Life insurance is crucial for parents, regardless of their children's age, and for adult children tending to aging parents. A well-chosen policy could cover living expenses, mortgage repayments, tuition, and could help leave behind an inheritance or cover funeral costs. Ranging from those specific to childcare to those for elderly parents, the right policy could vastly differ amongst individuals.
Investopedia ranks Nationwide as the top life insurance provider for parents because of the extensive variety of affordable policy types and add-ons, along with an impressive customer satisfaction record. However, other options might be a better fit depending on individual requirements. This list has been compiled after in-depth research of 45 insurance companies, taking into account 70 criteria including coverage, cost-efficiency, customer satisfaction, and online service delivery.
Nationwide stands out with a comprehensive range of life insurance policy types, such as term, whole, and universal, as well as burial and child whole life policies. A strong record in financial stability and customer satisfaction encapsulates its allure. Additionally, it presents options to save for future educational expenses through high-growth options, providing insurance protection alongside.
Moreover, it provides adult children with high coverage limits to assist their aging parents, whole, and medical-exam-free policies, while also offering significant selections for child coverage.
Nationwide has minor drawbacks too. Its whole life policy fails to generate dividends, leading to a slower growth of cash value. Furthermore, Nationwide offers term coverage only to applicants aged 70 or younger, which could pose an issue for older parents or grandparents in caregiving roles.
Another affordable option is Columbus Life, offering the lowest average premiums among term life insurance. Despite the low premiums, they provide many additional services without extra charges.
Alternatively, for more inclusive children's coverage, Protective Life's child term rider is a notable choice, providing coverage until age 25. It also provides children with the option to continue the coverage into adulthood.
For lifelong coverage, Lafayette Life is a recommended pick with a vast variety of whole life policies applicable at any age up to 85, with no coverage limits.
To complete the review, Investopedia worked diligently, researching 45 companies and collecting over 3,000 data points using various sources and studying various company metrics. The ultimate goal was to provide comprehensive and unbiased reviews to help consumers make the most informed decision possible.