Best Life Insurance for Parents in 2025

The best life insurance companies for parents in 2025 include Legal & General, SBLI, Lincoln Financial, Ethos, Pacific Life and Protective.

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

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Updated: October 24, 2025

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Key Takeaways
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Based on our analysis, Legal & General is the best term life insurance provider for parents, offering a $500,000 20-year term policy at approximately $38 monthly for women and $47 monthly for men.

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SBLI offers the best life insurance for senior parents. A $500,000 10-year term policy for 70-year-olds costs an average of $304 per month for women and $429 per month for men.

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Lincoln Financial is our top pick for affordability, offering $500,000 20-year-term policies at $31 per month for women and $38 per month for men.

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Ethos offers the best customer experience to parents, while Pacific Life is the best option for parents looking for comprehensive coverage options.

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Protective earns the highest rating in our study for whole and universal life insurance for parents.

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What Is the Best Life Insurance Company for Parents?

MoneyGeek analyzed leading insurance companies and found Legal & General to be the best term life insurance company for parents among those reviewed. SBLI is the top choice for elderly parents.

The best life insurance for you depends on your needs and circumstances. Term life provides affordable short-term coverage, while whole and universal life offer lifelong protection and cash value. For permanent coverage, Protective is the best provider in our study.

Compare the best life insurance companies for parents:

Term policy
Legal & General
94
$38 (women)
$47 (men)
$457 (women)
$566 (men)
Term policy for seniors
SBLI
95
$304 (women)
$429 (men)
$3,647 (women)
$5,134 (men)
Affordability
Lincoln Financial
90
$31 (women)
$38 (men)
$376 (women)
$452 (men)
Customer experience
Ethos

88

$54 (women)
$72 (men)
$649 (men)
$861 (women)
Coverage options
Pacific Life

94

$39 (women)
$47 (men)
$464 (women)
$566 (men)
Permanent policy
Protective

100

Whole:
$580 (women)
$637 (men)

Universal:
$244 (women)
$281 (men)
Whole:
$6,954 (women)
$7,641 (men)

Universal:
$2,922 (women)
$3,366 (men)

*The rates above are based on average quotes for 40-year-old nonsmokers with average weight and health ratings. Term policies have a 20-year term length, except for the averages for seniors (10-year term for 70-year-olds). All average costs (term and permanent) are for a $500,000 coverage amount.

Actual rates may vary based on age, health, lifestyle, location and other factors. Consult a licensed insurance professional for personalized advice.

Best Term Life Insurance: Legal & General

Company logo for Legal & General
Legal & General
MoneyGeek Score:
94/ 100
Average Monthly Rate$47
Average Annual Rate$566
Overview

Legal & General offers the best term life insurance for parents, earning a MoneyGeek score of 94, reflecting its balance of affordability, customer satisfaction and policy strength. Parents benefit from its flexible term options, including coverage up to 40 years and up to $10 million in protection.

A 20-year term policy with $500,000 coverage amount from Legal & General costs an average of $38 per month for women and $47 per month for men.

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.

Best Term Life for Senior Parents: SBLI

Company logo for SBLI
SBLI
MoneyGeek Score:
95/ 100
Average Monthly Rate$304
Average Annual Rate$3,647
Overview

SBLI has the best life insurance for elderly parents looking for affordable and dependable financial protection. 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 70-year-old nonsmokers, a 10-year policy with $500,000 in coverage averages $304 per month for women and $429 per month for men, 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.

Most Affordable: Lincoln Financial

Company logo for Lincoln Financial
Lincoln Financial
MoneyGeek Score:
90/ 100
Average Monthly Rate$31
Average Annual Rate$376
Overview

Lincoln Financial offers the best cheap life insurance for parents. With low rates and flexible term lengths, the company makes life insurance accessible while providing strong financial protection for families.

The company earns a MoneyGeek score of 90, highlighting its strength in affordability and reliable coverage. Parents benefit from 20-year term policies starting at $31 (women) and $38 (men) per month for $500,000 in coverage. 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.

Best Customer Experience: Ethos

Company logo for Ethos
Ethos
MoneyGeek Score:
88/ 100
Average Monthly Rate$72
Average Annual Rate$861
Overview

Ethos provides one of the best customer experiences for parents. It has a digital-first platform that allows parents to secure life insurance coverage up to $3 million without a medical exam. Parents can add coverage through riders like the accelerated death benefit for critical, chronic and terminal illnesses.

For 40-year-old parents who don't smoke and have average weight and health, a 20-year term policy with $500,000 coverage costs about $54 per month for women and $72 per month for men.

Policyholders also get access to free estate planning resources. These include guides to help parents with wills and trusts.

Best Coverage Options: Pacific Life

Company logo for Pacific Life
Pacific Life
MoneyGeek Score:
94/ 100
Average Monthly Rate$47
Average Annual Rate$566
Overview

Pacific Life is the best life insurance company for parents looking for broad coverage options. The company offers term coverage extending up to more than $10 million, with accelerated underwriting available for coverage amounts up to $3 million for eligible applicants.

For 40-year-old nonsmokers in average health, a 20-year term policy with $500,000 in coverage costs about $39 per month for women and $47 per month for men.

The company provides a wide range of riders to extend coverage, including guaranteed insurability, accidental death benefit, waiver of premium and conversion options. Parents can also get a child term rider that covers up to $20,000 per child until the child’s 25th birthday or the parent’s 65th birthday.

Best Permanent Life Insurance: Protective

Company logo for Protective
Protective
MoneyGeek Score:
100/ 100
Overview

Protective earns the top spot for parents looking for permanent life insurance coverage. With a MoneyGeek score of 100, the company balances low rates with strong rider availability.

A whole life insurance policy offering $500,000 in coverage averages $580 per month for women and $637 for men. A universal life insurance policy with the same coverage amount costs an average of $244 per month for women and $281 per month for men.

Protective has a broad product lineup that includes term, whole, and universal life insurance. Parents benefit from both built-in and optional riders, such as:

  • Accelerated Death Benefit Rider for terminal illness, included automatically
  • Chronic Illness Rider available on certain permanent policies
  • Waiver of Premium, Accidental Death Benefit, and Guaranteed Insurability Rider
  • Child Term Rider, providing coverage until age 25 with the option to convert up to five times the original amount

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.

Best Life Insurance Policy for Parents: Buying Guide

Whether you're protecting young children or covering final expenses for aging parents, understanding your options helps you find coverage that fits your family's needs.

How to Buy the Best Life Insurance for Your Parents

Buying life insurance for your parents helps cover possible end-of-life expenses, such as medical and funeral costs. But buying coverage for your parents requires several steps beyond getting a policy for yourself.

  1. 1
    Get your parents' permission

    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.

  2. 2
    Prepare to demonstrate insurable interest

    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:

    • Proof of relationship (birth certificate, family records)
    • Financial dependency documentation (tax returns showing them as dependents, shared financial accounts)
    • Evidence of financial responsibility (mortgage co-signing documents, care expense receipts)
  3. 3
    Understand state-specific considerations

    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.

  4. 4
    Shop around for quotes

    Compare quotes to find the right life insurance policy. Compare policy features, coverage and rates. Get life insurance quotes for parents 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.

  5. 5
    Complete the application process with them

    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.

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PARENTAL CONSENT REQUIRED

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.

Cost of Life Insurance for Parents

Life insurance costs vary based on age, health, coverage amount and term length. For parents, rates are generally lower at younger ages and increase as you get older. Comparing average costs by age makes estimating how much protection might fit your family’s budget easier.

The table below shows average monthly rates for term life insurance across different ages, coverage amounts and term lengths. These estimates can help you understand what to expect before requesting personalized quotes.

Data filtered by:
$500,000
Select
Male
10 years$37$440
15 years$46$551
20 years$55$657
25 years$85$1,025
30 years$94$1,131
35 years$154$1,845
40 years$233$2,800

*Rates are based on life insurance quotes for parents aged 30 to 70 who don't smoke and have average weight and health ratings. Individual costs will vary depending on your profile, location and insurer.

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How Much Life Insurance Should My Parents Get?

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 tax-free.

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    Final expenses

    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.

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    Debt

    Include all debts when calculating the life insurance coverage amount so your loved ones won't be financially burdened.

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    Estate/Inheritance taxes

    Life insurance can help with estate planning. Beneficiaries can use the proceeds from the policy to pay estate or inheritance taxes. And life insurance proceeds are 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.

How Much Life Insurance Do You Need?

Answer three simple questions to get your recommended coverage amount.

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BEST LIFE INSURANCE FOR NEW PARENTS: COVERAGE CONSIDERATIONS

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.

Best Life Insurance to Get for Your Parents

The right type of life insurance for parents depends on age, health and financial obligations. Younger parents often benefit from affordable term life insurance, while those with lifelong needs may consider whole or universal life insurance.

Insuring elderly parents is harder because of their age. Insurance providers often correlate old age with health concerns. If you need to buy life insurance for elderly parents to cover possible final expenses, policies like simplified issue and guaranteed acceptance work well.

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    Term Life Insurance

    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.

    Pros

    • Lowest cost for high coverage
    • Flexible term lengths (10 to 40 years)
    • Conversion options available with many policies

    Cons

    • Coverage ends when term expires
    • Premiums rise significantly with age
    • Seniors may face limited availability

    Best for: Younger or middle-aged parents who want affordable protection during the years their children are financially dependent.

    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, allowing them to secure lifelong coverage when they might otherwise be uninsurable. Review conversion deadlines and available permanent policy options when selecting term coverage.

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    Whole and Universal Life Insurance

    Whole and universal life insurance policies provide lifelong protection and can build cash value. Whole life offers fixed premiums and guaranteed benefits, while universal life provides flexibility in payments and death benefits.

    Pros

    • Lifetime coverage with no expiration
    • Can build cash value over time
    • Useful for estate planning or leaving an inheritance

    Cons

    • Higher premiums than term life
    • Slower cash value growth in early years
    • May be complex to manage (universal life)

    Best for: Parents with long-term financial obligations, such as supporting dependents with special needs or planning for estate costs.

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    Simplified Issue Life Insurance

    Parents looking for coverage that doesn't require a medical exam may find simplified issue life insurance the best option.  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.

    Pros

    • No medical exam required
    • Faster approval process
    • Available to older applicants

    Cons

    • Higher premiums than fully underwritten policies
    • Lower coverage limits
    • Still possible to be denied for health reasons

    Best for: 

    • Parents with moderate health issues who may not qualify for traditional term or whole life policies.
    • This type of coverage works well for people with serious health concerns.
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    Guaranteed Acceptance Life Insurance

    Guaranteed acceptance life insurance 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. Guaranteed acceptance policies usually have low coverage amounts and high premiums.

    Pros

    • Guaranteed approval regardless of health
    • Simple application process
    • Provides funds for final expenses

    Cons

    • Very high premiums per dollar of coverage
    • Low benefit amounts
    • Two- to three-year waiting period before full benefit pays for natural causes

    Best for:

    • Elderly parents with serious health issues who can't qualify for other life insurance policies.
    • Those needing coverage but who have been denied simplified issue life insurance due to serious health issues.
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SHOP AROUND FOR LIFE INSURANCE

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.

Common Life Insurance Riders for Parents

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 and Accelerated Death Benefits

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 have qualifying health conditions. The remaining benefit stays in place for beneficiaries, though reduced by the amount accessed early.

Child Term Riders and Coverage Options

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.

Additional Riders for Parents

Beyond living benefits and child coverage, several other riders can enhance your parents' financial protection:

  • Waiver of premium riders pause premium payments if your parents become disabled or critically ill and can't work. This prevents policy lapses during difficult financial periods.
  • Long-term care riders provide access to death benefits while your parents are alive if they need assistance with daily activities like bathing, dressing or eating. This helps cover nursing home or home care costs.
  • Return-of-premium riders refund premiums if your parents outlive their term policy, though this significantly increases costs. Accidental death riders double the death benefit if your parents die in a covered accident.
  • Cost-of-living riders gradually increase coverage to keep pace with inflation, ensuring the death benefit maintains its purchasing power over time.
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RIDER COST CONSIDERATIONS

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.

Should I Buy Life Insurance for My Parents?

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.

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LIFE INSURANCE CAN BE EXPENSIVE

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.

Best Life Insurance Policies for Parents: Bottom Line

Life insurance is an important part of financial planning for parents, whether raising young children or caring for aging loved ones. Legal & General is the best term life insurance provider, while SBLI works well for senior parents. Lincoln Financial is the best option for buyers who value affordability the most. Ethos offers the best customer experience and Pacific Life is best for coverage options. Protective offers the best whole and universal life insurance policies.

Compare your goals, budget and policy features to find the right coverage to protect your family's future.

Compare Life Insurance Rates

Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

Why do we need ZIP code?

Life Insurance for Parents: FAQ

We answer common questions about parental life insurance.

Who provides the best life insurance for parents?

Should I buy life insurance for my parents?

Can I buy life insurance for my parents without their consent?

How much life insurance should a parent have?

How much does life insurance for parents cost on average?

Can adult children pay for their parents’ life insurance policy?

Buying Life Insurance for a Parent: Expert Advice

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Our Review Methodology

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. These companies 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 three 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:

  • Affordability: 50%
  • Customer Experience: 30%
  • Coverage Options: 20%

What We Analyzed

Our evaluation incorporates multiple data sources to capture the full picture of each insurer's performance:

  • Cost data from 248,399 life insurance quotes multiple coverage amounts and term lengths
  • Financial strength ratings from AM Best and years in business
  • Customer satisfaction data from the National Association of Insurance Commissioners (NAIC) customer complaint index, J.D. Power and other online customer reviews
  • Buying process tools, including online resources, payment options, and application efficiency
  • Product variety across term lengths, coverage amounts, and policy features

Sample Customer Profile

We used this standard profile to gather consistent pricing data:

  • 40-year-old male
  • Nonsmoker
  • 5 feet 9 inches tall, 160 pounds
  • Average health rating

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.

Best Life Insurance for a Parent: Related Articles

About Mark Fitzpatrick

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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
  • National Funeral Directors Association. "Statistics." Accessed September 18, 2025.

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