4 Best Family Life Insurance Companies | 2023
For many families, life insurance can be a valuable tool to ensure their loved ones have financial security after their passing. When looking for a family life insurance policy, there are many options to consider, so it’s essential to choose a provider that fits your specific needs and budget. In this article, we’ll take a closer look at the top four family life insurance companies based on their coverage and rider options, financial strength rating, and customer satisfaction.
State Farm is an excellent option for families looking for comprehensive coverage options at an affordable price. Offering term life, whole life, universal life, and no-exam final expense policies, State Farm has a No. 1 ranking among insurance companies for customer satisfaction in J.D. Power’s 2022 U.S. Individual Life Insurance StudySM. State Farm also boasts the highest possible AM Best financial strength rating.
For family coverage, State Farm has riders that let you combine coverage for many members under one policy. The Select Term rider can add coverage starting at $100,000 for a spouse, and the Child’s Term rider offers up to $20,000 in coverage for each child.
Transamerica offers a variety of term life, whole life, universal life, and final expense policies with children benefit riders that can protect families. With up to $2 million in coverage available without a medical exam, term life insurance policies offer flexibility and affordability for families. Additionally, whole life policies offer a level premium and guaranteed cash value accumulation, while the Trendsetter® LB policies include living benefits that let you receive early payments if you get a chronic, terminal or critical illness.
Riders you may be able to add to your policy with Transamerica include an accidental death benefit rider, children’s insurance rider, disability waiver of premium rider, income protection option, monthly disability income rider, guaranteed insurability benefits rider, and term insurance rider.
With Northwestern Mutual, you can customize coverage for your family with the help of a financial advisor. Northwestern Mutual offers term life, whole life, universal life, and variable universal life policies that accumulate cash value. While the premiums may be adjustable with these policies, the guaranteed cash value may earn dividends.
While Northwestern Mutual doesn’t list coverage amounts or riders on its website, contacting a representative can provide you with more details on what options you can add to your policy.
Prudential offers various term life, universal life, variable universal life policies that provide flexibility and customization for families. Prudential’s term life policies offer up to $10 million in coverage, while its universal and variable universal policies accumulate cash value that can be invested to increase the policy’s value.
Riders you may be able to add to your policy with Prudential include accelerated death benefit rider, child protection rider, disability waiver of premium rider, living needs benefit rider, and accidental death rider.
– Child coverage can provide financial assistance for medical bills and funeral costs if a child passes away.
– Term riders may be a more cost-effective way to add coverage for children compared to purchasing a separate whole life policy.
– Choosing a policy with riders for disability, accidental death, or living needs benefits can provide extra financial security for your family.
When shopping for family life insurance, it’s important to consider your coverage needs, financial stability and rating of the insurance company, overall customer satisfaction, and rider options. Each of the top four family life insurance companies listed above offers unique benefits and may be a good fit for different families based on their specific needs and preferences.
Choosing the right family life insurance policy can provide financial stability and peace of mind for your loved ones in the event of your unexpected passing. By comparing and contrasting policies and riders from different companies like State Farm, Transmerica, Northwestern Mutual, and Prudential, you can select a coverage option that works best for you and your family.