The best life insurance for parents


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UPDATED: 2021-03-01T22:24:40.831Z
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A family of two parents and one child running though a field with a kite.

Parents have a lot on their plates. Work, running errands, paying bills, and keeping everyone on schedule for school or daycare can be challenging enough. While most parents understand the need for life insurance, thinking that you have to carve out time to do research to select the right plan can lead to procrastination, which can then lead to the task just not getting done.

Getting a life insurance policy is one of the most important things a parent can do to protect a family. With a variety of online providers available, it’s easier than ever to apply for coverage. Learn about some of the the best life insurance for parents to protect your family.

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Life insurance is protection for your family

While most parents understand the need for life insurance, many families are under-insured or not insured at all. For those who have a life insurance policy as a workplace benefit, the issue is often being under-insured. While work-provided policies are better than not being insured, there are important factors to consider if you’re relying on an employer’s group policy for your insurance needs.

First of all, the policy may offer a payout that falls short of your family’s needs if something were to happen to you. Payout amounts that seem large at the outset can diminish quickly, so it’s important to figure out how much coverage you really need. If an employer’s policy won’t provide adequate coverage, getting a private life insurance policy makes a great deal of sense.

Secondly, if you leave that employer, your new employer might not offer life insurance as a benefit. Additionally, as each year goes by, your rates are likely increase for private life insurance as you age. So, getting a separate, private life insurance policy when you’re a new parent means that you’ll most likely be paying lower rates. Also, if you leave your job, you keep your private coverage.

There’s no simple formula for determining how much life insurance you really need. There are a lot of variables to consider, including your age, the age of your children, how many children you have, whether or not your spouse is employed, what your daily living expenses are, including big expenses such as your mortgage and even how much you spend on food. Since all of these variables will change from one family to the next, assessing your life insurance needs doesn’t fit into a “one-size-fits-all” package.

Getting a life insurance policy online

Realizing that there’s no “one-size-fits-all” for life insurance deters many parents from even bothering to investigate what’s available. This is a mistake because the internet has made finding the right policy easier than ever.

There are now a wide range of online life insurance companies to choose from and many even offer almost instant coverage. Even the busiest parent can get a quote in minutes and some can even get coverage quickly, without a health exam.

How do digital life insurance companies provide coverage?

Online life insurance companies take advantage of technology to streamline the life insurance application process. You’ll still need to answer questions online, using the insurer’s online questionnaire. Using available data sets, algorithms, and predictive analytics, these online companies rapidly assess risk.

This process used to be completed by human actuaries and underwriters, who would review written applications and the results of a medical exam to determine risk. What used to take days or even weeks now can happen in minutes.

Of course, not everyone is approved instantly, and, depending on your responses, you might still need a medical exam. However, if you’re young and healthy, it’s certainly possible to get a quick approval. If you’re looking for the best life insurance options for parents, digital life insurance companies offer coverage quickly and easily.

Digital life insurance companies for parents to consider

There are many options for digital life insurance available, and depending on your age and needs, some might be preferable to others. The good news is that because these companies are focused on delivering life insurance through an online, digital offering, reviewing their requirements is as quick as a click.

Bestow

Bestow has term life insurance plans that come in increments of 10 and 20 years. You can complete the entire process online. There are age and other restrictions for applicants and coverage availability stops for anyone over 55.

There is no medical exam required for a Bestow policy and no waiting time to get coverage. According to Bestow’s website, coverage starts at just $8 a month.

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Ladder Life

Ladder Life has a number of term options including 10, 15, 20, 25, and 30-year plans. Similar to many online life insurance providers, there are no agents. Ladder Life’s website says that to apply for coverage, you answer a questionnaire that takes about 10 minutes and you get an instant decision.

Ladder touts (on its website) the ability for covered individuals to easily adjust their own coverage levels when life circumstances change. If you get a promotion, or get divorced, or when the kids leave home, it’s easy to modify your coverage to reflect your current life situation.

Fabric

Fabric, another online provider, touts their streamlined application process and flexible and affordable coverage as ideal for busy parents. If the urge to apply for or adjust your life insurance strikes when you’re out and about, Fabric has a free app that also helps to organize other important information, such as wills and your finances.

It only takes about 10 minutes to apply for a Fabric life insurance policy, according to the website. With a fabric life insurance policy, you receive free wills for you and your spouse.

With so many quick and easy options available, if you’ve been putting off getting life insurance because it sounded like a research project you didn’t have the time for, don’t put it off any longer. It’s important for parents to consider life insurance to protect your family if the unexpected happens.

If you want to learn more about life insurance providers, check out our ultimate life insurance guide.

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