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Best life insurance for young adults (2024)

Our top picks for life insurance in your 20s and 30s include Brighthouse Financial, Legal & General America, 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|5 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.

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Life insurance can help your loved ones manage expenses if you pass away unexpectedly. Buying life insurance as early as possible is one of the most affordable ways to protect your loved ones financially in the future.

We used industry data, cost estimates from Policygenius carrier partners, and ratings from third parties like AM Best and J.D. Power to pick the best insurers on the market — whether you’re a millennial or Gen Z. Our independent recommendations will help you get life insurance coverage with confidence.

Insurer

Policygenius rating

Best for

AM Best rating

Brighthouse Financial

5.0/5 ★

Overall, no-medical-exam

A

Legal & General America

4.9/5 ★

Cheapest for millennials, young families

A+

MassMutual

4.9/5 ★

Whole life insurance

A++

Pacific Life

4.8/5 ★

Term life insurance

A+

Transamerica

4.6/5 ★

People who smoke, students

A

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

Best overall life insurance for young adults: Brighthouse Financial

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2024 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

According to our analysis, Brighthouse Financial features one of the best overall life insurance plans 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

We think Brighthouse SimplySelect® by Brighthouse Financial is the best no-exam life insurance policy on the market for young people. No-exam policies let you skip the medical exam that’s a standard part of the life insurance application process and simply ask a series of questions about your health.  

Brighthouse’s SimplySelect is available exclusively through Policygenius and was selected by Forbes as the best no-exam policy on the market. [1]

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

We found that Legal & General America (which also does business as Banner Life and William Penn) offers some of the cheapest life insurance rates for millennials regardless of their health profile. The company offers no-medical-exam and instant-decision options for millennials who are in excellent health or have just one or two minor and well-controlled health conditions.

Our analysis found that young families can purchase 35-year or 40-year term life insurance policies from Legal & General America at an affordable cost. The company’s affordable rates can help newlyweds and parents-to-be alike protect their children until they’re financially independent.

Best term life insurance for young adults: Pacific Life

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2024 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

According to our analysis, Pacific Life offers the most affordable term life insurance for young adults. The company is A+ rated according to AM Best and offers term lengths up to 30 years.

Young adults age 18 and up who are in otherwise good health can be approved for life insurance more quickly and easily with Pacific Life than with other insurers. You can skip the medical exam during your life insurance application and, instead, simply complete a health interview online or over the phone.

Best life insurance for students: Transamerica

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

We found that Transamerica offers affordable rates, high coverage amounts, and attractive no-exam options for many people in their 20s and 30s. This includes 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 is also our top pick for people who smoke or recently quit smoking. It can offer smokers and former smokers cheaper rates compared to some of its competitors. Also, the company’s application process is simple and doesn’t always require a medical exam — especially if you don’t have many health conditions.

Best whole life insurance for young adults: MassMutual

award icon

2024 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

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

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How much does life insurance for young adults cost?

A 30-year-old non-smoking female in good health can expect to pay $22.98 per month for a 20-year term life insurance policy with a $500,000 payout. A 30-year-old non-smoking male with a similar profile can expect to pay $29.32 per month for the same coverage.

Age

Gender

Non-smoker

Smoker

20

Female

$22.65

$60.59

Male

$30.20

$76.43

25

Female

$21.41

$59.74

Male

$28.20

$75.47

30

Female

$22.98

$65.75

Male

$29.32

$80.95

35

Female

$26.28

$80.33

Male

$31.92

$96.21

Collapse table

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 Brighthouse Financial, Corebridge Financial, Legal & General America, 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 03/01/2024.

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

The best type of life insurance for most young adults is term life insurance. Term life is affordable, easy to manage and understand, and only lasts during the period of your life when you have the biggest expenses, like paying down a mortgage or raising children. 

During my time working as a licensed agent, most young adults I’d speak to would opt for term life. 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 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. 

Accelerated underwriting policies don’t require a medical exam for approval. For some millennials with few health conditions in their medical histories, this can be a good option for getting term life insurance quickly — sometimes in a matter of days.

Other life insurance options for millennials & Gen Z

  • Whole life insurance is a type of permanent life insurance that doesn’t expire and can be a good fit for high-net-worth individuals who have already maximized contributions to other tax-advantaged accounts and want another savings vehicle. However, it’s much more expensive than term life.

  • Final expense insurance doesn’t expire and offers a low coverage amount — usually up to $40,000 — that can help to cover end-of-life expenses, like a funeral or medical bills. It doesn’t require a medical exam for approval. Not all final expense policies are available for people under age 45, but an independent broker can help you explore your options.

  • Group life insurance is term life coverage offered through your employer or trade organization as part of a benefits plan. It’s often subsidized by your employer, so you’ll pay little to no premiums, but you’ll usually lose the coverage if you change jobs.

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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.

But many young adults overestimate the cost of life insurance. LIMRA, a research, consulting, and professional development organization for financial services, found that 44% of millennials estimated that a 20-year term life insurance policy would cost $1,000 or more per year — but the actual cost of the policy was only $165 per year. [2]

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

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Which young adults don’t need life insurance?

Life insurance doesn’t make sense for everyone. You probably don’t need life insurance if you’re:

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

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

Forty-nine percent of Gen Z reports a life insurance need gap, meaning they know they need coverage and they don’t have it yet [3] — but if you’re not certain you fall into this category, you can contact a Policygenius expert for free to talk through your options.

Frequently asked questions

Is life insurance worth buying at a young age?

Life insurance is worth buying if you have financial responsibilities your loved ones would need to handle if you passed away — or if you’re preparing for a major financial milestone, like getting married, having a child, or buying a house. If that’s your case, you can buy life insurance as early as age 18.

Is life insurance cheaper to buy 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 is the best life insurance option for young adults. It can last up to 40 years and is much more affordable than whole life insurance. And the sooner you buy life insurance, the more money you’ll save down the road — 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. If you’re young and single this might not be your case. However, 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 and naming them as your beneficiaries.

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. Forbes

    . "

    Best No-Exam Life Insurance

    ." Accessed March 20, 2024.

  2. LIMRA

    . "

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

    ." Accessed March 20, 2024.

  3. LIMRA

    . "

    2023 Insurance Barometer Study

    ." Accessed March 20, 2024.

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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