Buying life insurance protects the people you love, but it’s easy to put it off. Add a dozen carriers and confusing policy types, and many parents don’t know where to start.
Written by
Elizabeth Rivelli
Elizabeth Rivelli is a business finance and insurance expert at BestMoney.com with over five years of experience covering car, home, life, and health insurance. She has contributed to major outlets such as Investopedia, Forbes, CNN Underscored, U.S. News & World Report, and Bankrate. Elizabeth also partners with insurance companies to provide readers with practical insights into industry trends.
August 30, 2026
Coverage usually costs less than people expect. About 72% of Americans overestimate the price of a basic term policy, according toLIMRA's 2024 Insurance Barometer Study.
If you're shopping for life insurance to protect your family, you're in the right place. We comparedtop life insurance providers side by side so you can skip the guesswork and move straight to the picks.
Our top three picks for families are Banner Life, Ethos, and Fabric by Gerber Life. We selected them through BestMoney's editorial provider reviews and our Total Score, which blends click trends, brand reputation, and insurer analysis. Our editorial team evaluates providers on value, coverage flexibility, and how well each fits real family needs.
Key Takeaways
Term life fits most families. It covers the years your kids depend on your income, at a lower cost.
Size coverage to your income, mortgage, and childcare costs, not a flat salary multiple.
Life insurance often costs far less than families expect, per LIMRA's 2024 research.
Stay-at-home parents need coverage too, since replacing their work is a real expense.
No-exam options can cover families in days, but approval isn't guaranteed.
How Did We Choose These Family Life Insurance Providers?
We chose these companies with a set of criteria applied to every provider, not a random affiliate list. Our editorial team scored each carrier, then narrowed the field to providers with clear relevance for families protecting income and dependents. We looked at:
Value: Premium competitiveness for straightforward term coverage.
Coverage flexibility: Term-length range and the ability to adjust coverage over time.
Underwriting speed: Whether no-exam or accelerated options are available.
Financial strength and reputation: The carrier's current and historical financial stability.
Digital experience: How simple the online application is.
BestMoney Total Score: Our blend of click trends, brand reputation, and editorial feature reviews.
Our Recommendations for the Best Family Life Insurance
Banner Life — Best for Low-Cost Term Coverage
Banner Life traces back to 1949, when it was chartered as the Government Employees Life Insurance Company (GELICO). It operated for decades as Legal & General America before being acquired by Japan's Meiji Yasuda Group in 2026, forming the current Banner Life family of companies alongside its New York affiliate, William Penn. Through that history it has held an A+ (Superior) rating from AM Best, one of the industry's strongest, which matters when you're buying a policy meant to pay out decades from now.
For families focused on getting the most coverage per dollar, Banner Life's term lineup is a standout: terms run from 10 to 40 years, and the 40-year option is one of the longest guaranteed level-term periods available from any major carrier, useful for parents who want coverage to stretch until a long mortgage is paid off or the youngest child is through college. Banner also offers a no-exam path, OPTerm Direct, for up to $1 million in coverage for healthy applicants ages 20 to 45.
The tradeoff is that Banner Life is a term-focused carrier. Families who want permanent, cash-value coverage will need to look elsewhere, and larger coverage amounts outside the no-exam program go through a fuller, traditional underwriting process with a medical exam.
Pros
Cons
Competitive term pricing
Term-focused, so fewer permanent options
Strong financial strength reputation (A+ from AM Best)
Some applicants face a fuller underwriting path
Key Features:
Coverage type: Term life
Underwriting: Traditional, with a no-exam path (OPTerm Direct) for eligible applicants
Best fit: Families prioritizing low cost per dollar
Bestie's Take: Many families are looking for the most affordable life insurance, and Banner Life is a great option if you're shopping for coverage on a budget. It offers a wide range of term lengths (10 to 40 years), plus the option to stack term riders for more customizable coverage.
Ethos was founded in 2016 by Peter Colis and Lingke Wang and built its business around a fully online application that can return a decision in minutes. It's worth knowing that Ethos isn't an insurance carrier itself; it's a licensed producer and technology platform that places policies with established partner carriers, including Legal & General America (Banner Life's parent brand), Ameritas, TruStage, and Mutual of Omaha. In January 2026, Ethos went public on the Nasdaq under the ticker LIFE, a milestone that underscores its scale in the digital life insurance market.
For busy parents, that structure removes much of the traditional friction: coverage amounts range from $20,000 to $2 million, applicants can be 20 to 85 years old, and many qualify without a medical exam by answering a set of health questions instead. Coverage is available in 49 states and Washington, D.C. — New York is the one state Ethos doesn't currently serve.
Because Ethos places your policy with a partner carrier rather than underwriting it directly, your ongoing service and any future claim are ultimately handled by that carrier, not Ethos. Applicants who don't qualify for the no-exam path, or who want higher coverage amounts, may be routed into a more traditional underwriting review.
Pros
Cons
Fully digital application
No-exam eligibility isn't guaranteed
No-exam option for many buyers, backed by established partner carriers
Higher amounts or complex health histories may trigger more review
Key Features:
Coverage type: Term life (plus guaranteed-issue whole life)
Underwriting: No-exam option for many; may route to full review
Fabric by Gerber Life started in 2015 as an independent digital insurance platform called Fabric, founded by Adam Erlebacher and Steven Surgnier. Western & Southern Financial Group acquired the company in 2021 and rebranded it under its Gerber Life name, though the underlying online experience Fabric built for young families carried over. Policies are underwritten by Western-Southern Life Assurance Company, which holds an A+ (Superior) rating from AM Best.
What sets Fabric apart for new parents isn't just the term coverage — available in 10, 15, 20, 25, and 30-year lengths up to $5 million — but the family-planning tools bundled in alongside it: a free digital will and an optional UGMA investment account for a child's future. The application is designed to be quick, with an accelerated underwriting process that can return a decision in well under 10 minutes for many applicants, without a medical exam.
Fabric's focus is squarely on younger families: it doesn't offer permanent or whole life coverage, and term-length options narrow noticeably for applicants over 45. Parents planning for lifelong or cash-value coverage will need a different carrier for that piece.
Pros
Cons
Family-focused design, with a free digital will and kids' investment account
Aimed mainly at younger families
Simple online application with accelerated, no-exam underwriting for many
Term-focused rather than permanent; options narrow after 45
Key Features:
Coverage type: Term life, up to $5 million
Underwriting: Online application with accelerated, no-exam paths for many
Best fit: New parents wanting coverage plus planning help
Ladder was founded in 2015 by Jamie Hale and Jeff Merkel and sells term life insurance exclusively online, without agents or paper applications. Its signature feature, which it calls "laddering," lets you increase or decrease your coverage amount at any time as your family's needs change, and your premium adjusts to match, with no fee for the change. Decrease your coverage from $1 million to $750,000, for example, and your next premium drops by roughly a quarter.
That flexibility suits families whose obligations shift predictably over time, like a mortgage that shrinks each year or an income-replacement need that eases as retirement savings grow. Ladder offers coverage from $100,000 up to $8 million, with no medical exam required for amounts up to $3 million, and term lengths from 10 to 30 years in 5-year increments for applicants generally between the ages of 20 and 60.
The tradeoff is that Ladder is a term-only product with no riders to customize coverage, and the maximum issue age of 60 rules it out for older applicants. Families who want permanent coverage or policy add-ons like a waiver of premium will need to look elsewhere.
Pros
Cons
Adjust coverage up or down at any time, at no fee
Term-focused product only, with no riders
Fully digital experience; no-exam coverage up to $3 million
Maximum issue age of 60; adjustments still subject to eligibility
Key Features:
Coverage type: Term life, from $100,000 to $8 million
Underwriting: Online application; no-exam paths for coverage up to $3 million
Best fit: Families whose needs will shift over time
SelectQuote — Best for Comparing Multiple Insurers
SelectQuote has been in business since 1985, making it one of the longer-standing names in this list, and has been publicly traded on the NYSE (ticker: SLQT) since May 2020. Unlike the other picks here, SelectQuote isn't a carrier itself — it's an insurance brokerage that compares term and permanent life insurance quotes from multiple insurers, including names like Prudential, Protective Life, and United of Omaha, and generally works with carriers rated A- or better by AM Best.
That model suits families who want a broker-style shortcut instead of researching each carrier individually: a licensed agent helps compare available policies across SelectQuote's carrier network, walks you through the application, and coordinates underwriting requirements before submitting it to whichever insurer fits best. Because the policy ultimately comes from the matched carrier, medical exam requirements and underwriting speed vary depending on which insurer SelectQuote places you with.
The agent-assisted process is a plus for families who want guidance, but it also means SelectQuote isn't a fully self-serve, single-carrier digital experience — some applicants report follow-up calls as agents work through the comparison and application process.
Pros
Cons
Compares several insurers at once, generally rated A- or better by AM Best
Not a single-carrier direct application
Helpful for varied health profiles and coverage needs
May involve agent follow-up calls during the process
Key Features:
Coverage type: Term life across multiple carriers
Underwriting: Varies by the matched insurer
Best fit: Families wanting to compare carriers quickly
Corebridge Direct — Best for Higher Coverage Amounts
Corebridge Direct is the direct-to-consumer term life brand of Corebridge Financial, which spun off from AIG as an independent, publicly traded company (NYSE: CRBG) in September 2022. The brand itself was renamed from AIG Direct to Corebridge Direct in July 2024, though the underlying policies are unchanged: they're issued by American General Life Insurance Company, a Houston-based insurer founded in 1926 with nearly a century of claims-paying history.
Corebridge's Select-a-Term product is built for families who need larger death benefits, offering term lengths from 10 to 35 years — a longer maximum than the standard 10/15/20/25/30-year lineup most carriers offer, which can suit a family wanting income replacement to run further into the future. Corebridge also offers guaranteed universal life and indexed universal life for families who want permanent coverage alongside term.
Because it's built for higher coverage amounts and offers both term and permanent products, applicants — especially those seeking larger policies — should expect a more traditional underwriting process, which frequently includes a medical exam, with fewer no-exam options at the high end than digital-first competitors like Ethos or Ladder.
Pros
Cons
Suited to higher coverage amounts, with terms up to 35 years
Larger policies typically require a medical exam
Backed by American General Life Insurance Company, in business since 1926
Fewer no-exam options at higher coverage levels
Key Features:
Coverage type: Term life (Select-a-Term), plus GUL/IUL permanent options
Underwriting: Traditional, scaling with coverage amount
Best fit: Higher-income families needing larger coverage
Term life fits most families because it covers the specific years dependents rely on your income, at a lower cost than permanent coverage. According toNAIC consumer guidance, term policies generally carry lower premiums in the early years and are designed to replace income during the period of your greatest need.
When Term Life Makes Sense for a Family
Term life is well-suited to the season when your obligations peak. That often means raising children, paying off a mortgage, or carrying debt.
Many financial experts favor the "buy term, invest the difference" approach, keeping protection and investing separately. You pick a term long enough tocarry your family until the kids are grown or the mortgage is paid.
When Families Consider Permanent Coverage
Some families weigh permanent coverage for lifelong needs, such as estate planning or leaving a death benefit that doesn't expire. Permanent life premiums tend to be higher because part of the payment buildscash value.
If you're interested in permanent life insurance, it's worth comparingterm and permanent coverage side by side before deciding.
How Much Life Insurance Does a Family Need?
You should have enough life insurance coverage to replace your lost income and cover the debts your family would face without it. Some insurance experts suggest five to eight times your annual income as a starting point, but NAIC recommendscalculating your actual needs instead.
On the other hand, theInsurance Information Institute (III) suggests adding up income replacement, final expenses, mortgage payoff, and education costs, then subtracting what you already have.
For a dual-income couple with a mortgage and two young kids, a coverage estimate using this method might look like the table below. These figures are illustrative, not quotes. You can work outhow much life insurance you actually need using the same approach.
Coverage Need
Illustrative Amount
Income replacement (about 10 years)
$600,000
Remaining mortgage balance
$250,000
Other debts
$20,000
Education fund (two children)
$120,000
Final expenses
$15,000
Less existing savings and coverage
–$60,000
Estimated coverage need: ~$945,000
How Much Does Family Life Insurance Cost?
Life insurance for a family probablycosts far less than you expect. LIMRA's2025 Insurance Barometer Study found that healthy adults ages 18 to 30 overestimate the cost of a $250,000 20-year term policy by roughly 10 to 12 times, and "too expensive" remains the top reason people give for not buying.
Your actual premium depends on a handful of factors:
Factor
Effect on Premium
Age
Younger applicants generally pay less; rates rise with age.
Health
Better health history typically means lower rates.
Coverage amount
A larger death benefit raises the premium.
Term length
Longer terms usually cost more than shorter ones.
Tobacco use
Smokers generally pay more than non-smokers.
Because rates are personal, comparing real quotes from several carriers is worth doing, whether on your own or through an independent agent who can shop across carriers for you.
Captive vs. Independent Agents
A captive agent can only sell you their company's life insurance product. An independent agent can shop across carriers. That doesn't make one inherently better than the other, but families should know which one they are talking to so they can evaluate the recommendation in the right context.
Yes, stay-at-home parents can benefit from having life insurance. If the stay-at-home parent passed away, the working spouse would likely need to step in and take over their responsibilities, which could mean paying for a nanny or hiring cleaners.
Think about what would need to be replaced, often by paid help:
Role a Stay-at-Home Parent Fills
Who Covers It After a Loss
Childcare during working hours
Daycare or a nanny
Household management and meals
Paid services or lost work hours
Transportation and scheduling
Added cost or time off work
A policy on a stay-at-home parent gives the surviving spouse room to grieve and adjust without an immediate financial scramble. When you size coverage, do it for both parents, not just the primary earner.
How to Choose the Best Family Life Insurance for You
To choose the best life insurance for your family, focus on a few decisions that matter most, then compare the picks above against them. These factors do more to shape the right policy than any single price tag.
Match the term length to your family's timeline: Pick a term that lasts as long as your family will likely depend on your income. A common approach is choosing a term that carries you until the youngest child is grown or the mortgage is paid off. A term that ends too soon can leave a gap during years you still need protection.
Decide between a medical exam and no-exam coverage: No-exam coverage can be faster, but it isn't guaranteed. Some insurers useaccelerated underwriting, which uses digital data instead of a paramedical exam and can cut a decision from weeks to under 48 hours. Applicants who don't qualify are routed to full underwriting, so weigh speed against certainty.
Check financial strength and riders: Look at the carrier's financial strength and theriders that protect families. Useful add-ons include a child rider, a waiver of premium if you become disabled, and a conversion option that lets you switch from term to permanent later. Riders vary by carrier, so compare them directly.
Don't rely only on employer coverage: Workplace coverage is a helpful start, but it's usually not enough on its own. LIMRA's 2025 research finds about55% of U.S. workers have life insurance through their workplace, yet it's often less than families need and doesn't follow you when you change jobs. Treat it as a supplement to an individual policy.
Expert Tip: "I encourage families to check two things when buying term life insurance. First, whether the term policy is guaranteed renewable and at what cost. A 20-year term that is not guaranteed renewable leaves you exposed if you still need coverage at year 21. Second, whether the policy has an accelerated death benefit rider and what triggers it. Some policies allow access to a portion of the death benefit while living if you're diagnosed with a terminal illness, which can be a critical financial lifeline," says Vandenberg.
Who This Guide Is For
This guide is built for families weighing coverage at different life stages. You'll likely find it useful if you're:
A new or expecting parent getting protection in place.
A single-income household relying on one earner.
A dual-income family with a mortgage and children.
A household with a stay-at-home parent.
A family that wants fast, online coverage.
A family shopping carefully on a tight budget.
Your Questions, Answered (FAQs)
What type of life insurance is best for a family?
Term life works for many families because it covers the years dependents rely on your income at a lower cost. Permanent coverage is typically better for lifelong coverage needs or estate planning.
How much life insurance does a family need?
Enough to replace lost income and cover debts, the mortgage, education, and final expenses. To get an accurate coverage estimate, add up all your current and future financial obligations for the number of years that you want coverage for.
Do both parents need separate life insurance policies?
In most cases, yes. Both an earning parent and a stay-at-home parent provide value that would be costly to replace, so size coverage for each.
Can I get family life insurance without a medical exam?
Often, yes. Many carriers offer no-exam coverage or accelerated underwriting, though approval isn't guaranteed and some applicants must take a full exam.
Is employer-provided life insurance enough for my family?
Usually not on its own. Group coverage is often less than families need and doesn't move with you between jobs, so it works best as a supplement.
When should new parents buy life insurance?
As early as possible, since rates generally rise with age. Buying coverage when you have a baby or get a mortgage helps protect the years your family is most dependent on your income.
Why Trust BestMoney?
Our recommendations come from BestMoney's editorial review process, not a pay-to-play list. Each pick draws on our provider reviews and our Total Score, which combines click trends, brand reputation, and hands-on feature analysis.
This guide relies on published survey data and consumer guidance rather than a proprietary life-insurance survey, which BestMoney has not fielded. The through-line is simple: term coverage sized to your real needs, from a carrier that fits your family's situation.
Written byElizabeth Rivelli
Elizabeth Rivelli is a business finance and insurance expert at BestMoney.com with over five years of experience covering car, home, life, and health insurance. She has contributed to major outlets such as Investopedia, Forbes, CNN Underscored, U.S. News & World Report, and Bankrate. Elizabeth also partners with insurance companies to provide readers with practical insights into industry trends.
