incorporates multiple data sources to capture the full picture of each insurer's performance:
Sample Customer Profile
We used this standard profile to gather consistent pricing data:
We modified this profile by age, gender, health status and location to understand how rates vary for different parent demographics. This approach helped us identify patterns and determine which insurers consistently offer competitive rates for parents at various life stages, from new parents to those approaching retirement with grown children.
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.
