Life Insurance for Young Adults

young people life insurance

It’s often assumed that life cover is only for the ‘older generation’ and is not worth getting while you’re still young, but this certainly isn’t true for everyone. When considering Life Insurance it is important to think about your priorities not only now, but in the coming years.

Additionally, if you’re a young adult who has commitments like a mortgage or children then life insurance should be something you think about.

Life Insurance benefits for young adults

There are some great advantages in taking out a policy whilst you are young and healthy:

  • Benefit from premiums as low as £3 per month
  • Your premiums are calculated using your current health and won’t increase
  • You can lock in your price. e.g. If you take a 40 year policy term now you could be paying up to half your premium cost compared to taking the same policy out years later

An example of cost-savings for millennials

Get cover of up to £150,000 life cover plus £25,000 critical illness cover) for as little as £7.39 a month*.

*Based on a young adult non-smoker born on 9th January 1995 who takes out a decreasing term policy for 25 years

AgeLife cover premium (with CI) per month

Prices correct as of 06/11/2015.

Getting monthly life cover when you’re 20 can be up to three times cheaper than when you’re 40 and you’ll pay the same premium for the whole term of your cover. This means you could save yourself up to £14 a month for 25 years, a total of £4200 over your policy term**.

**Based on the level of cover taken at the time of application

Life insurance for the young and single

Life insurance may not just be relevant to those with children, who you choose as a beneficiary of your policy is up to you. So should your parents, grandparents or siblings out live you then a life insurance policy can help you to provide for them in the future should the worst happen. Remember beneficiaries are free to spend the policy pay out as they see fit, for example your pay out could have any of the following uses:

  • Your pay out could be held in trust for siblings, nieces or nephews
  • To cover care home costs for parents or grandparents
  • To help relatives have a more comfortable retirement