Family Life Insurance

Family life insurance can help to keep your family protected and financially stable after you die. The financial payout can also help your family to pay for your funeral as well as any care services your children or any other dependent family members may need. If you want to buy family life insurance with your spouse, you will need to choose between single and joint life insurance policies.

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Ashley Dannelly has a Master of Arts in English and teaches English at Columbia International University and other higher education institutions. She is also a certified personal trainer with the American Council on Exercise and trains clients in both individual and group settings. Ashley’s background in English and fitness has allowed her the opportunity to write and create content for many ...

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent Laura Walker

UPDATED: Apr 24, 2022

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The Rundown

  • Family life insurance can help to financially support your spouse, kids, and any other family members you name as beneficiaries after you die
  • When buying family life insurance, you’ll need to decide between single life insurance or joint life insurance for you and your spouse
  • Couples without children can also benefit from buying family life insurance, especially if they have family members who are dependent on them for care

Family life insurance plays an important part in keeping your family financially stable after your death.

So what exactly is a family life insurance policy? And when it comes to term vs. whole life insurance, which is better for couples to buy?

Read through our comprehensive article for all the information you need on finding the best family life insurance.

Searching for the best family life insurance? Enter your ZIP code to get free family life insurance quotes.

What is a family life insurance policy?

Family life insurance is a broad term for life insurance that would deliver a death benefit to your family in the event of your death. Using this death benefit, your family would be able to sustain themselves more easily on only one income.

Although you can name anyone as your beneficiaries, most couples name their spouse and any other family members who are financially dependent on them.

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Do I need to buy family life insurance if I have no children?

Family life insurance is also important for childless couples to consider.

Even if you don’t have kids, you may want to consider naming your spouse and any other family members that are dependent on you as beneficiaries.

If you were to pass away suddenly, your spouse would be left to support themselves on one income, along with having to deal with the cost of your burial.

Similarly, if another member of your family is dependent on you for care, they would need to hire someone to help them. If they were named as a beneficiary, the death benefit would help them to be able to pay for the costs of long-term care.

Even without children, purchasing family life insurance is still a good idea.

What is the best life insurance for families?

When you buy family life insurance, choosing the right policy to cover your family is important.

You’ll need to decide whether you and your spouse want a single life insurance policy or a joint life insurance policy.

Single Life Insurance

Single life insurance is a type of life insurance policy that allows both spouses to have their own levels and lengths of coverage.

Single life insurance is the most common type of family life insurance because it’s easily customizable and allows each spouse to be able to cover their specific needs.

If one of you dies before the other, the death benefit will go to your spouse and any other beneficiaries you name.

If you choose single life insurance, you and your spouse will both need to decide whether you want to buy a whole life insurance policy or a term life insurance policy.

Whole life insurance is a type of permanent policy that offers lifelong coverage, while term life insurance covers you for a set period of time that usually lasts anywhere from 10-30 years.

Joint Life Insurance

Joint Life Insurance allows both spouses to combine a policy and have the same levels of coverage.

While many couples want separate coverage amounts to accommodate their individual needs, joint life insurance can be especially helpful for individuals who have trouble getting life insurance due to health issues.

Buying a joint life insurance policy with your spouse can help you to get more affordable life insurance if your current rates are too high or you have been denied life insurance because of your health.

However, joint life insurance does not have individual customization options, so it may not be ideal for couples that have different coverage needs.

After deciding which policy type works best for you, you’ll need to choose a life insurance provider through which to get your policy.

There are many life insurance providers to choose from, but the table below highlights some of the life insurance providers that have the highest ratings.

Life Insurance Companies with the Highest Ratings
CompaniesBetter Business Bureau (BBB)A.M. BestJ.D. Power
AIGA+A718
AXA EquitableA+A+752
Banner LifeA+A+N/A
BrighthouseA+A+N/A
Guardian LifeA+A++760
John HancockA+A+739
Lincoln FinancialA+A+744
Mass MutualA+A++780
MetlifeB-A+780
Mutual of OmahaA+A+766
NationwideA+A+806
Pacific LifeA+A+N/A
Principal FinancialA+A+774
ProtectiveA+A+742
PrudentialAA+770
SBLIA+A+N/A
TransamericaA+A+720
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A.M. Best exclusively focuses on rating the insurance industry, and has a straight-forward scoring system, with the best score being an A++.

How much are family life insurance rates?

Family life insurance rates are dependent on the type of policy you buy as well as factors such as your health status, age, sex, and lifestyle.

For a male in his 40s buying a $500,000 whole life insurance policy for himself, the annual rates would be $6,042 on average.

However, for a couple in their 40s buying a $500,000 joint life insurance policy, the average annual rates are $2,436.

Buying a joint life insurance policy for you and your spouse may be a cheaper option in the long run, but the policy doesn’t offer as much flexibility as single life insurance does.

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Family Life Insurance: The Bottom Line

Family life insurance is important for both breadwinners and stay-at-home parents to consider.

Buying family life insurance can help your family to support themselves as well as pay for your funeral expenses and any childcare services that would be needed if you died.

Although family life insurance is especially helpful for couples with children, family life insurance is still worth considering if your spouse or any other family members rely on you for financial support or long-term care.

Looking for affordable family life insurance? Enter your ZIP code below to get free quotes from the best family life insurance companies in your area.

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