5 Best Family Life Insurance Companies Of 2023 – Family life insurance is a type of insurance that covers the financial needs of your loved ones in case of your death. It can help pay for funeral costs, debts, mortgages, education, living expenses, and more. Family life insurance can also provide peace of mind and security for your family’s future.
There are many family life insurance companies in the market, offering different types of policies, features, benefits, and rates. Choosing the best one for your family can be challenging and confusing. That’s why we have researched and compared the top family life insurance companies based on various factors, such as coverage options, customer service, financial strength, affordability, and online accessibility.
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5 Best Family Life Insurance Companies Of 2023
Here are our picks for the 5 best family life insurance companies in 2023:
1. State Farm: Best Overall
State Farm is one of the largest and most reputable insurance companies in the US, with over 100 years of experience and an A++ rating from AM Best. State Farm offers a wide range of family life insurance products, such as term, whole, universal, and final expense policies. You can customize your coverage with various riders, such as children’s terms, waiver of premium, accidental death benefit, and more.
State Farm also has excellent customer service and satisfaction ratings, ranking first in the J.D. Power 2022 U.S. Life Insurance Study. You can access your policy online or through the mobile app, or contact a local agent for personalized advice and support. State Farm also offers discounts if you bundle your life insurance with other products, such as auto or home insurance.
Some of the pros and cons of State Farm are:
- Pros:
- Wide range of coverage options and riders
- Excellent customer service and satisfaction ratings
- High financial strength and stability
- Discounts for bundling products
- Cons:
- Not the cheapest option in the market
- The medical exam required for most policies
- The limited online application process
2. Northwestern Mutual: Best for Whole Life Insurance
Northwestern Mutual is another well-established and highly-rated insurance company, with over 160 years of history and an A++ rating from AM Best. Northwestern Mutual specializes in whole-life insurance, which is a type of permanent policy that provides lifetime coverage and cash value accumulation. You can choose from four types of whole-life policies: level premium, limited pay, single premium, and adjustable comp life.
Northwestern Mutual also offers term and universal life policies, as well as various riders to enhance your coverage. You can also access financial planning services from Northwestern Mutual’s network of advisors, who can help you create a customized strategy for your family’s goals and needs.
Some of the pros and cons of Northwestern Mutual are:
- Pros:
- High-quality whole life insurance products
- Cash value accumulation and dividends
- Financial planning services available
- High financial strength and stability
- Cons:
- Expensive compared to other options
- No online quote or application process
- Limited customer service options
3. MassMutual: Best for Term Life Insurance
MassMutual is another reputable and reliable insurance company, with over 170 years of experience and an A++ rating from AM Best. MassMutual offers term life insurance policies that provide affordable and flexible coverage for a specific period of time. You can choose from 10-, 15-, 20-, 25-, or 30-year terms, with coverage amounts ranging from $100,000 to $10 million.
MassMutual also offers whole and universal life policies, as well as various riders to customize your coverage. You can also access online tools and resources to help you plan your financial future, such as calculators, articles, videos, podcasts, and more.
Some of the pros and cons of MassMutual are:
- Pros:
- Affordable and flexible term life insurance policies
- Online quote and application process
- Online tools and resources available
- High financial strength and stability
- Cons:
- The medical exam required for most policies
- Customer service ratings below average
- No mobile app is available
4. Legal & General: Most Affordable
Legal & General is one of the leading life insurance providers in the US, with over 180 years of experience and an A+ rating from AM Best. Legal & General offers term life insurance policies that provide low-cost and straightforward coverage for a specific period of time. You can choose from 10-, 15-, 20-, 25-, 30-, 35-, or 40-year terms, with coverage amounts ranging from $100,000 to $10 million.
Legal & General also offers universal life policies, as well as various riders to customize your coverage. You can also access online tools and resources to help you understand and manage your policy, such as calculators, articles, FAQs, videos, and more.
Some of the pros and cons of Legal & General are:
- Pros:
- Low-cost and straightforward term life insurance policies
- Online quote and application process
- Online tools and resources available
- High financial strength and stability
- Cons:
- The medical exam required for most policies
- Customer service ratings below average
- No mobile app is available
5. Bestow: Best for No-exam Life Insurance
Bestow is one of the newest and most innovative life insurance companies in the market, founded in 2016 and backed by Munich Re and North American Company, both with an A+ rating from AM Best. Bestow offers term life insurance policies that provide fast and easy coverage without a medical exam. You can choose from 10-, 15-, 20-, 25-, or 30-year terms, with coverage amounts ranging from $50,000 to $1.5 million.
Bestow also offers a unique feature called Charity Giveback, which allows you to donate a portion of your monthly premium to a charity of your choice. You can also access online tools and resources to help you learn more about life insurance, such as blogs, guides, reviews, and more.
Some of the pros and cons of Bestow are:
- Pros:
- Fast and easy term life insurance policies without a medical exam
- Online quote and application process
- Charity Giveback feature available
- Online tools and resources available
- Cons:
- Limited coverage options and riders
- Not available in New York
- No permanent policies are available
In conclusion, Family life insurance is an important financial product that can protect your loved ones in case of your death. It can help pay for funeral costs, debts, mortgages, education, living expenses, and more. It can also provide peace of mind and security for your family’s future.
There are many family life insurance companies in the market, offering different types of policies, features, benefits, and rates. Choosing the best one for your family can be challenging and confusing. That’s why we have researched and compared the top family life insurance companies based on various factors, such as coverage options, customer service, financial strength, affordability, and online accessibility.
Frequently Asked Questions (F&Qs)
Which health insurance company is best for your family?
There are many health insurance companies that offer family plans. Some of the best family health insurance plans include PPO, HMO, EPO, POS, and HDHP. These plans differ in terms of cost, flexibility, and network coverage. Some examples of specific family health insurance plans are Max Bupa Health Companion Plan, Apollo Munich Optima Restore Health, Cigna TTK ProHealth Plus, Royal Sundaram Health Lifeline Supreme, Aditya Birla Active Assure Diamond Plan, and Digit Family Health Insurance Plan.
Is there life insurance that covers the whole family?
Yes, there is life insurance that covers the whole family. Whole life insurance is a permanent, lifelong insurance that will never expire as long as you pay your premiums. Whole life insurance also builds a cash value that offers you the option to borrow against your policy or grow in a tax-deferred account. Another type is term life insurance, which is cheaper than whole life insurance and lasts only for a specific period of time.
What is a family life plan?
Family life insurance is a term that can refer to different policies that provide financial protection for the whole family. It may include coverage for every member of your family through multiple life insurance policies or policies with riders.
How much do most families pay for health insurance?
The cost of health insurance for families varies depending on the size of the family, location, and level of coverage. In 2020, the average cost per month for family health insurance was $1,152 according to eHealth.
According to ValuePenguin, in 2023, the average cost of health insurance is $560 a month for a silver plan. However, costs will vary by location. Insurance is expensive in Wyoming, West Virginia, and Alaska, averaging more than $800 a month.
Which health insurance is the best?
There are many health insurance companies that offer different types of plans. According to Forbes Advisor’s list of the best health insurance companies of July 2023, Kaiser Permanente is the best overall health insurance company because it is well-rated and affordable. Blue Cross Blue Shield and UnitedHealthcare also have good ratings.
According to ValuePenguin, Kaiser Permanente is the top-rated health insurance company in the U.S., according to available state data from the National Committee for Quality Assurance (NCQA). Good insurance companies include Blue Cross Blue Shield, UnitedHealthcare, Humana, Aetna, and Cigna.
5 Best Family Life Insurance Companies