Are you looking for the suitable best-term life insurance for new parents? You are on the right page, keep reading!
Becoming a new parent is a life-changing experience filled with joy and responsibility. It comes with the joys of parenthood with the need to secure your family’s financial future.
Moreover, term Life insurance is an important tool for providing financial protection to your loved ones in case unexpected things happen.
In this article, we’ll explore nine best-term life insurance options for new parents, to assist you in making informed decisions about your family’s financial security.
READ MORE: HOW DOES TERM LIFE INSURANCE WORK
9 Best Term Life Insurance For New Parents
Table of Contents
1. State Farm
State Farm is a top-rated insurance company that gives life insurance plans to the whole family.
Also, it sells term, whole and universal life insurance policies with up to $10 million or more in coverage. This company has a family life insurance plan designed to cover you and your family.
Moreover, the plan is term life insurance coverage for you and your spouse as well as insurance riders that give up to $20,000 in coverage for your kids.
2. NorthWestern Mutual
NorthWestern Mutual gives a comprehensive range of insurance options which include whole-life and hybrid policies.
Moreover, the company stands out for giving whole life insurance for children and convertible term life policies available in some states.
However, it is a mutual insurance company that has been established since 1872. It offers both term and permanent life insurance policies that can be tailored to the family’s needs which are whole-life options.
Additionally, their coverage begins from $25,000 but maximums depend on underwriting results.
3. MassMutual
MassMutual offers flexible term life coverage with term options from 10 and 30 years and benefits from $100,000 to $5 million or more.
These policies can also be converted to permanent coverage down the road. They have been active since 1851. MassMutual offers a broad range of insurance options which are whole and universal life policies.
The qualifying individuals can get Immediate coverage in amounts ranging from $100,000 to $10 million.
4. Legal & General
Legal & General is a life insurance company that offers low-cost term life insurance coverage.
Moreover, term policies range from 10 to 40 years in length and cost less than similar coverage options sold by competitors. It is a large national insurer that has been in business for more than 150 years and gives low-cost term life insurance coverage.
Also, they sell universal life policies and final expenses that can assist your beneficiaries in covering your funeral expenses.
5. Bestow
Bestow offers no-exam term life insurance with benefits of up to $1.5 million for healthy, qualified individuals. The applications can be completed online and policies come with a 30-day money-back guarantee.
Also, it gives term life insurance policies underwritten by North American Company for Life and Health Insurance. Additionally, they sell term life insurance coverage of up to $1.5 million to individuals aged 18 to 60.
READ MORE: The 10 Best Premium term life insurance of 2022
6. Policygenius
Policygenius is an online insurance marketplace that makes it easier to compare quotes from top-rated life insurance companies.
This sells both term and permanent life insurance policies and publishes informational articles and guides that can help new applicants make better coverage.
This was founded in 2014 as a way to aggregate the top insurance companies and give a quote comparison tool to consumers shopping for insurance.
Moreover, it allows users to compare various insurance products which include both term and permanent life insurance policies.
7. Ethos
Ehos offers guaranteed issue life insurance policies for people between 66 and 85 years of age. Also, offers term and permanent life insurance which are term life policies with no medical exam.
This is an online life insurance company that sells term whole-life policies underwritten by AAA Life Insurance Company.
Moreover, these policies are ideal for parents and grandparents who have medical conditions and want to leave their loved ones with enough funds to cover end-of-life expenses.
8. USAA
USAA offers term and permanent life insurance options to military members and their families. Moreover, term policies feature benefits amounts from $100,000 up to $10 million and can be customized with child riders.
This term life policy provides up to 30 years of coverage and death benefit amounts that start at $100,000.
Furthermore, there is available coverage for children in the form of a child rider which can be added to any level-term policy. These riders can be converted to the permanent policy before the child’s 26th birthday.
9. Mutual of Omaha
Mutual of Omaha is another large national insurer that gives a return of premium option on its term life policies.
Moreover, other policy riders that can be paired with term life insurance include an accelerated death benefit and a disability waiver of premium. The company was established in 1909 and gives a wide range of additional benefits on life insurance policies.
One such rider is the return of premium benefits that automatically refunds the premiums the policyholder has paid over the life of the policy which are fees and the cost of the rider.
READ MORE: How Term Life Insurance Policy Works.
Conclusion
New parents have a responsibility to protect their family’s future. Term life insurance is an important tool to provide financial security in the event of unexpected circumstances. While the list above highlights best-term life insurance options, it is essential to carefully consider your family’s unique needs and consult with a financial advisor to select the best policy for your situation.
