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 | |
|---|---|---|---|---|
5.0/5 ★ | Overall, no-medical-exam | A | ||
4.9/5 ★ | Cheapest for millennials, young families | A+ | ||
4.9/5 ★ | Whole life insurance | A++ | ||
4.8/5 ★ | Term life insurance | A+ | ||
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.
Best overall life insurance for young adults: Brighthouse Financial
2024 Policygenius award winner
Brighthouse Financial
5.0
No-medical-exam option
Why we chose it
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 cons
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.
Cheapest life insurance for millennials: Legal & General America
2024 Policygenius award winner
Legal & General America
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Legal & General America, which also does business as Banner Life and William Penn, has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
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.
Best life insurance for young families: Legal & General America
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
2024 Policygenius award winner
Pacific Life
4.8
All 50 states
No-medical-exam option
Why we chose it
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 cons
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
4.6
No-medical-exam option
Why we chose it
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 cons
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
2024 Policygenius award winner
MassMutual
4.9
All 50 states
Why we chose it
MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.
Pros and cons
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.
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 |
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 10/01/2024.
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.
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.
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.
More about finding your best life insurance policy
