Do you want to explore the best insurance plans for young parents in 2024? Then keep reading as we broaden your mind.
Life insurance is one of the best ways to make sure that your family will be taken care of financially when you’re gone.
Moreover, there was a survey that 44% of households have a problem paying their living expenses within six months if they lose their job.
Unfortunately, various life insurance policies are available and several companies offer them to make it difficult to find the policy you need at a price you can afford.
For instance, term life insurance is the cheapest but it covers you for 10 to 30 years.
Whole life insurance protects you for your lifetime and gives many coverage options that can be confusing as it adds children to your life insurance.
In this article, you will know the best insurance plans for young parents in 2023.
READ MORE: 7 Best Life Insurance for Parents of 2023
7 Best Insurance Plans For Young Parents
Table of Contents
The following are the best insurance company plans for young parents.
1. Protective
Protective offers diverse policy types that include term, universal, indexed universal, variable universal and whole life insurance.
Moreover, it is a notable life insurance product that is missing from its lineup is final expense insurance.
Also, they have an A+ superior grade from AM Best for financial strength. Specifically, they are recommended for parents who are looking for affordable term life insurance.
Protective offered the cheapest rates for healthy adults tied with Banner and Haven Life.
2. Nationwide
Nationwide was highly rated by J.D. Power for customer satisfaction which ranks sixth out of 22 life insurance providers for customer satisfaction.
Also, they offer a generous suite of living benefits: most policies are 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 the qualifying illness.
3. Mutual of Omaha
Mutual of Omaha’s final expense life insurance policies is for applicants between 45 and 85 without a medical exam, with a coverage of $40,000.
Among the best burial life insurance companies, Mutual of Omaha has one of the more generous death benefits for the final expense policy.
READ MORE: What Is Disability Income Insurance
4. Northwestern Mutual
Northwestern Mutual is a financially stable insurance company. As it has a large insurer in the country.
Moreover, they have a solid customer satisfaction rating. In J.D Power’s U.S. Individual Life Insurance Study, it took fourth place out of 21 providers.
Also, in terms of coverage, they give a diverse range of policy types that are dividend-paying whole life insurance.
It has paid dividends to eligible policyholders for the past 150 years. The superior financial strength makes it a top pick for the best whole life insurance companies.
5. Haven Life
Haven Life is the best life insurance company for parents who want same-day term life coverage and prefer to do it online.
This company has the best online application platform with helpful tips and live chat when you need it.
Also, they offer term life policies -Haven Term and Haven Simple. You can apply for Haven Term Online but you will need to undergo an offline medical exam.
You can qualify for the low rate and a higher coverage amount and you can elect a 30-year term which depends on your age.
While Haven Simple is a no-exam term policy that can be issued immediately after the completion of the online application.
6. New York Life
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.
Moreover, you can customize your coverage with many policy types and riders that include accelerated benefit riders if you experience a critical, chronic, or terminal illness.
But New York Life doesn’t give an online quote for any of its policies, so you’ll need to work with an agent if you want to get the price estimate or apply.
7. State Farm
State Farm offers whole and universal life insurance, its term policies feature the most flexibility for the price.
The Return of Premium Term policy gives level premiums for 20 or 30-year terms with a cash value that you can borrow against.
Also, you can get all your money back when you survive your term or opt to continue your coverage until you’re 95, although the latter option comes with higher premiums.
Moreover, it offers riders that enhance your coverage including family life insurance riders to extend coverage to your spouse and children.
However, there are many additional rider options which depend on your policy like a waiver of premium for disability, level term coverage to 95, and guaranteed insurability that enables you to increase without needing to qualify medically.
READ MORE: 5 Best Life Insurance Companies for Parents (2023)
Conclusion
Maybe you’re searching for your life insurance policy to cover your family or looking at life insurance plans for young parents, the companies above are good places to start. To begin, it’s helpful to consider your circumstances.
