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If your income provides a large amount of financial support for your family, your partner may struggle to support themselves and your children in the event of your passing. A life insurance policy can help fix this, offering financial support if the worst happens. Life insurance can also be necessary for stay-at-home parents, providing a payout that the surviving parent can use to help pay for childcare and other services to maintain the home. This article will explain how life insurance for families works, including costs, types, and tips on applying for a policy.
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Life insurance for families allows the parent who gets the policy to help provide financial support for their partner and children if they pass away during the policy term. If this happens, the policy pays out a death benefit the surviving parent can use to help replace the policyholder’s income, pay off outstanding debts, and save and invest to meet financial goals.
Here are the average costs for 20-year, $500,000 term life insurance policies for healthy, non-smoking men and women:1
| Men | Women | |
|---|---|---|
| 30 | $254 | $215 |
| 40 | $380 | $321 |
| 50 | $908 | $693 |
The average costs for a $250,000 whole life insurance policy for healthy, non-smoking men and women are highlighted below:1
| Men | Women | |
|---|---|---|
| 30 | $2,030 | $1,900 |
| 40 | $2,693 | $2,720 |
| 50 | $4,580 | $4,080 |
Here are the average costs of a $250,000 universal life insurance policy for healthy, non-smoking men and women:1
| Men | Women | |
|---|---|---|
| 30 | $1,293 | $1,140 |
| 40 | $1,799 | $1,586 |
| 50 | $2,644 | $2,355 |
Remember that age, health status, and death benefit size can impact your premiums.
Here are some life insurance policy types for families to consider:
Term life insurance is a type of policy available at Aflac that lets you choose a policy term of 10, 20, or 30 years, depending on your needs. If you pass away during the policy term, your beneficiaries can receive the death benefit. Once the policy expires, you must renew coverage or get a new policy to stay covered. However, policy premiums are reasonable for the amount of coverage available. Therefore, this policy may be ideal if you don’t need coverage forever. For example, you may only need coverage until your kids become adults.
Whole life insurance is a permanent policy Aflac offers that provides lifelong coverage as long as you keep up with premiums. Some of your premiums go into a cash value growth component that grows tax-deferred at fixed interest. When the cash value grows large enough, you can borrow from it at low rates with no fixed repayment date or withdraw from it. If you surrender the policy, you can receive the cash value minus surrender charges.
Whole life insurance may work best if you want coverage to help financially protect your partner and children for their entire lives. However, keep in mind that this policy can come with higher premiums than other types of life insurance.
Final expense insurance is a small whole life policy for end-of-life expenses such as medical bills and funeral costs. It comes with a small death benefit, manageable premiums, and a cash value component that grows over time.
Credit life insurance can help your cosigner or loved ones pay off an outstanding debt if you pass away during the policy term. Some lenders for mortgages and auto loans may offer this coverage.2 These can be helpful when a loved one has cosigned a debt with you and may need help repaying it if you pass away.
Like whole life insurance, universal life insurance offers lifelong coverage and cash value. However, you can adjust the death benefit during the policy term if you contact your insurer. You can reduce your premiums in exchange for a lower death benefit, or raise your death benefit by increasing premiums.
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
Get StartedHere are a few reasons to consider family life insurance:
If you work full-time, your family may lose a substantial income stream in the event of your passing. Even if your partner works, it can be much harder for them to support themselves and your children since they must maintain similar living expenses. A life insurance death benefit can effectively help replace your income, allowing them to continue covering necessary expenses and saving those funds for the future.
Stay-at-home parents help provide invaluable contributions to the household, including childcare, household management, and various other responsibilities. If you’re a stay-at-home parent and passed away unexpectedly, the financial burden on the surviving partner could be overwhelming. Life insurance can provide essential financial protection to help cover necessary expenses in your absence.
Mortgages are often the most significant expenses people have. If you pass away, it may be challenging for your partner to cover the payments. A life insurance policy can provide them with enough funds to help pay off the entire mortgage at once to maximize equity, or set aside money to continue making monthly mortgage payments. Regardless, this can significantly help reduce their financial burden.
In-state tuition at public four-year universities costs an average of almost $11,610 annually.3 Out-of-state tuition, along with private colleges and universities, can cost much more, even with financial aid. Life insurance can help cover these costs if you pass away so your children can receive an education. Additionally, if you get a policy with cash value, you can access these funds while you’re alive to help pay for education expenses. You can withdraw or borrow from it for tuition, fees, and more.
Here are some tips for applying for a family life insurance policy:
Life insurance can help offer families added peace of mind, as you’ll know that if the worst happens, your loved ones can continue supporting themselves by helping replace your income and saving extra funds.
However, there are many types of policies to consider. Term life insurance offers cost-effective premiums for maximum coverage, whereas whole and universal life insurance can be more costly for lifelong coverage and wealth-building potential. Meanwhile, final expense and credit life insurance are smaller policies designed for specific purposes.
Aflac offers term and whole life insurance at various coverage levels to get your family the coverage you need. Chat with an agent today to explore your options and get a quote.
Get Started
Life insurance can be an essential part of your financial plan. Learn how life insurance for women works and how to get a women’s life insurance policy.
Wondering what life insurance policy is best for you? Find out which type of life insurance can offer you the best coverage.
Life insurance can be an essential part of your financial plan. Learn how life insurance for women works and how to get a women’s life insurance policy.
Wondering what life insurance policy is best for you? Find out which type of life insurance can offer you the best coverage.
1 Forbes - How Much Is Life Insurance? Published January 28, 2026. https://www.forbes.com/advisor/life-insurance/how-much-is-life-insurance/. Accessed April 17, 2026.
2 Investopedia - Credit Life Insurance Explained: Purpose, Benefits, and Who Should Consider It. Updated September 25, 2025. https://www.investopedia.com/terms/c/credit_life_insurance.asp. Accessed April 17, 2026.
3 Bankrate - Average cost of college 2024-2025. Published on July 28, 2025. https://www.bankrate.com/loans/student-loans/average-cost-of-college/. Accessed April 17, 2026.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent/producer.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.
Aflac life plans – A68000 series/Term Life: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68200, A68300 & A68400. In New York, Policies NY68200, NY68300 and NY68400. Whole Life: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368100. In Delaware, Policy A68100. In New York, Policy NYR68100. B60000/Term Life: In Arkansas, Oklahoma, Pennsylvania, Texas & Virginia, Policies ICC18B60200, ICC18B60300, & ICC18B60400. Not available in Delaware, Idaho, New York and Oregon. Whole Life: In Arkansas, Oklahoma, Pennsylvania, Texas & Virginia, Policies: ICC18B60C10, ICC18B60100. Not available in Delaware, Idaho, New York and Oregon. Q60000 series/Term Life: In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania & Texas, Policy ICC18Q60200M. In Delaware, Policy Q60200M. In New York, Policy: NYQ60200M. Not available in Virginia. Whole Life: In Arkansas, Delaware & Oregon Policy Q60100M. In Idaho, Policy Q60100MID. In Oklahoma, Policy Q60100MOK. In New York, Policy: NYQ60100M. Not available in Virginia.
Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (NAIC 92908).
In AR, DE, ID, OK and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Not available in NY.
Coverage/plan levels may not be available in all states, including but not limited to NM or VT. Benefits/premium rates may vary based on plan selected. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations and exclusions.
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Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
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