Why buy life insurance when you are young?

There are several benefits to buying life insurance at an early age. You’re more likely to be in better health, which allows you to get lower rates. If you opt for a permanent life plan, purchasing it earlier also gives you more time to let your policy earn cash value.

What is the best life insurance company for young adults?

Overall, the best life insurance for young adults comes from Transamerica since it offers affordable rates for term plans. However, the best insurer for you may vary depending on your unique profile.

Do young people need life insurance?

People purchase life insurance because it can provide financial support to their dependents if they die. For young adults, these could be siblings who are still in school, parents who are nearing retirement or their children.

Is life insurance cheaper when you are younger?

Yes, life insurance rates are significantly more affordable when you purchase your policy at a young age. If you are leaning toward a term life plan, you’re more likely to outlive it. You’ll also be less likely to have health conditions, which results in insurers offering lower rates.

What is the cheapest life insurance company when you are young?

Transamerica offers the most affordable life insurance for young adults. A 20-year term policy costs $12.15 and $18.28 per month for coverage levels of $250,000 and $500,000, respectively.

Best Life Insurance for Young Adults in June 2023

About Mark Fitzpatrick

Mark Fitzpatrick is a senior content director at MoneyGeek with over five years of experience analyzing the insurance market, conducting original research and creating content that can be personalized for every buyer. He has been quoted on insurance topics in several publications, including CNBC, NBC News and Mashable.

Mark earned a master’s degree in Economics and International Relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his economics and insurance knowledge to bring transparency around financial topics and help others feel confident in their money moves.

sources

Transamerica. "Term Life Insurance." Accessed December 8, 2021.
J.D. Power. "Pandemic and Tax Code Change Spur Interest in Life Insurance, J.D. Power Finds." Accessed December 8, 2021.
State Farm. "Why Buy Life Insurance?." Accessed December 8, 2021.
Centers for Disease Control and Prevention. "Current Cigarette Smoking Among Adults in the United States." Accessed December 8, 2021.

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Best Life Insurance for Young Adults in June 2023

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