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No one wants to think about how much life insurance they'll need. While thinking about your or a family member's death might be morbid, it is critical in preparing for a possible future without that person.
Life insurance for Millennials can be especially tricky. Young people may not think it's necessary, but its a crucial part of financial planning for families.
Generally, term life insurance is how much you'll need when starting out in life. Term life insurance provides coverage for a set period, such as 20 or 30 years. It can provide protection against financial difficulties your survivors might face when they die prematurely before reaching retirement age.
Based on our research, these are the best life insurance companies for young adults.
Best Life Insurance Companies for Young Adults
|Ladder||Those that may want to decrease coverage in the future|
|Haven Life||Healthy people|
|Everyday Life Insurance||Completely online process|
|Insurify||Multiple life insurance quotes from different companies|
|Lemonade Life||Affordable life insurance|
|Sproutt||Rewarding healthy lifestyle|
|Bestow||Term life insurance|
|Avibra||Free life insurance|
|MassMutual||One of the best overall life insurance companies|
|Northwestern Mutual||One of the top whole life insurance companies|
Ladder – Those that may want to decrease coverage in the future
Ladder’s goal is to help users build a lifetime of financial security with one policy. To accomplish that, the company offers term life insurance policies that come with 10 to 30-year term coverage, which allows their customers to adjust their coverage at any point within those years without incurring added fees or penalties.
For instance, if you originally chose $500K in coverage but would like to make some changes five years down the line, you can ladder your coverage down, thus lowering your monthly premiums, rather than forcing you into an entirely new policy.
Haven Life – Healthy people
Haven Life is an insurance company created for those who lead healthy lifestyles as well as those who suffer from existing conditions. The company bases its rates on whether or not the policyholder already has current health problems, so users can enjoy discounted rates if they choose coverage that isn't affected by their existing status.
The quotes you receive from Haven Life are personalized and eliminate any and all unnecessary costs. For instance, if you use tobacco products and already have a heart problem, then your potential premiums will be much lower than someone with identical physical stats but no pre-existing medical issues whatsoever. This means healthier individuals without serious conditions benefit just as much as those coping with existing ailments such as diabetes or high blood pressure.
Everyday Life Insurance – Completely online process
Everyday Life Insurance is an online platform that simplifies the often confusing process of buying life insurance. It offers customers the convenience of obtaining life insurance quotes and applying for plans online.
Notably, its policies automatically adjust to ensure customers only pay for what they need. The application process is straightforward: users complete a questionnaire, review suggested plans tailored to their profiles, and then finalize their choice.
Most approvals come swiftly, sometimes in less than 15 minutes. Though a newer player in the market, having been established in 2018, Everyday Life is backed by long-standing institutions like Legal & General and Fidelity Life. While some may prefer insurers with a longer track record, Everyday Life's technology-driven approach, combined with its partnerships, makes it a compelling option for those comfortable with online transactions.
Everyday Life provides you with term life at a reasonable price. With little information, you may get a quote and decide whether or not to go forward. Even after you've obtained a policy, Everyday Life aims to make things simple by offering personalized customer service anytime you need it.
Insurify – Multiple life insurance quotes from different companies
Insurify is an online life insurance quote provider that allows you to compare quotes from different insurance companies. By conducting an online quote, they are able to present multiple choices with their real rates.
First, users create an account with their name, email address and zip code. Then, they answer a short interview about their age, smoker habits and medical history. Lastly, they choose any brand or company for comparison quotes. As soon as submitted, users receive quotes from different companies like MetLife (company) and New York Life (company).
Insurify is a valuable tool for anyone trying to find the best life insurance quote at the lowest price. There are over 200 companies associated with Insurify, so users can search by their location and find quotes from reputable insurance carriers. Users' personal information is never shared or sold. This makes comparing plans without going through an agent easier than ever before.
The service provides a valuable link between a prospective client and multiple independent insurance agents. The end result of this process is lower prices, more options and better customer satisfaction as a result of transparency provided by Insurify's online system.
Lemonade Life – Affordable life insurance
Lemonade Life is a new service that compares and finds insurance quotes based on age, smoker status, gender and health history. It operates as an alternative to using an agent or broker to find the right plan for your specific needs.
The system creates a secure profile for access to free life insurance rates from many of America's top companies. Users just need a valid email address and a state-issued ID in order to create their personalized profile.
As part of their services, Lemonade has developed a unique search tool that allows users access over 200 policy options from different carriers all at once. This can help them save up to 30% on coverage they might not have been able to afford otherwise.
Fabric – New parents
Fabric is the first insurance company that specifically caters to new parents. Its policies are designed to provide coverage for extra expenses, including child care and home healthcare, in addition to traditional medical costs.
You could be approved immediately—literally in less than a minute after applying. The proprietary algorithms to determine which applicants qualify for this “accelerated underwriting” and can approve them right then and there.
The acceleration doesn’t end there—even if the algorithm doesn’t accelerate you automatically, humans then look at your application to see if you’re able to skip the health exam.
It's the best life insurance for busy parents as it offers:
- Up to $5,000,000 in coverage (up to $1,000,000 in no-exam coverage for those who qualify)
- Up to 30-year terms
- Fabric built its own “underwriting workbench” to underwrite cases faster and more efficiently than ever.
- Fabric built a feature so you can share your term life insurance policy details with your beneficiary directly. No pushy sales calls.
- BBB accredited with a grade of A+
- Rated A+ by A.M. Best
When you receive an offer, you can choose to amend your coverage amounts and term lengths prior to purchasing. This lets you view multiple combinations and options to find a premium that best fits your budget and your family’s needs.
As a company, Fabric has over almost 1,300 reviews on TrustPilot, 97% of which are four and five stars. Term life insurance is available to nearly all customers (The only exceptions are NY and MT where they do not offer life insurance yet).
Avibra – Free life insurance
Avibra actually offers free insurance through its app. Once you answer a few basic questions about your lifestyle and health, Avibra shows how much life insurance coverage you currently need as well as what options are available to best suit your needs.
Just because something is free doesn't mean it's low quality or ineffective. In fact, Avibra boasts some of the lowest premiums on the market today while still offering its customers options for transferring their current policy if they would like to change carriers in the future.
Being able to compare accurate quotes without jeopardizing one's privacy is extremely important when searching for affordable rates on life insurance. Although most people assume these policies are reserved for senior citizens or those with terminal illnesses, that isn't always the case.
Avibra is a 100% free-to-use app that uses data science and machine learning to track your everyday habits and let you know what you are doing well in areas that span across health, finances, career, relationships and your community. In the process, your insurance coverage grows weekly with your positive habits.
Sproutt – Rewarding a healthy lifestyle
Protect your family with Sproutt life insurance. Sproutt is a health insurance company that rewards you for living a healthy lifestyle. Insurance companies are based on the premise of shared risk, which means they want to insure healthier people in order to offset the cost of covering high-risk individuals.
Individuals who live a healthy lifestyle can expect to pay less in premiums than their unhealthy counterparts. Due to this fact, Sproutt asks users questions about what they eat and drink, how often they exercise, any medical conditions or existing medications they might have and more when signing up with their service.
After completing your profile, you will automatically start earning points each time you interact with the community by sharing activities.
At Sproutt, they provide coverage according to your lifestyle, preferences, and needs. They are able to analyze and map a large variety of insurance companies and products based on its proprietary technology and human perspective. The outcome is an optimal approach in pairing you with the specific insurance coverage you need.
With Sproutt, you begin by filling out a questionnaire online about yourself and your lifestyle. This gets your application started and then reviewed by our insurance carriers or underwriters and eventually activates your policy.
Bestow – Term life insurance
Bestow is a free service that lets users compare insurance quotes online without sacrificing their privacy. Users simply sign up with the company, answer a few questions about themselves and start receiving quotes from top carriers offering affordable rates. The process takes mere minutes to complete, yet it can save each user hundreds of dollars on their existing policy or help them find a better option altogether.
Bestow was created to give simple, affordable, and easy access to term life insurance. With premiums starting at only $10 per month, no medical exams and quick online application, getting life insurance may be one of the smartest things a Millennial can do in their 20s and 30s.
Bestow specializes in fast life insurance. It scans your online application for information, obtains instantly accessible data about you (with your permission) and applies algorithms to decide if you meet the criteria and set a price. Everyone who meets the criteria may enroll right now without having to take a medical examination.
MassMutual – One of the best overall life insurance companies
According to an article published by Kiplinger, MassMutual is one of the best providers in American for those looking for simple coverage at reasonable rates.
MassMutual's basic whole life insurance policy starts as low as $399 per year (for a healthy 40-year-old male) and provides up to $5 million in coverage with no medical exam required. This allows anyone — regardless of age or health status — to receive affordable protection that protects their family's future no matter what happens.
Northwestern Mutual – One of the top whole life insurance companies
Northwestern Mutual has been a top provider of whole life insurance since it started in 1857.
The company's policy features a basic annual premium of $490 for a 40-year-old male, which is established by his age and health status rather than any of the riskier personal questions that other companies ask during the application process.
In addition to this basic rate, Northwestern Mutual offers its customers options such as an accelerated death benefit rider on their policy. This means if the owner dies within a specific time frame from when he purchased his coverage, then his beneficiaries will receive double what they originally planned on receiving.
Top Reasons Why Millennials Need Life Insurance
As most Millennials are busy living their lives to the fullest, they may not remember that youth is not a guarantee for anything.
When you are young, it seems impossible that you will ever die or that you would have any need for life insurance. Millennials may not see the practical advantages of getting life insurance while they are young.
At some point, life insurance will become a necessary expense. In order to protect your family from the unexpected hardships that can come after a death in the family, life insurance should be a priority at any age. For Millennials, there are some great advantages to getting life insurance coverage earlier rather than later.
We are going to take a quick look at a few of the things that Millennials should know about investing in life insurance.
Why You Should Get Life Insurance in Your 20s
Does this sound like you: “Should I get life insurance in my 20s?” if so, buckle up and learn about the very real reasons that you should definitely consider it.
1. Leave your family up to $1M
Who doesn't want to be a millionaire?
While we don't all have trust funds waiting for us, there is still a way to set up your loved ones with up to $1 million in life insurance — and you don't even need to be rich.
Wouldn’t it be great if you could do this for as little as $10 a month without dealing with all the hassle of wasting your time or money?
You don't have to have money in your pockets to get a free quote from Haven Life.
If you’re interested, I recommend you sign up for more information from Haven Lift by clicking here.
2. Funerals are costly
The cost of dying is getting higher every year. If you don’t have a pre-arranged funeral plan or a life insurance policy in place, your family could be left with staggering funeral costs.
If you have young children, you will be able to help secure their financial future and even contribute to their educational costs.
Many Millennials are under the strain of a lot of debt from first mortgages and school loans. When an unexpected death or accident occurs, you want to protect your family from being on the hook for all of your debt, causing them financial hardship.
3. It's cheaper
There is no better time to get life insurance than when you are in the peak of health. Younger and healthier Millennials can enjoy the benefits of low premium costs, making it an easier expense to afford.
You can lock in your lower rates for a 30-year term policy and get all the benefits of full coverage on the cheap.
4. You can build equity
Millennials are finding it difficult to build up any kind of savings. With large amounts of debt to carry from new mortgages and old school debts, putting money aside for the future just isn’t possible. Life insurance is a necessary expense that can pay back out down the line.
Whole insurance policies carry a bit higher premium costs but can help you build up equity that you can borrow against later. A percentage of the premiums to be filtered into an investment account that can be used to build a portfolio.
Read more: Infinite Banking Concept – How to Borrow Cash from Own Your Life Insurance Policy
5. Supplement workplace coverage
Company insurance policies can provide you with enough coverage to take care of your basic funeral expenses but are often not enough protection for the future. On average, company policies will only cover your costs for 1-2 years.
It is recommended by investment and financial experts to have at least 10-12 years of coverage to be safe. A lower-cost Term policy is often enough of an investment to provide affordable supplement coverage to protect your family and future.
Essential tips for buying life insurance
When you're in the market for buying life insurance, be sure to remember the following.
- If necessary, take advantage of the “free look” period
- Compare apples to apples
- Understand that life insurance is designed for protection
- Enhance your coverage with policy riders if necessary
- Buy from a reputable life insurance company
There's a lot of misconception about a life insurance policy, primarily due to the way life insurance coverage products have been offered through the years in the USA.
Things are evolving in the life insurance space, with affordable term quotes with no physical exam, with access to quick life insurance quotes just a click away, it's important to avoid some common life insurance mistakes. A popular mistake for young people and Millennials is buying whole life insurance over term life.
A term life insurance policy is the best alternative to whole life insurance. This type of life insurance policy ends after a specified amount of time. And because it is cheaper as compared to whole life, you can buy a lot more coverage for the same amount of money.
To chalk it up, things like life insurance and funeral costs are not often a top consideration for the younger generation. Millennials should learn about the benefits of having the right life insurance policy to help protect their families and secure their futures.