Find the cheapest family life insurance with affordable rates, flexible coverage options and reliable insurers to protect your loved ones without overpaying.
Compare rates from top insurers.
Updated: February 2, 2026
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Lincoln Financial offers the cheapest term life insurance for families, with average rates of $31 per month for 40-year-old women and $38 per month for 40-year-old men with a 20-year, $500,000 term policy. It's also the most affordable option for young parents.
SBLI is the cheapest family life insurance company for senior parents. A 70-year-old parent pays an average of $304 (woman) or $429 (man) per month.
Protective has the cheapest whole life insurance rates for families in our survey. The average monthly rates for a $500,000 whole policy are $580 for a 40-year-old woman and $637 for a man.
The cheapest life insurance for families depends on age, health status and coverage type. Younger parents qualify for lower rates, as insurers view them as lower risk. Term life insurance costs less than permanent coverage, making it the most budget-friendly choice for families who need financial protection during certain years.
The cheapest companies for different policy types and buyer profiles:
Lincoln Financial is the most affordable term life insurance company, charging an average of $31 per month for women and $38 per month for men. These rates reflect a 20-year, $500,000 policy for healthy 40-year-old nonsmokers.
| Lincoln Financial | $31 | $376 |
| North American | $35 | $422 |
| Midland National | $35 | $422 |
| Protective Insurance | $37 | $443 |
| Transamerica | $37 | $444 |
| SBLI | $37 | $448 |
| CoreBridge | $38 | $455 |
| Legal & General | $38 | $457 |
| Principal National | $38 | $459 |
| Pacific Life | $39 | $464 |
| Guardian Life | $40 | $480 |
| Cincinnati Life | $40 | $482 |
| Securian | $43 | $513 |
| Equitable Life | $43 | $513 |
| Columbus Life | $44 | $530 |
| Assurity | $45 | $538 |
| Nationwide | $45 | $541 |
| Gerber Life (Fabric) | $47 | $554 |
| Life Insurance Co of The South West | $48 | $576 |
| National Life Group | $48 | $576 |
| Prudential | $48 | $578 |
| Ameritas | $49 | $588 |
| John Hancock | $49 | $590 |
| Mutual of Omaha | $49 | $591 |
| Foresters Financial | $52 | $620 |
| Ethos | $54 | $649 |
| AAA | $67 | $810 |
| Fidelity Life | $73 | $876 |
| Royal Neighbors of America | $82 | $981 |
Rates are estimates from MoneyGeek's analysis of major insurers for our sample profile with a 20-year term policy and $500,000 coverage. Your actual premium depends on age, gender, coverage amount and health status. Gender-based rate differences may not apply in all states due to local regulations.
Term life insurance suits many families since it provides high policy amounts at lower premiums during the years your family depends on your income the most.
Lincoln Financial offers the lowest rates for young parents, averaging $18 per month for 25-year-old women and $23 per month for 25-year-old men buying a $500,000 20-year term policy.
Young adults pay less for life insurance because they're statistically less likely to file a claim during the policy term. Buying coverage while you're young locks in lower rates for the full policy term.
| Lincoln Financial | $18 | $222 |
| North American | $22 | $259 |
| Midland National | $22 | $259 |
| Assurity | $22 | $266 |
| Protective Insurance | $23 | $271 |
| Cincinnati Life | $24 | $289 |
| SBLI | $25 | $301 |
| CoreBridge | $25 | $305 |
| Legal & General | $26 | $307 |
| Pacific Life | $26 | $311 |
| Principal National | $26 | $315 |
| Guardian Life | $27 | $324 |
| Ameritas | $28 | $336 |
| Columbus Life | $28 | $337 |
| Securian | $28 | $338 |
| Transamerica | $28 | $342 |
| Equitable Life | $29 | $344 |
| Gerber Life (Fabric) | $29 | $346 |
| Foresters Financial | $29 | $352 |
| Life Insurance Co of The South West | $29 | $354 |
| National Life Group | $29 | $354 |
| Prudential | $30 | $362 |
| Ethos | $31 | $369 |
| Mutual of Omaha | $31 | $369 |
| AAA | $32 | $372 |
| Nationwide | $32 | $389 |
| Fidelity Life | $34 | $409 |
| John Hancock | $35 | $415 |
| Royal Neighbors of America | $48 | $579 |
Rates are estimates from MoneyGeek's analysis of major insurers for 25-year-olds with a 20-year term policy and $500,000 coverage. Your actual premium depends on age, gender, coverage amount and health status
SBLI provides the most affordable rates for senior parents. A 70-year-old woman pays an average of $304 per month for a 10-year policy with $500,000 in coverage. For a 70-year-old man, the average monthly cost for the same policy is $429.
Seniors pay more for life insurance because age increases the likelihood of claims. Many insurers limit coverage amounts and term lengths for applicants over 65.
| SBLI | $304 | $3,647 |
| Midland National | $346 | $4,141 |
| Columbus Life | $347 | $4,163 |
| Securian | $374 | $4,489 |
| John Hancock | $384 | $4,611 |
| Assurity | $387 | $4,638 |
| Pacific Life | $401 | $4,809 |
| Equitable Life | $409 | $4,906 |
| Guardian Life | $413 | $4,954 |
| Principal National | $414 | $4,963 |
| Cincinnati Life | $415 | $4,976 |
| Foresters Financial | $415 | $4,978 |
| AAA | $437 | $5,246 |
| Mutual of Omaha | $459 | $5,506 |
| Prudential | $503 | $6,029 |
| Transamerica | $582 | $6,991 |
| Gerber Life (Fabric) | $586 | $7,018 |
| CoreBridge | $609 | $7,301 |
| Protective Insurance | $610 | $7,325 |
| Legal & General | $620 | $7,438 |
| Life Insurance Co of The South West | $636 | $7,631 |
| National Life Group | $636 | $7,631 |
| Ameritas | $730 | $8,764 |
Rates are estimates from MoneyGeek's analysis of major insurers for 70-year-olds with a 10-year term policy and $500,000 coverage. Your actual premium depends on age, gender, coverage amount and health status.
Protective offers the cheapest whole life insurance for families. Parents pay an average of $580 (women) and $637 (men) per month for a $500,000 policy.
| Protective Insurance | $580 | $6,954 |
| Pacific Life | $630 | $7,559 |
Rates are estimates from MoneyGeek's analysis of major insurers for 40-year-olds with $500,000 coverage. Your actual premium depends on age, gender, coverage amount and health status.
Whole life insurance costs more than term coverage, but lasts your entire lifetime and builds cash value you can borrow against. Families who choose whole life want guaranteed lifetime coverage for estate planning or to leave a financial legacy.
Finding affordable family life insurance requires comparing multiple insurers and understanding how your profile affects rates. Each company weighs risk factors differently, creating price variations for identical coverage.
Term policies provide high death benefits at affordable premiums since they cover set periods rather than your entire lifetime.
Losing weight, managing blood pressure and quitting smoking can reduce premiums. Insurers offer their best rates to applicants in excellent health. Stop smoking at least 12 months before applying to qualify for nonsmoker rates.
Calculate your family's expenses, including mortgage balance, outstanding debts, income replacement needs and future education costs. Many families need 10 to 12 times annual income in coverage, though your needs depend on your financial situation.
The right policy amount depends on your family's needs. Use our life insurance coverage calculator for a quick estimate based on basic information.
Each company uses different life insurance underwriting criteria and risk assessment methods, resulting in rate differences. Some insurers specialize in certain health conditions or age groups, offering better rates for applicants who match their target profiles.
If you can afford the larger upfront payment, annual billing reduces your total premium expense.
Many employers provide free basic coverage equal to 1 or 2 times your salary. While this coverage rarely meets your family's full needs, it supplements individual policies at no cost. Group coverage typically ends when you leave your job, so don't rely on it as your only protection.
Life insurance riders like accidental death benefit or return of premium increase costs without providing value for most families. Focus on the base death benefit amount rather than add-ons. Waiver of premium riders that continue coverage if you become disabled can be valuable for main income earners.
If you have 15 years remaining on your mortgage and children who'll finish college in 18 years, a 20-year term covers your critical financial period. Longer terms cost more, so avoid paying for coverage beyond when your family needs financial protection.
Life insurance costs depend on age, how much coverage and policy type. Family life insurance costs $106 to $111 per month when both parents have $500,000 in coverage and children are covered through a $10,000 rider.
A male parent pays roughly $55 monthly while a female parent pays $46 monthly for identical 20-year term policies. Adding a child rider costs $5 to $10 per month and covers all your children under one rider. Buying separate life insurance for your children will increase your expenses.
Monthly | $55 | $46 | $5-$10 | $106-$111 |
Annual | $660 | $552 | $60-$120 | $1,272-$1,332 |
These estimates illustrate how affordable life insurance for families compares across coverage types. Costs for male and female parents are based on quotes for 40-year-old nonsmokers with average weight and health ratings. Actual rates will vary depending on your coverage needs, age, health status and lifestyle.
Lincoln Financial offers the cheapest family life insurance, making death benefit protection affordable for most households. Term life insurance provides the most cost-effective coverage for families. Rates increase with age, so buying coverage while you're young locks in lower costs.
Compare quotes from multiple insurers. Each company prices risk differently, and the cheapest option for one person may not be the cheapest for another. Focus on policy amount and term length that match your family’s needs rather than over-insuring or under-insuring your financial obligations.
Term life insurance is the cheapest option for families. Term policies provide death benefit protection for set periods, such as raising children or paying off a mortgage.
Yes, no-exam life insurance is available, but it costs more than policies requiring medical evaluations. No-exam policies offer faster approval and convenience for busy parents who need coverage quickly. Coverage limits typically cap at $1 million without medical underwriting.
No. Older applicants pose a higher risk to insurers, so life insurance gets more expensive with age. Buy coverage while you're young to lock in lower rates for the entire policy term.
Parents shopping for life insurance take on a different challenge than single buyers: you're not just protecting yourself, you're making sure your kids stay in their home, finish school and maintain their standard of living if something happens to you. We gathered 248,399 life insurance quotes from 16 major insurers across 250 ZIP codes to identify which companies offer the cheapest life insurance for families at different life stages.
Why This Research Matters for Families
We analyzed how family life insurance costs shift across ages, term lengths and coverage amounts to help you match your policy to your family's timeline. A 20-year term policy might cover you until your youngest graduates college, while a whole life insurance policy could protect your family through retirement years when your spouse might still need income replacement.
Baseline Customer Profile
All premiums reflect this profile unless we specify otherwise.
Testing Family-Specific Scenarios
Parents carry different risk profiles depending on their age when they have kids and their current health status. The baseline profile was modified to capture different situations:
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.
