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Best life insurance for new parents

Updated Mar 22, 2023
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Becoming a new parent can be both an exciting and terrifying time. Not only does everything in your life change in an instant, but now you have another life to protect. One of the most responsible acts you can take as a new parent may be planning for the future. Even though it may be a tough conversation to have, you might want to consider how to financially care for your child if you and/or your spouse were to pass away unexpectedly. For some families, life insurance is a great way to ensure that your child’s future will be financially secure, but knowing what insurance to purchase can be tricky. Researching your options with Bankrate may help you find the best life insurance for new parents.

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Insurance Disclosure

This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

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Best life insurance companies for new parents

When you are ready to purchase a policy, you’ll likely be on the hunt for the right life insurance company for you and your family. Most life insurance companies will offer you similar premiums for the same policy type, so analyzing factors such as customer reviews, policies offered and consumer ratings may help you determine which are the best life insurance companies for you. Here are a few national providers that we think may be worth considering based on our analysis of customer satisfaction, coverage types, financial strength and digital tools.

Company Best for... Life insurance policy highlights
MassMutual Digital tools Highest possible AM Best financial strength rating Robust digital tools
State Farm Term life insurance Highly-rated customer service, according to J.D. Power Also offers home and auto insurance
Guardian Policy customization Highest-possible AM Best financial strength rating Wide variety of policy types and terms

MassMutual

MassMutual is our 2023 Bankrate Award winner for best whole life insurance company. The carrier scored highly in the 2022 U.S. Individual Life Insurance Study, which indicates customers are generally happy with the level of service. MassMutual's policies are also highly customizable with a long list of potential riders, including waiver of premium, accelerated death benefit and guaranteed insurability, which may appeal to parents interested in purchasing a life insurance policy for children. MassMutual has a robust mobile app, which may appeal to customers who prefer to manage their policy digitally, but it does not offer online quotes. 

Read full MassMutual Insurance review

State Farm

State Farm is our 2023 Bankrate Award winner for best term life insurance, which may appeal to new parents seeking coverage until their children are financially independent. The carrier also offers permanent life insurance options. State Farm earned the highest score in J.D. Power’s Life Insurance Study, so it may be a good option for shoppers who value service. The company offers a few riders for term and permanent life, including waiver of premium and a children's life insurance benefit rider. 

Read full State Farm Insurance review

Guardian 

Offering term, whole and universal life insurance policies, Guardian also holds the highest-possible AM Best rating for financial strength of A++ (Superior). Licensed to sell policies in all 50 states and Washington, D.C., Guardian scored well above average with J.D. Power for customer satisfaction. The carrier offers an extensive list of riders for its policyholders to choose from, including a waiver of premium rider and a guaranteed renewability clause. However, the carrier does not have a mobile app and does not offer auto or home insurance, so it may not be the best option for customers who value digital tools or prefer to bundle all their insurance needs with a single company. 

Read full Guardian Insurance review

Do new parents need life insurance?

Life insurance may help ensure your spouse or dependents are financially secure in the event you pass away. Although you will likely want to calculate how much coverage you need based on your unique living situation, the purpose of the payout is generally to cover anything from your mortgage payments to future education expenses for your child. However, life insurance can also cover regular expenses, dependent care, domestic work, funeral costs and unresolved debt.

In most cases, the younger and healthier you are, the more affordable your life insurance will be — which is why most experts recommend you buy life insurance when you're young if you want a policy in place and can afford to do so. When choosing life insurance policies and coverage amounts, it may help to consider factors such as:

  • How heavily your everyday expenses rely on your salary: Are you the sole or primary provider in your family? If so, you may want to take out a life insurance policy that can provide for your family for the long term. If you primarily perform domestic tasks, you may want to take out a life insurance policy that can help pay for the costs of childcare and household management tasks. 
  • Your debts: Do you have a mortgage, loans or any other debts looming? If so, you may want to take out a life insurance policy that could pay off these debts so they do not become the responsibility of your spouse or children. 
  • Long-term expenses for your child: Planning for your child’s future likely includes factoring in large financial expenditures such as college tuition, braces, weddings and more. Life insurance may help ensure these items are paid for even after your death.
  • Your end-of-life planning: Funerals can be surprisingly expensive. Life insurance may be one strategy to ensure your end-of-life arrangements are paid for before you pass away. You might even consider final expense insurance

Frequently asked questions

Written by
Meaghan Hunt
Contributor, Personal Finance

Meaghan Hunt is a researcher, writer, and editor across disciplines with a passion for personal finance topics. After a decade of working in public libraries, she now writes, edits, and researches as a full-time freelancer.

Edited by Editor, Insurance
Reviewed by Senior wealth manager, LourdMurray