Best Life Insurance for Young Adults
Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance.
Not only does he strive to provide you with the …
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Written by
Jeffrey Manola
Founder & Licensed Agent
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs.
She has since used that knowledge in her more than ten years as a writer, largely in the insur…
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Reviewed by
Leslie Kasperowicz
Farmers CSR for 4 Years
UPDATED: Feb 15, 2022
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It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
Facts You Should Know
Young adults can count on finding affordable life insurance rates with most life insurance companies
Term life insurance policies for young adults are among the least expensive types of life insurance policies
Whole life insurance allows for lifetime coverage and the opportunity to accumulate a cash value with your policy
If you are fresh out of high school or college and searching for a life insurance policy, you may be curious to learn about the best life insurance for young adults. It’s an excellent idea to purchase life insurance at a young age, as rates can be much more affordable. Depending on your life and family needs, you may be able to purchase a life insurance policy at a very low rate.
Life insurance companies tend to offer young adults lower rates for coverage because of their age and health. This is especially true if you are purchasing a 10-year term life insurance policy, as you would still be quite young when the policy expired.
As you shop around for the best life insurance companies for young adults, compare quotes from several different companies to make sure you’re getting the best coverage at the most affordable rate. This will give you confidence that you are not overpaying for coverage.
You can use our free quote tool above to find and compare life insurance for young adults.
What is the best type of life insurance for young adults?
Deciding on the best insurance for young adults can be difficult until you know more about what you’re looking for in a policy’s coverage.
To choose between a term life insurance policy and a permanent life insurance policy, you will want to assess your needs.
Do you want to purchase life insurance as a form of long-term financial planning?
Are you looking to lock in rates while you’re young for a whole life insurance policy?
Maybe you have a pre-existing condition and know that life insurance could cost more as you get older due to potential complications. Answer these questions to figure out what you want to be covered and whether you’re looking for something that you’ll have for the rest of your life or something that will cover you for 10 to 30 years.
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Term Life Insurance for Young Adults
If you are purchasing a home, getting married, or starting a family, a term life insurance policy may be a great place to start when it comes to life insurance.
With a term life insurance policy, young adults can purchase coverage for a set period of time, typically anywhere from 10 to 30 years. Term life insurance often has lower monthly rates.
Because of this, young adults who only want coverage for a set period — like while their children are growing up, or as a supplemental policy in addition to a group policy with an employer — may find that a term life insurance policy is a great fit for them.
Permanent Life Insurance for Young Adults
Because permanent life insurance lasts a lifetime, it is more of an investment and often takes more consideration before purchasing.
The most common type of permanent life insurance is whole life insurance, which does not expire and can accumulate a cash value that you can use while you are alive, if necessary. Although whole life insurance policies tend to have higher monthly rates than term policies, you are likely to get the best rates available as a young adult.
If you want to purchase a life insurance policy that allows you to save a bit of money for a rainy day, a permanent whole life insurance policy could be a great option. Other options for permanent life insurance include:
Universal life insurance
Variable life insurance
Variable universal life insurance
Indexed universal life insurance
Joint life insurance
You can speak to a representative from any of the life insurance companies you’re considering to learn more about your options for coverage and to ask questions about which type of policy might work best for your needs.
How much is life insurance for young adults?
You will never know exactly how much you’ll pay for life insurance coverage until you do some research and get quotes from different companies. The table below shows average term life insurance rates for people ages 20 to 29, based on coverage amounts.
The prices for term life insurance coverage for young adults are often very affordable. The next table shows average monthly rates for a whole life insurance policy based on gender, age, and whether the person smokes.
Again, you can see that the younger you are, the cheaper the cost of life insurance will be. But term life insurance policies are significantly less expensive than most forms of permanent life insurance.
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Should I buy life insurance?
As a single young adult, you may feel like there’s no real need for life insurance coverage. Your immediate needs are met, you do not have a partner or children to take care of, and you may not have significant investments that need to be covered. But if you are planning to buy a home, get married, or start a family, or if you have people in your life that you want to care for, a life insurance policy can be an excellent way to plan for your future.
Before you make any decisions, shop around with many different companies. This will help you find the coverage that’s right for you at the lowest price possible. Use our free quote tool below to find and compare rates for young adult life insurance today.
