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Best life insurance for young adults: Expert-reviewed in 2023

Our top picks for life insurance in your 20s and 30s include Brighthouse Financial, Banner Life, and Transamerica. If someone relies on your income, you have debt, or you’re starting a family, having life insurance can go a long way.

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By

Katherine MurbachEditor & Licensed Life Insurance AgentKatherine Murbach is an editor and a former licensed life insurance agent at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.&Tory CrowleyAssociate Editor & Licensed Life Insurance AgentTory Crowley is an associate editor and a former licensed insurance agent at Policygenius. Previously, she worked directly with clients at Policygenius, advising nearly 3,000 of them on life insurance options. She has also worked at the Daily News and various nonprofit organizations.

Edited by

Antonio Ruiz-CamachoAntonio Ruiz-CamachoAssociate Content DirectorAntonio helps lead our life insurance and disability insurance editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.
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Reviewed by

Eloise Spinello Eloise Spinello Associate Director of Partner Success, Policygenius ProEloise Spinello is a life insurance expert and the associate director of partner success for Policygenius Pro.

Updated|6 min read

Expert reviewedExpert reviewedThis article has been reviewed by a member of ourFinancial Review Council to ensure all sources, statistics, and claims meet the highest standard for accurate and unbiased advice.Learn more about oureditorial review process.

Policygenius content follows strict guidelines for editorial accuracy and integrity. Learn about our editorial standards and how we make money.

What are the benefits of getting life insurance when you’re younger?

The younger you are when you buy a life insurance policy, the cheaper your rates will be. In fact, saving money by applying early is one of the benefits of life insurance for young adults.

In a study by LIMRA, a research, consulting, and professional development organization for financial services, 44% of millennials estimated that a 20-year term policy would cost $1,000 or more per year — but the actual cost of the policy was only $165 per year. [1]

Being young and healthy is a good opportunity to lock in a cheap fixed rate for decades. Each year you delay buying a life insurance policy, the cost of premiums increases by 4.5% to 9% on average.

How much does life insurance for young adults cost?

Life insurance coverage is more affordable than you might think and the younger you are, the cheaper it is to get covered. A 30-year-old non-smoking female in good health can expect to pay $22.36 per month for a 20-year term life insurance policy with a $500,000 death benefit payout. A 30-year-old non-smoking male with a similar profile can expect to pay $27.96 per month for the same coverage.

Age

Gender

Non-smoker

Smoker

25

Female

$20.91

$59.74

Male

$26.97

$75.47

30

Female

$22.36

$65.75

Male

$27.96

$80.95

35

Female

$22.55

$80.33

Male

$30.51

$96.21

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Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred health classification obtaining a 20-year $500,000 term life insurance policy. Life insurance averages are based on a composite of policies offered through Policygenius from Banner Life, Brighthouse, Corebridge Financial, Lincoln Financial, Foresters Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Illustration valid as of 07/01/2023.

The best life insurance companies for young adults

If you’re young, a life insurance policy can help your loved ones manage expenses if you pass away unexpectedly. And if you’re planning to have a family, buying life insurance now is one of the most affordable ways to protect them financially in the future.

We used industry data, pricing from Policygenius carrier partners, and third-party ratings like AM Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.

Methodology

Why you can trust our picks

Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews

Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.

→ Read more about our reviews methodology

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2023 Policygenius award winner

Brighthouse Financial

Brighthouse Financial logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starFull orange star

5.0

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Why we chose itchevron icon

Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.

Pros and conschevron icon

Pros

  • Extremely affordable

  • Instant-decision applications

  • Best-in-class no-exam option

Cons

  • Traditional term life not available in CA, IL, LA, ME, or NY

  • Term life applicants limited to ages 25-50

Best overall life insurance for young adults: Brighthouse Financial

Brighthouse Financial features one of the best overall life insurance products for young adults age 25 and up — an instant approval, no-medical-exam option that can get you the coverage you need within a few days. It also offers affordable premiums and coverage amounts up to $3 million.

Best no-medical-exam life insurance for young adults: Brighthouse Financial

For young people looking to skip the medical exam that’s a standard part of the life insurance application process, Brighthouse SimplySelect® by Brighthouse Financial is our top pick for no-med term coverage. 

Brighthouse’s SimplySelect — which is available exclusively through Policygenius — was selected by Forbes as the best no-medical-exam life insurance on the market.

For qualifying applicants, it offers affordable prices, coverage amounts up to $3 million, and a very short underwriting period. You can get approved immediately after your health interview.

Cheapest life insurance for millennials: Banner Life

Banner Life offers some of the cheapest life insurance for millennials across a range of health classifications. It’s especially enticing because it offers no-medical-exam and instant-decision options for millennials who have no or just one or two minor and well-controlled health conditions.

Best life insurance for young families: Banner Life

From newlyweds to parents-to-be, young families can purchase 35-year or 40-year term life policies from Banner Life at an affordable cost, which can help them protect children until they’re financially independent.

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2023 Policygenius award winner

Pacific Life

Pacific Life logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

All 50 states

No-medical-exam option

Why we chose itchevron icon

Pacific Life offers some of the lowest rates for term life insurance across age brackets. It also has the most competitive rates for many health conditions and builds.

Pros and conschevron icon

Pros

  • Extremely affordable across age brackets

  • Affordable guaranteed universal life insurance option for people who need lifetime coverage

  • Favorable underwriting for many health conditions

Cons

  • Traditional term life not available in NY

  • There are better carriers for active duty military, people who have a history of alcohol abuse, and people who have been through bankruptcy

Best term life insurance for young adults: Pacific Life

Pacific Life offers affordable premiums across all ages — including young adults. Pacific Life is A+ rated according to AM Best and offers term lengths up to 30 years.

Young adults age 18 and up with few health conditions and risk factors can also apply to bypass the medical exam for faster, easier approval. Instead, you’d complete a health interview online or over the phone.

Transamerica

Transamerica logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.6

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Why we chose itchevron icon

Transamerica is one of the oldest and largest life insurance companies, with over 12 million active accounts today. It offers affordable rates for almost every age, and you can even skip the medical exam if you fall under a certain age or coverage amount.

Pros and conschevron icon

Pros

  • Competitive rates for term life insurance

  • No-medical-exam available for qualifying applicants, including smokers and people between 60 and 70, which is rare

  • One of the fastest turnaround times in the industry for traditionally underwritten term policies

Cons

  • Term life not available in New York

  • Not a good option for people with a history of cancer, alcohol abuse, or asthma

Best life insurance for students: Transamerica

Transamerica offers affordable rates, high coverage amounts, and attractive no-medical-exam options for people in their 20s and 30s, including students, young people with only a few years in the workforce, and people who use CBD or marijuana occasionally.

Best life insurance for young adults who smoke or vape: Transamerica

Transamerica offers some of the best rates available to people who smoke or recently quit smoking. Their application process is simple and often doesn’t require a medical exam — especially if you don’t have many health conditions.

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2023 Policygenius award winner

MassMutual

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.9

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

All 50 states

Why we chose itchevron icon

MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.

Pros and conschevron icon

Pros

  • Strong financial stability ratings

  • Higher potential for dividends for whole life policyholders than many competitors

  • Good customer satisfaction ratings

Cons

  • High term life premiums

  • Term life not available through Policygenius

Best whole life insurance for young adults: MassMutual

MassMutual’s whole life insurance policies offer some of the best dividends and cash value growth compared to other whole life insurance providers.

While cash value life insurance isn’t an ideal primary savings vehicle for retirement, it can offer alternative savings alongside traditional retirement accounts if you’ve already maximized contributions to a 401(k) or IRA. Whole life could also be a good fit for people with permanent financial obligations or coverage needs, like dependents who require lifelong care.

Summary of the best life insurance companies for young adults of 2023

Company

Policygenius rating

Best for

Banner Life

4.9/5

Cheapest for millennials, young families

Brighthouse Financial

5/5

Overall, no-medical-exam

MassMutual

4.9/5

Whole life insurance

Pacific Life

4.8/5

Term life insurance

Transamerica

4.6/5

People who smoke, students

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What is the best life type of insurance policy for young adults?

The best life insurance policy for young adults is one you can afford and one that offers enough protection for the right period of time. 

During my time working as a licensed agent, most young adults I’d speak to would opt for term life insurance. The affordable premiums made adding a term life policy to their financial plan an easy decision, whether they were recently married, expecting to grow their family, or planning for the future.

A licensed agent can help you honestly assess your insurance needs while keeping your budget in mind.

Term life insurance

Term life insurance is the best type of life insurance coverage for most young adults. It’s the most cost-effective type of insurance and only lasts for as long as you need it. 

When advising clients directly, I would recommend those who qualify to apply for an accelerated underwriting (AU) policy. 

An accelerated underwriting term life insurance policy is a type of term life policy that doesn’t require a medical exam. For some millennials with few health conditions in their medical histories, this can be a good option for getting term life insurance on a shorter timeline. 

Other life insurance options for millennials & Gen Z

Whole life insurance

Whole life and other types of permanent life insurance are good options for high-net-worth individuals who have already maximized contributions to other tax-advantaged accounts and are looking to use life insurance to diversify their investment portfolio. 

These products can also be a fit for people with long-term financial obligations or coverage needs, like dependents who require lifelong care. Whole life insurance never expires and comes with a cash value that earns interest in addition to the death benefit payout. 

"Infinite banking" life insurance is the latest TikTok trend — but is it a scam?

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Read more about infinite banking

Final expense insurance

If your personal situation keeps you from being approved for traditional life insurance, don’t fret — you still have options.

Final expense insurance is a type of permanent life insurance that offers a low coverage amount — usually up to $40,000 — but doesn’t require a medical exam for approval. This kind of policy is typically used to cover end-of-life expenses, like a funeral.

Some final expense life insurance policies only accept applicants age 45 and up — but others, like Transamerica, accept applications from all ages.

Living benefits

As you shop for life insurance, you might want to consider whether you need living benefits. Many policies have an accelerated death benefit rider included for free, but you can also add a living benefits rider to your policy. This kind of add-on gives you access to some of your policy’s death benefit while you’re alive, usually due to serious illness. 

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Which young adults don’t need life insurance?

The younger you are, the easier it is to lock in a cheap rate on a policy, but life insurance doesn’t make sense for everyone. You probably don’t need life insurance if you are:

  • A low-income earner whose budget simply can’t cover the cost of premiums.

  • Under the age of 18life insurance for children is purchased by parents, usually in the form of a rider on an existing policy.

More about finding your best life insurance policy

Life insurance for young adults FAQs

Is life insurance worth it at a young age?

Life insurance is worth it at a young age if you have financial responsibilities you’d need taken care of if you passed away, or people who depend on your income. Unless you’re a high-net-worth individual looking to expand your pre-tax investment options or somebody who requires lifelong coverage, term life insurance is the most affordable and convenient option for most people, including young adults.

Is life insurance cheaper when you’re younger?

All other factors aside, life insurance is more affordable the younger you are. This is because your mortality risk is lower when you’re younger.

Is term life insurance good for young adults?

Term life insurance can last up to 40 years and is many times more affordable than whole life insurance, so it’s the best option for most people, including young adults. And the sooner you buy coverage, the more money you’ll save down the road, since life insurance gets 4.5% to 9% more expensive on average every year you get older.

Should a young single person get life insurance?

Anyone who has shared debts or someone who relies on their income should consider getting life insurance. This might not be your case if you’re young and single, but if there are people in your life who may struggle financially in the event of your death, you should consider getting a life insurance policy.

References

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Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of oureditorial standards.

  1. LIMRA

    . "

    2021 Insurance Barometer Study Reveals Common Misconceptions That Prevent Americans from Getting Life Insurance They Know They Need

    ." Accessed August 30, 2023.

Authors

Katherine Murbach is an editor and a former licensed life insurance agent at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.

Tory Crowley is an associate editor and a former licensed insurance agent at Policygenius. Previously, she worked directly with clients at Policygenius, advising nearly 3,000 of them on life insurance options. She has also worked at the Daily News and various nonprofit organizations.

Editor

Antonio helps lead our life insurance and disability insurance editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.

Expert reviewer

Eloise Spinello is a life insurance expert and the associate director of partner success for Policygenius Pro.

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