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Best Family Life Insurance Companies

State Farm Offers Many Choices and a High Rating for Financial Stability

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Life insurance is a tool that provides financial security to those who rely on you. The right life insurance company offers a variety of coverage options, affordable pricing, and a strong customer satisfaction record. Here is our list of the best options for you.

Best Family Life Insurance Companies

Best Overall : State Farm

State Farm Insurance

?State Farm Insurance

  • AM Best Rating: A++
  • Plans: Term, Whole, Universal
  • Issue Ages: Up to 85 for some policies
Why We Chose It?

State Farm offers a specifically branded “family life insurance” plan with many features and options. According to a study by J.D. Power, State Farm ranks highest among individual life insurance providers for customer satisfaction, which also helped place it on our list of best life insurance companies.

Pros & Cons
  • Has a defined family life insurance policy

  • Extremely well-rated

  • Convertible child coverage through age 25

  • Not available in all states

  • Must purchase through an agent


Since 1929, State Farm has been providing life insurance to families. In 2022, the company received the top spot in the J.D. Power U.S. Life Insurance Study and an A++ superior rating from AM Best. The family life insurance policy offered by State Farm allows policyholders to purchase a combination of term and/or whole-life insurance that covers immediate family members under the same policy.

State Farm’s Select Term rider offers term life coverage in 10-, 20-, and 30-year options starting at $100,000 that can be later converted to permanent coverage. A Child Term rider protects your children with coverage up to $20,000 through age 25 and can be converted to permanent coverage once they reach adulthood.

You can get a quote for term coverage online through State Farm’s website. However, you’ll need to work directly with an agent to get quotes for other types of coverage or to purchase a policy. Policies, features and riders may not be available in all states.

Read our full State Farm life insurance review

Best for Whole Life Policies : Northwestern Mutual

Northwestern Mutual

Northwestern Mutual

  • AM Best Rating: A++
  • Plans: Term, Whole, Universal
  • Issue Ages: Up to 80
Why We Chose It?

Offering a range of life insurance options, including term, whole, universal, and blended plans, Northwestern Mutual is our best choice for whole life insurance coverage that protects your family’s short- and long-term needs.

Pros & Cons
  • Wide variety of plan options to choose from

  • Excellent ratings

  • Has a strong history of high dividend payouts

  • Most applicants require a medical exam

  • Online information is limited

  • You’ll need to purchase through an agent


Northwestern Mutual offers a variety of life insurance policies. The company earns our top nod for whole life insurance, offering families customized plans based on their unique needs and premium preferences. Northwestern Mutual holds an A++ superior rating through AM Best and ranks fourth in the J.D. Power 2022 U.S. Life Insurance Study.

You can choose from whole-life policies that last throughout your life and benefits such as premiums that never increase, successfully protecting your spouse and children with secure coverage well into retirement. Northwestern Mutual’s customizable life insurance products blend whole and term coverage to meet long-and short-term needs.

The website has an online life insurance needs calculator, and many applicants will need a medical exam to buy a policy that can be completed through an approved financial advisor.?All policies are eligible to receive dividends through Northwestern Mutual, with an estimated $6.8 billion expected to be paid in 2023.

Read our full Northwestern Mutual Life Insurance Review.

Best for Term Policies : MassMutual



  • AM Best Rating: A++
  • Plans: Term, whole, universal
  • Issue Ages:
Why We Chose It

MassMutual is our top choice for the best term policies for family life insurance coverage, offering convertible term coverage and guaranteed premiums (in fact, its convertible term coverage earned it a place on our list of best life insurance companies). MassMutual also offers $3 million in immediate coverage online through Haven Life that cannot be converted to a permanent life insurance policy.

Pros & Cons
  • Buy up to $3 million in immediate non-convertible coverage with Haven Life

  • Helpful online coverage calculators

  • Term coverage is convertible

  • Some policies may require a medical exam

  • No child rider available

  • Most policies must be purchased through a financial professional


MassMutual provides flexible life insurance products that protect your family with up to $10 million in coverage through term, whole, universal, and variable life policies. MassMutual ranked above-average in the 2022 J.D. Power U.S. Life Insurance Study, coming in at 9th place among 21 carriers, and holds an A++ superior rating from AM Best.

Term life policies from MassMutual are available in 10-, 15-, 20-, 25-, and 30-year options convertible into whole-life coverage. In some cases, you’ll be eligible for term conversion credits that can be applied to your new permanent policy’s premiums. Policies must be purchased through a financial professional, and insurance applicants may be required to a paramedical exam to secure a policy. 

Immediate non-convertible protection is also available for customers between 18 and 64 to buy from $250,000 to $3 million in term life coverage through Haven Life via a quick and easy online quote and application process.

Read our full MassMutual Life Insurance Review.

Best Child Rider Option : Prudential



  • AM Best Rating: A+
  • Plans: Term, Universal
  • Issue Ages: Rider through age 25
Why We Chose It

With a child rider offering up to $100,000 in protection through age 25, Prudential is our pick for the best child rider option.

Pros & Cons
  • Various universal policy types offered

  • Child protection rider

  • Term policies offer conversion privilege, some with premium credits

  • Personal contact information is required for online term quotes

  • Coverage must be purchased through an agent

  • Average consumer satisfaction ratings


Prudential provides term life, universal life, indexed universal life, variable universal life, survivorship universal life, and survivorship variable life policies. The coverage options vary, and not all products are offered in every state. Prudential earned an A+ excellent financial strength rating from AM Best but ranked 11th out of 21 in the 2022 J.D. Power U.S. Life Insurance Study.

You can protect your family through survivorship policies, disability protection, and a child rider for $10,000 to $100,000 in coverage under age 25 that is added to a parent’s term or whole-life policy. Other policy riders include waiver of premium, accidental death, estate protection, overloan protection, living needs benefits, and chronic and terminal illness benefit. 

You can obtain an online quote for term life coverage through Prudential’s website, but you must speak with an agent to secure a policy.

Read our full Prudential Life Insurance Review.

Best Affordable Option : Transamerica



  • AM Best Rating: A
  • Plans: Term, Whole, Universal, Final Expense
  • Issue Ages:
Why We Chose It?

Offering online quotes and an interactive policy-builder tool, Transamerica makes buying life insurance easy for your family and provides some of the most affordable options.

Pros & Cons
  • Many plans to choose from

  • Online quotes available

  • Options for coverage with no medical exam

  • Interactive online tool to help you build the right policy

  • Some policies not available in New York

  • Policies must be purchased through an agent


Offering affordable family life insurance coverage, Transamerica earns our top recommendation. This carrier provides reliable coverage with various policy options, high coverage limits, and online tools. You can buy term life, whole life, universal life, indexed universal life, or final expense insurance coverage. AM Best rates Transamerica’s financial strength as A or excellent.

Transamerica offers term coverage in amounts starting from $25,000 and exceeding $10 million or more. No medical exam is required for qualified applicants seeking $2 million in coverage or less. Term policies come with 10-, 15-, 20-, 25-, and 30-year options. Online quotes are available for some policy types, though you’ll need to purchase coverage through an agent. These term policies are not offered in New York.

Read our full Transamerica Life Insurance Review.

Best for Young Families : Banner Life

Legal & General

?Legal & General

  • AM Best Rating: A+
  • Plans: Term, Universal
  • Issue Ages:
Why We Chose It?

Our choice for the best life insurance for young families is Banner Life, offered under the umbrella of Legal & General America, with coverage of up to $10 million and terms up to 40 years. Supplemental coverage can be added to 20 of those years to benefit the needs of young families.

Pros & Cons
  • Terms up to 40 years

  • Preferred underwriting is available even with a family history of cancer

  • Online quotes offered

  • Whole life coverage not offered

  • Policies must be purchased through agent


Offering term coverage up to 40 years, Legal & General America is our top pick for younger families. Via William Penn Life Insurance in New York and Banner Life elsewhere, Legal & General America protects customers with a family history of cancer, those with treated conditions like hypertension or high cholesterol, and former smokers. Legal & General America holds an A+ superior financial strength rating from AM Best.

Term life insurance ranges from $100,000 to $10 million in coverage. Additional policy riders include a child rider that protects your kids until they reach age 25, a waiver of premium, an accelerated death benefit, a supplemental term rider, and a partial surrender benefit. Term policies include an annual fee of $90. Quotes are available online, but you must work with an agent to secure a policy.

Read our full Banner Life Insurance Review.

Best for Ease of Signing Up : Bestow



  • AM Best Rating: A+
  • Plans: Term
  • Issue Ages: 18 to 60
Why We Chose It?

Bestow earns our nod for the easy application process, with quotes in seconds and the ability to buy a no-medical-exam term policy online in minutes.

Pros & Cons
  • 100% online process

  • Get quotes in seconds and buy a policy in minutes

  • 30-day money back guarantee

  • No medical exams required

  • Maximum of $1.5 million in coverage

  • Not available in New York


Bestow was founded in Dallas in 2017. Most of its term life policies sold before January 2023 are written by North American Company for Life and Health Insurance, which holds as A+ rating from AM Best via Sammons Financial Group. Most of the policies sold after that date are written Bestow Life Insurance Company.?

The company offers term life insurance up to $1.5 million without medical exams with a 30-day money-back guarantee. Applicants between 18 and 60 can obtain an online quote in seconds and immediately purchase the policy online. Bestow does not offer whole or universal life products, but 10, 15, 20, 25, and 30-year terms are available. Additional riders are unavailable, and coverage is not provided in New York.?

Read our full Bestow life insurance review.

Final Verdict

With many options in the competitive family life insurance market, our overall top choice is State Farm. This insurer offers a variety of plans and holds the highest financial stability rating. For a quick turnaround with almost immediate coverage, we chose Bestow for its easy online quote and policy underwriting. Banner Life offers a 40-year term for young families, written under its umbrella company, Legal & General America.

Compare the Best Family Life Insurance Companies

Family Life Insurance Company Why We Picked It Key Benefit
?State Farm Best Overall Large range of products and high financial stability rating?
?Northwestern Mutual Best for Whole Life Policy Blended plans up to age 80
?MassMutual ?Best for Term Policy Guaranteed premiums and convertible term policies plus an option for immediate coverage through an online provider?
?Prudential ?Best for Child Rider Up to $100,000 in protection for children up to age 25?
?Transamerica ?Best Affordable Option ?Online quotes with an interactive policy-builder tool to focus on your basic needs
?Banner Life ?Best for Young Families ?High coverages are offered for up to 40 years
?Bestow Best for Ease of Signing Up ?Online quotes and immediate policy execution.

Frequently Asked Questions

What Is Family Life Insurance?

Family life insurance ensures financial security with coverage that protects the entire family and can be accomplished through a branded family life insurance product, covering each family member under the umbrella of one policy. You can also create your family life insurance policy by blending a mixture of term or whole-life coverage with added riders.

Who Needs Family Life Insurance?

Family life insurance can offer peace of mind for your entire family, knowing that financial protection is in place no matter what happens to you or your loved ones if your family is impacted by the loss of you or your spouse.

What Does Family Life Insurance Cost?

The most affordable family life insurance coverage usually has spousal and child riders added to an existing term life policy. These riders are added to a policy for just a few dollars a month, depending on the coverage limits chosen. The cost of any life insurance policy is dictated by several factors, including the insured’s age, health, gender, location, medical history, family history, and the level of coverage desired. Term coverage is significantly more affordable than permanent or whole-life policies.


To choose the best family life insurance providers and policies, we compared the coverage offered by over 15 companies.?We considered factors such as price and product availability, coverage limits, benefits and features, and long- and short-term protection options. We looked at how these companies make buying personalized life insurance for your family’s unique needs and affordability. We also considered the financial strength ratings of each of the carriers, as well as consumer and trusted third-party ratings.

A mother and her child embrace.

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Article Sources
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  1. J.D. Power. "2022 U.S. Individual Life Insurance & Individual Annuity Studies."

  2. AM Best. “AM Best Affirms Credit Ratings of State Farm Mutual Automobile Insurance Company and Its Subsidiaries.”

  3. State Farm. "Why Buy Life Insurance."

  4. AM Best. “Northwestern Mutual Group.”

  5. Northwestern Mutual. "Northwestern Mutual to Deliver Record-Breaking $6.8 Billion in Dividends to Policyowners."

  6. Haven Life by MassMutual. “Haven Term.”

  7. AM Best. "Massachusetts Mutual Life Insurance Co.”

  8. MassMutual. "Term Life Insurance."

  9. Prudential Financial. “Children’s Protection Rider Highlighter,” Page 1.

  10. Prudential Financial. “Ratings.”

  11. Prudential Financial. “Life Insurance Riders.”

  12. Transamerica. “Financial Strength.”

  13. Transamerica. "Term Life Insurance."

  14. Legal & General America. "Life Insurance: Term Quote."

  15. Legal & General America. “Field Guide for Life Insurance Underwriting,” Page 4.

  16. Legal & General America. “Financial Strength.”

  17. Legal & General America. "Legal Disclaimers."

  18. Bestow. “FAQ,” click “Bestow Basics” and then “Who Issues the Policies that Bestow Sells.”

  19. Bestow. “Newsroom.”

  20. Bestow. “Term Life Insurance.”