Can I name my unborn child as a beneficiary on my life insurance?

Many insurance experts would recommend that you avoid naming an unborn child as a beneficiary on your policy. In fact, it’s usually not recommened to name any minor child your direct beneficiary. Insurers cannot make payments directly to a minor child; generally, your beneficiaries should be over the age of 18 (or 21 in some states). If you wish to leave the proceeds of your life insurance policy to a child, one of the best ways is to use the Uniform Transfers to Minors Act (UTMA), which allows you to name a custodian whose duty is to manage the payout until the child is of legal age. You may also want to talk to your financial advisor about setting up a trust, which is another way to legally protect your finances and allow them to be used for the benefit of your children.

What is the best type of life insurance for aging parents?

Life insurance tends to be more expensive when you’re older and depending on your age and health, some companies may deny you coverage. Although finding life insurance for seniors can be tricky, it might be possible with a bit of legwork. No matter your age, however, the best type of life insurance is one that helps meet your needs and financial goals and has affordable premiums. Researching life insurance companies online and then speaking with a licensed life insurance agent could be the first steps in finding the right policy for you.

Does my child need life insurance?

Deciding whether to purchase life insurance for your child is a personal choice, but it’s not always necessary. One reason parents consider life insurance for their child is to lock in affordable premiums while their child is young and healthy. Whole life insurance, for example, provides lifelong coverage with fixed premiums, which could benefit children who may face health issues in the future that could make coverage harder to obtain. However, a child rider may be a more cost-effective alternative for families. Added to a parent’s life insurance policy for a few dollars per month, a child rider provides coverage for a child during their early years at a fraction of the cost of a separate whole life policy. Additionally, if desired, the child rider can be converted into a standalone permanent policy later in life. Ultimately, whether to buy life insurance for your child depends on your financial goals and family needs. For most families, a child rider may offer adequate protection at an affordable price.

Can I get life insurance if I'm pregnant?

Yes, you can get life insurance while pregnant, though your experience may depend on the timing and your health. Applying early in pregnancy, ideally during the first trimester, may result in better rates, as health complications and weight changes are less likely to impact underwriting. Some insurers may advise waiting until after delivery if pregnancy-related conditions such as gestational diabetes or high blood pressure arise, as these could temporarily increase premiums or delay your application. If you’re planning to grow your family, consider purchasing life insurance before pregnancy to secure lower premiums and avoid potential delays. Regardless of timing, life insurance provides crucial financial protection for your family, ensuring peace of mind as you prepare for your little one’s future.

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Best life insurance for women

Written by

Ashlyn Brooks

Edited by

Natasha Cornelius, CLU

Updated Feb 01, 2025

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict ,this post may contain references to products from our partners. Here's an explanation for .This content is powered by HomeInsurance.com (NPN: 8781838). For more information, please see our .

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict ,this post may contain references to products from our partners. Here's an explanation for .This content is powered by HomeInsurance.com (NPN: 8781838). For more information, please see our .

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Key takeaways

Life insurance can be an important financial tool for women, as it can provide a safety net for their loved ones.
Companies like Protective Life, State Farm, Prudential, Northwestern Mutual and MassMutual provide a variety of life insurance policies and riders designed to accommodate different stages of life and financial goals.
Choosing between term and permanent life insurance depends on individual circumstances. Each offers unique benefits, such as affordability or lifelong coverage.
Life insurance for children is a personal decision, but it can provide financial protection for unexpected expenses or help secure lower premiums in the future.

Life insurance isn’t just about what happens after you’re gone — it’s a way to take charge of your financial future today. Whether you’re juggling a career, caring for a family, or both, women often play a central role in keeping everything running smoothly. Life insurance helps ensure your loved ones are protected, covering everything from income replacement to childcare and household support. In this guide, we’ve curated top life insurance options designed with women in mind, so you can confidently safeguard your future and your family’s peace of mind.

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Life insurance for women

For many women, a robust life insurance policy provides an essential layer of financial protection for their loved ones. Whether a woman is the family provider or a stay-at-home partner and mom, her loss may cause budgetary challenges that can be mitigated with the right life insurance.

There are a number of reasons for women to consider a life insurance policy. Perhaps most important for many is the need to provide financial protection for minor children. This need can be even more vital in a single-parent household. Premiums for women are often less than those for men since women statistically live longer than men, making insurance a favorable addition to a strategic financial plan.

Many women also care for elderly parents, and here, too, life insurance offers benefits by providing the means for adequate health care and other protection for older adults if their daughter should pass away.

Even a woman who is a stay-at-home mom provides services to her family that can be costly. One recent estimate placed the value of a stay-at-home mother's services at roughly $184,000 a year—a considerable amount to replace if she were no longer in the picture.

Women also tend to save less than men on average, meaning they are likely to leave less of a nest egg for their loved ones. A study by the American Association of University Women (AAUW) indicated that women in the workforce make only 84 cents to every dollar earned by men, giving them fewer resources to save for the future. A life insurance policy can help overcome that lack of savings.

Best life insurance companies for women

When women consider life insurance, it’s often with their loved ones in mind — children, partners and the need to protect their family’s future. The right life insurance policy can provide peace of mind, offering financial support for childcare, education costs, household expenses and more. Finding the best life insurance company isn’t about one-size-fits-all solutions — it’s about choosing a provider that offers strong, flexible options to meet your unique needs.

While life insurance products aren’t specifically tailored to women, many insurers offer policies and riders that can adapt to different life stages. By comparing quotes and selecting a company that prioritizes flexibility and support, you can take a meaningful step toward safeguarding your family’s well-being.

Company	Best for
Protective Life	Best for optional riders
State Farm	Best for fast coverage with no medical check
Prudential	Best for policy customization
Northwestern Mutual	Best for overall financial planning
MassMutual	Best for digital tools

Protective may be a good option for women who would like more personalized coverage, as the carrier offers numerous riders. Mothers may want to consider adding a child rider to their policy. This rider typically requires only one flat fee, regardless of how many children you add to the policy.

Protective’s child riders are available for infants as young as 15 days old and provide a death benefit should your child pass away. The rider may be convertible to a permanent policy, regardless of your child’s health, which could offer an affordable way to insure your child for life while they are young, healthy and eligible for affordable premiums. A child rider will often expire when the child reaches the age of 25.

State Farm won the 2024 Bankrate Awards for best term life insurer (its third win in a row) and best universal life insurer, and it provides quick and easy online quotes for life insurance. Women looking for an instant-approval life insurance policy that does not require a medical exam may want to consider using State Farm’s LifeRate quote service. The quote-generating process takes less than 10 minutes and guides you with tools and calculators, which can help you figure out how much life insurance you need. It is also worth noting that State Farm ranked first in the 2024 J.D. Power U.S. Individual Life Insurance Study with a score of 699 compared to the study average of 648.

Prudential offers a wide range of policies that can be tailored to meet the needs of women balancing family, career and financial planning. Whether you're looking to protect your children’s future, secure household finances or add flexibility through riders like disability waiver or children’s coverage, Prudential provides options to suit various life stages. With a strong financial stability rating of A+ (Superior) from AM Best, Prudential could offer peace of mind that your policy will deliver when it matters most.

While Prudential's customer service ratings could improve, as evident by its below-average ranking in the 2024 J.D. Power Life Insurance Study, its broad coverage options and customizability could make it worth considering for women seeking adaptable life insurance solutions.

Thanks partly to its financial strength and stellar third-party customer satisfaction ratings, Northwestern Mutual won the 2023 Bankrate Award for best universal life insurer. Women who see life insurance as an essential component of their estate and financial planning may find Northwestern Mutual offers a few advantages in this category.

Northwestern Mutual’s dividend-earning whole and universal life policies offer some great savings options, and since it’s a mutual company, policyholders are eligible for dividends. In addition, you will have access to a certified financial planner that can help you develop a financial plan that evolves as your policy’s cash value grows.

We named MassMutual the best whole life insurance company in the 2024 Bankrate Awards. Along with its extensive list of policy riders and low level of complaints overall with the National Association of Insurance Commissioners (NAIC), MassMutual has a strong digital presence. Tech-savvy women on the go might find MassMutual’s mobile app (rated 4.8 on the App Store and 4.5 on Google Play) a convenient way to view and manage their life insurance policy. The company also has an online policy portal that allows beneficiary changes, recurring payment enrollment and more.

Types of life insurance for women

Life insurance falls into two main categories: term and permanent. The right policy type for you depends on your individual needs, goals and circumstances. Buying life insurance as a woman may bring unique questions, so talking to an agent is often the best way to land on the right policy. However, learning about each type of policy could also help you choose the one that best fits your needs (and your budget).

Term life insurance

Term life insurance is coverage that lasts a specific number of years. Common options are policies lasting 10, 20 or 30 years. Term can be a smart choice if you need coverage for a specific period—such as while your children are young—but know that you likely won't need coverage at a future date. Your death benefit pays out to your beneficiaries if you pass away at any point during the policy's term. If your need for coverage changes, many insurers will allow you to convert your term policy to a more permanent type of insurance if necessary. Unlike permanent insurance, term policies do not have a cash value and are usually simpler and less expensive than permanent forms of coverage.

Many women opt to carry term life insurance while their children are young. Doing so could provide peace of mind that your beneficiaries will have financial assistance if you happen to pass prematurely. However, term policies may not be the best choice for every woman, so considering the pros and cons could be essential when shopping for new life insurance.

PROS

Typically cheaper than permanent policies
Could be converted to permanent insurance, depending on the company and the riders you carry
Generally less complex than permanent life insurance
Death benefits are typically tax-free for beneficiaries

CONS

If you don’t pass away during the term, no death benefit applies and premiums are not returned (unless you have a return-of-premium policy)
No cash value component

Permanent life insurance

Permanent life insurance is designed to provide lifelong coverage — with maximum coverage ages ranging from 95 to 121 — as long as you pay your premiums, making it a lasting financial tool to protect your family. Unlike term life insurance, which expires after a set period, permanent policies guarantee a death benefit payout, which is why they tend to cost significantly more — often 10 to 15 times the cost of term policies.

One key feature of permanent life insurance is its cash value component. Over time, this cash value can accumulate and become a resource you can access while still alive. Policyholders may withdraw from the cash value or take out policy loans, depending on the type of policy, but it’s important to understand the financial implications. Withdrawals typically reduce your policy’s cash value and death benefit. Loans, while a useful feature, accrue interest and need to be repaid. If the loan isn’t paid back, the amount borrowed, plus interest, will be deducted from the death benefit, leaving your beneficiaries with less.

There are several types of permanent life insurance, each designed to meet different needs:

Whole life insurance: The premiums are fixed, and the cash value of this type of policy grows steadily based on a guaranteed set interest rate.
Universal life insurance: The premiums are flexible, and the cash value grows based on an interest rate set by the insurer.
Indexed universal life insurance: Flexible premiums, and the cash value earned based on a specific market index, such as the S&P 500.
Variable universal life insurance: The premiums are flexible, and the cash value can be invested in subaccounts, typically including stock funds, bond funds and money market funds.
Guaranteed universal life insurance: This is a low-risk policy with a fixed premium for your entire life. While it doesn’t accumulate much cash value, it’s a good option if you need more affordable permanent coverage than whole life insurance.

PROS

As long as you pay your premiums, your policy should not expire — this could be beneficial for women since they typically live longer than men
Cash value account can accrue interest and may be used while you’re living
Death benefits are typically tax-free for beneficiaries

CONS

Usually more expensive than term life insurance
May be hard to understand
Although the ability to borrow against permanent life insurance may be convenient, policy loans accrue interest and can decrease your death benefit payout

Permanent life insurance can be more complicated than term, so you might want to meet with a licensed agent or certified financial planner to get a full view of what type of policy can best meet your needs.

Frequently asked questions

Many insurance experts would recommend that you avoid naming an unborn child as a beneficiary on your policy. In fact, it’s usually not recommened to name any minor child your direct beneficiary. Insurers cannot make payments directly to a minor child; generally, your beneficiaries should be over the age of 18 (or 21 in some states). If you wish to leave the proceeds of your life insurance policy to a child, one of the best ways is to use the Uniform Transfers to Minors Act (UTMA), which allows you to name a custodian whose duty is to manage the payout until the child is of legal age. You may also want to talk to your financial advisor about setting up a trust, which is another way to legally protect your finances and allow them to be used for the benefit of your children.
Life insurance tends to be more expensive when you’re older and depending on your age and health, some companies may deny you coverage. Although finding life insurance for seniors can be tricky, it might be possible with a bit of legwork. No matter your age, however, the best type of life insurance is one that helps meet your needs and financial goals and has affordable premiums. Researching life insurance companies online and then speaking with a licensed life insurance agent could be the first steps in finding the right policy for you.
Deciding whether to purchase life insurance for your child is a personal choice, but it’s not always necessary. One reason parents consider life insurance for their child is to lock in affordable premiums while their child is young and healthy. Whole life insurance, for example, provides lifelong coverage with fixed premiums, which could benefit children who may face health issues in the future that could make coverage harder to obtain.

However, a child rider may be a more cost-effective alternative for families. Added to a parent’s life insurance policy for a few dollars per month, a child rider provides coverage for a child during their early years at a fraction of the cost of a separate whole life policy. Additionally, if desired, the child rider can be converted into a standalone permanent policy later in life.

Ultimately, whether to buy life insurance for your child depends on your financial goals and family needs. For most families, a child rider may offer adequate protection at an affordable price.
Yes, you can get life insurance while pregnant, though your experience may depend on the timing and your health. Applying early in pregnancy, ideally during the first trimester, may result in better rates, as health complications and weight changes are less likely to impact underwriting. Some insurers may advise waiting until after delivery if pregnancy-related conditions such as gestational diabetes or high blood pressure arise, as these could temporarily increase premiums or delay your application.

If you’re planning to grow your family, consider purchasing life insurance before pregnancy to secure lower premiums and avoid potential delays. Regardless of timing, life insurance provides crucial financial protection for your family, ensuring peace of mind as you prepare for your little one’s future.

Written by

Ashlyn Brooks

Writer II, Insurance