Currently the maximum prison sentence the court can impose for Causing Death by dangerous driving or careless driving under the influence of alcohol or drugs is 14 years.
The average custodial sentence handed down in 2015 for causing death by careless or dangerous driving, however, was just under four years.
For causing death by careless or inconsiderate driving the maximum is five years; and for causing death by driving whilst unlicensed, disqualified or uninsured it is two years.
Other suggestions in the consultation, which lasts until February, include creating a new offence of causing serious injury by careless driving, with a maximum sentence of three years in jail and also increasing minimum driving bans for those convicted of causing death through their driving.
Justice Minister Sam Gyimah said: "Killer drivers ruin lives.
"Their actions cause immeasurable pain to families, who must endure tragic, unnecessary losses.
"While impossible to compensate for the death of a loved one, we are determined to make sure the punishment fits the crime.
"My message is clear - if you drive dangerously and kill on our roads, you could face a life sentence."