Best Life Insurance for Parents of 2023

Based on our review of 91 life insurance companies, Protective stands out as the best provider for parents overall. In fact, Protective also won “best overall” in our roundups of the most affordable life insurance companies, best life insurance companies for children, and best term life insurance companies.

Protective offers a wide range of policy types, including term, universal, indexed universal, variable universal, and whole life insurance. The only notable life insurance product missing from its lineup is final expense insurance. Plus, the company has an A+ (Superior) grade from AM Best for financial strength.

Specifically, we recommend Protective for parents who are looking for affordable term life insurance. When we compared term life insurance quotes among the 91 companies we reviewed, Protective offered the cheapest rates for healthy adults (tied with Banner and Haven Life).

In addition, Protective is one of only two companies we found that offers term lengths of 40 years. For comparison, most life insurance companies cap the length of their term policies at 30 years. That means Protective can be a good option for parents who want coverage for longer than 30 years, but don’t necessarily want a permanent policy or can’t currently afford the higher premiums associated with a permanent policy.

However, the company didn't fare well in J.D. Power's 2021 U.S. Individual Life Insurance Study. It ranked 16th out of 21 companies in the study.

Learn more in our Protective life insurance review.

When it comes to satisfied life insurance customers, it’s hard to beat State Farm. In J.D. Power’s 2021 U.S. Individual Life Insurance Study, State Farm earned first place out of 21 life insurers for overall customer satisfaction. Plus, the company received very few complaints over the past three years, according to the NAIC. It also has an A++ (Superior) financial strength rating from AM Best, which is the highest grade possible. 

But in spite of State Farm’s high ratings, it falls short in a few areas. For example, State Farm’s life insurance policies don’t automatically include any living benefits riders. For comparison, many of the best life insurance companies offer at least two accelerated death benefit riders at no upfront cost.

In addition, State Farm’s term life insurance policies expensive relative to the other term life insurance providers we reviewed. However, you can potentially save money if you bundle a life insurance policy with an auto insurance policy from State Farm.

If you’re a parent shopping for whole life or universal life insurance, Nationwide is a great option. Not only is Nationwide our top recommendation for whole life insurance for parents, but we also named Nationwide the best whole life insurance company overall.

There’s a lot to like about Nationwide. First, it’s highly rated by J.D. Power for customer satisfaction, ranking second out of 21 life insurance providers for customer satisfaction, just behind State Farm. Nationwide also has an A+ (Superior) financial strength rating from AM Best, and very few customer complaints relative to its size.

Plus, Nationwide offers a generous suite of living benefits: most policies include three living benefits riders for chronic, critical, and terminal illnesses at no upfront cost. These riders let you receive part of the death benefit “early” in the event of a qualifying illness. And while many of our top-rated life insurance companies offer free living benefits riders, only a handful offer as many built-in riders as Nationwide. 

Through Nationwide, healthy applicants under age 50 may be able to get up to $5 million in coverage on most life insurance products without an exam, and applicants under age 60 may qualify for up to $1 million in no-exam coverage.

If you are shopping for burial insurance for yourself or an older parent, Mutual of Omaha is our top recommendation. Older parents looking for themselves or their parents may want to consider a Mutual of Omaha burial insurance or final expense policy. If you or your parent have health issues that have disqualified you from getting coverage before, this type of policy may be your only option. Note: If you're a young parent, consider a Mutual of Omaha term policy instead.

Mutual of Omaha’s final expense life insurance policies are available to applicants between 45 and 85 without a medical exam, with a maximum of $40,000 in coverage. Among our best burial life insurance companies, Mutual of Omaha has one of the more generous death benefits for a final expense policy (many cap coverage at or below $30,000). Though you can apply online for up to $25,000 in coverage, you may qualify for more coverage, a better rate, and a terminal illness rider if you call an agent.

Keep in mind that burial insurance policies often have a graded death benefit period for the first two to three years. If you apply online with Mutual of Omaha, your policy will have a two-year graded benefit period—If you pass during this time from natural causes, your beneficiaries will receive a return of premium plus 10%. But if you apply with an agent, you may be able to get a policy without one.

Northwestern Mutual is a financially stable behemoth of an insurance company. It's the largest life insurer in the country and has an A++ (Superior) financial strength rating from AM Best, an Aaa rating from Moody's, and an AAA rating from Fitch. These are the highest financial strength ratings each agency assigns.

The company also excels in customer satisfaction. In J.D. Power’s 2021 U.S. Individual Life Insurance Study, it took third place out of 21 providers, ranking behind State Farm and Nationwide.

In terms of coverage, Northwestern Mutual offers a range of policy types, including dividend-paying whole life insurance. In fact, it's paid dividends to eligible policyholders for the past 150 years. This along with its superior financial strength also makes it a top pick for best whole life insurance companies. Plus, some healthy applicants can apply for no-exam life insurance for up to $1 million in coverage.

The main drawback is a lack of transparency on Northwestern Mutual's website. If you want policy details, you'll need to call to speak to an agent.

Haven Life is the best life insurance company for parents who want same-day term life coverage and prefer to transact online. Of the 91 life insurance companies we reviewed, Haven Life has the best online application platform, with helpful tips and live chat if you need it.

Haven offers two term life policies—Haven Term and Haven Simple. You can apply for Haven Term online, but will need to undergo an offline medical exam. In exchange, you may qualify for a lower rate, a higher coverage amount, and you can elect a 30-year term, depending on your age. Haven Simple is a no-exam term policy that can be issued immediately upon completing the online application. But policy terms are capped at 20 years, Policies are underwritten by MassMutual or its subsidiary, C. M. Life. Both are A++ (Superior) rated by AM Best for financial strength.

Note that Haven Life may not be an option for older parents. The max issue age for Haven Term is 64 years old, and the max issue age for Haven Simple is 55 years old. It's also not a good choice if you want to exchange your term coverage for permanent coverage later on. Because Haven Life only sells term life insurance, there’s no option to convert the policy to a permanent life insurance policy. This feature is offered by most of the best term life insurance companies we reviewed.

The company also falls short when it comes to riders. While both term life policies include a free accelerated death benefit rider, the selection of optional riders is relatively limited.

New York Life is an excellent choice for older parents. The company issues term life policies to applicants up to 75 years old, and whole life policies up to age 90. In addition, New York Life has been paying eligible policyholders dividends for the past 168 years and has an A++ (Superior) financial strength rating from AM Best.

You can customize coverage with a wide range of policy types and riders, including accelerated benefit riders if you experience a critical, chronic, or terminal illness.

But New York Life doesn’t offer online quotes for any of its policies, so you’ll need to work with an agent if you want to get a price estimate or apply.