Best Life Insurance Companies for Parents of 2025
Life insurance can be beneficial for both parents of minor children and adult children of older parents. A suitable policy can help cover family living expenses, mortgages, and educational costs. It may even provide personal coverage for children that they can carry into adulthood. Older parents might need life insurance to cover funeral expenses or leave an inheritance.
Best Overall: Nationwide
Nationwide offers a wide variety of life insurance types, including term, whole, universal, burial, and child whole life policies. Many of its policies come with three living benefit riders at no extra cost. The company has a strong financial standing and a good customer satisfaction record.
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Pros & Cons
Pros:
- Widest selection of policy types
- High coverage limits, including for no-exam policies
- Three living benefits included in many policies
- Great options for covering children
- Solid customer satisfaction record
Cons:
- Whole life insurance does not earn dividends
- Term life insurance only available to applicants age 70 and younger
- No online claims option
Most Affordable Term Life Insurance: Columbus Life
Columbus Life offers the lowest average term life insurance premiums. It includes many extra rider benefits at no additional charge.
Pros & Cons
Pros:
- Best term life insurance premiums
- Three living benefits included in many policies
- Term rider covers children until age 23
- Good customer complaint record
Cons:
- Doesn’t offer whole life insurance
- Term coverage minimum is $100,000
- No online quotes or applications
Best Child Term Rider: Protective Life
Protective Life’s child term rider covers children until age 25 and offers two ways for them to take over coverage as adults.
Pros & Cons
Pros:
- Rider covers children until age 25
- Rider can be transferred or converted on adulthood
- Excellent selection of product types
- Online quote and application available
Cons:
- Few riders included at no charge
Best Whole Life: Lafayette Life
Lafayette Life offers a wide variety of dividend-paying whole life policies that can be issued at birth or any age up to 85 with no coverage limits.
Pros & Cons
Pros:
- Wide selection of whole life products
- No maximum coverage limits for whole life
- Three living benefits included in many policies
- Whole life policies earn dividends
- Excellent complaint record
Cons:
- Limited policy types besides whole and term life insurance
- No online quotes or applications
- Child term rider only covers children to age 18
Methodology
Investopedia researched 45 life insurance companies based on 70 criteria, including coverage, cost, online features, and customer satisfaction. Our editorial and research teams created a quantitative model that scored each company based on seven major categories: Policy Types and features, Riders, Children’s coverage, Cost, Customer Satisfaction, Financial Strength, and Application and Underwriting Features.
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