Life insurance is often overlooked by young adults, but securing a policy early can be a smart financial move. Here are seven of the best life insurance policies for young adults, offering a mix of affordability, coverage, and benefits.
1. Symetra SwiftTerm
Why It’s Great: Symetra SwiftTerm offers competitive rates and a straightforward application process. You can get coverage up to $2 million without a medical exam, making it a convenient option for busy young adults. Pros:
No medical exam required for up to $2 million coverage
Quick and easy online application Cons:
Limited policy customization options
2. Corebridge Financial Select-a-Term
Why It’s Great: Corebridge Financial provides flexible term lengths and coverage amounts, allowing you to tailor the policy to your needs. It’s ideal for those looking for customizable options. Pros:
Flexible term lengths
Customizable coverage amounts Cons:
Higher premiums for shorter terms
3. Lincoln Financial TermAccel Level Term
Why It’s Great: Lincoln Financial’s TermAccel Level Term is known for its affordability and strong financial ratings. It’s a solid choice for those seeking reliable coverage from a reputable company. Pros:
Affordable premiums
Strong financial stability (A+ rating) Cons:
Requires a medical exam for higher coverage amounts
4. Pacific Life PL Promise Term
Why It’s Great: Pacific Life offers a range of term lengths and coverage options, making it suitable for various financial situations. It’s particularly beneficial for those looking for long-term coverage. Pros:
Wide range of term lengths
Competitive rates Cons:
Limited online application options
5. Principal Term Life
Why It’s Great: Principal’s Term Life policy is known for its comprehensive coverage and additional benefits, such as accelerated death benefits. It’s a great option for those who want more than just basic coverage. Pros:
Comprehensive coverage
Additional benefits like accelerated death benefits Cons:
Higher premiums compared to basic term policies
6. Protective Classic Choice Term
Why It’s Great: Protective’s Classic Choice Term offers some of the most competitive rates in the market. It’s ideal for young adults looking for affordable, long-term coverage. Pros:
Competitive rates
Long-term coverage options Cons:
Limited policy customization
7. Ameritas Value Plus Term
Why It’s Great: Ameritas Value Plus Term provides a good balance of affordability and coverage. It’s a solid choice for those who want reliable coverage without breaking the bank. Pros:
Affordable premiums
Reliable coverage Cons:
Fewer additional benefits compared to other policies
Why Young Adults Should Consider Life Insurance
Securing life insurance at a young age can provide peace of mind and financial security for your loved ones. Here are a few reasons why it’s a smart move:
Lower Premiums: Younger individuals typically pay lower premiums due to their lower risk profile.
Financial Protection: Life insurance can cover debts, such as student loans or a mortgage, ensuring your loved ones aren’t burdened financially.
Future Planning: It can be part of a broader financial plan, helping you prepare for future responsibilities like marriage or starting a family.
Conclusion
Choosing the right life insurance policy is a crucial step in securing your financial future. By considering these top policies, young adults can find the coverage that best fits their needs and budget. Remember, the earlier you start, the more benefits you can reap in the long run.