Top Life Insurance Options for Parents in 2023
Explore the seven best life insurance companies that provide coverage tailored to the unique needs of parents in 2023, ensuring family financial security.
Here are some of the top life insurance options for parents to consider in 2023:
- Term life insurance - Term life provides temporary coverage for 10-30 years. It's affordable when you're younger and premiums are locked in. Popular for protecting income for kids/spouse.
- Whole life insurance - More expensive but builds permanent, lifelong coverage with cash value savings. Good for leaving an inheritance or final expenses.
- Survivorship or second-to-die life insurance - Covers two lives (often spouses) and pays out when the second person passes away. Lower premiums than individual policies.
- Children's life insurance - Covers a parent's funeral costs if their child passes away first. Typically more affordable given children's lower risk.
- Mortgage life insurance - Optional policy from lender to pay off mortgage if a parent dies. Declining coverage matches the mortgage balance.
- Accidental death insurance - Provides additional payout if death is due to a covered accident. Affordable extra layer of protection.
- Family/group life insurance - Coverage offered through employer that covers your whole family, often at lower group rates.
A good option is a term life policy for income protection plus a smaller permanent policy for final expenses/inheritance. An independent agent can help compare quotes.
7 Best Life Insurance for Parents of 2023.
The seven best life insurance for parents of 2023 are:
- Protective
- Banner by Legal & General
- Mutual of Omaha
- State Farm
- Haven Life
- New York Life
- Northwestern Mutual
These companies offer competitive rates and a variety of life insurance policies that are designed to meet the needs of parents.
Protective is a good option for parents because it offers competitive rates and a variety of policy lengths. Protective also offers a number of riders that can be added to life insurance policies to provide additional coverage, such as a rider that covers the cost of child care if the parent dies.
Banner by Legal & General is another good option for parents because it offers competitive rates and a variety of policy lengths. Banner also offers a number of discounts for life insurance, such as a discount for people who have their children as beneficiaries.
Mutual of Omaha is a good option for parents because it offers competitive rates and a variety of policy lengths. Mutual of Omaha also offers a number of riders that can be added to life insurance policies to provide additional coverage, such as a rider that covers the cost of college tuition if the parent dies.
State Farm is a good option for parents because it offers competitive rates and a variety of policy lengths. State Farm also offers a number of riders that can be added to life insurance policies to provide additional coverage, such as a rider that covers the cost of funeral expenses if the parent dies.
Haven Life is a good option for parents because it offers a simple and easy online application process. Haven Life also offers competitive rates and a variety of policy lengths.
New York Life is a good option for parents because it offers competitive rates and a variety of policy lengths. New York Life also offers a number of riders that can be added to life insurance policies to provide additional coverage, such as a rider that covers the cost of child care if the parent dies.
Northwestern Mutual is a good option for parents because it offers competitive rates and a variety of policy lengths. Northwestern Mutual also offers a number of riders that can be added to life insurance policies to provide additional coverage, such as a rider that covers the cost of college tuition if the parent dies.
When choosing a life insurance company for parents, it is important to compare rates from different companies and to read the policy carefully to understand what is covered and what is not. It is also important to talk to a financial advisor to get help choosing the right life insurance policy for your needs.
Here are some additional tips for choosing a life insurance policy for parents:
- Choose a policy length that meets your needs. Term life insurance policies are typically available in terms of 10, 20, 30, and 40 years. Choose a policy length that will cover you for the period of time that you need it, such as until your children are grown and financially independent.
- Choose a death benefit that meets your needs. The death benefit is the amount of money that will be paid to your beneficiaries if you die. Choose a death benefit that will be enough to provide for your children's financial needs, such as to pay for their college tuition or to cover their living expenses until they are able to support themselves.
- Consider your health and lifestyle. Your health and lifestyle will affect your life insurance premiums. If you are in good health and have a healthy lifestyle, you will likely pay lower premiums.
- Get quotes from multiple companies. Compare rates and coverage from different companies to find the best policy for your needs.
By following these tips, you can find affordable life insurance that will protect your children financially if you die.