In the exhilarating journey of adulthood, marked by independence and burgeoning aspirations, securing financial well-being becomes a paramount consideration. Choosing the right life insurance is a critical step for young adults, offering a safety net that complements the vibrancy of youth. In this blog post, we’ll explore the best term life insurance companies’ tailor-made plans for young adults, ensuring a seamless blend of coverage, flexibility, and affordability.
Why Life Insurance Matters for Young Adults
Before delving into the best life insurance companies, let’s understand why it’s essential for young adults to consider this financial safeguard. Life insurance provides not just peace of mind but also acts as a foundation for future financial stability. In the event of unforeseen circumstances, having the right policy ensures that loved ones are protected, debts are covered, and dreams are preserved.
Best Life Insurance Companies for Young Adults
When searching for the best life insurance for young adults, begin by examining the guide provided below. It includes details on durations, premium structures, cash value components, and all the essential information you require to identify the policy that best suits your needs, especially if you’re between 18 and your mid-30s.
1. MassMutual
This insurance policy establishes additional cash value with interest and dividend payments. Typically, it has the ability to enhance the value of the policy for your beneficiaries without requiring any additional contributions from you.
In addition, these dividend payments are frequently used to cover premium costs and obtain additional life insurance coverage. MassMutual is considered the best as it offers financial health, which enables young adults to get overall life insurance.
Furthermore, MassMutual’s orientation process enables you to engage with a financial professional, providing personalized advice for your life insurance purchase tailored to your goals. This proves particularly beneficial for young adults who may not be entirely certain about their choices for a policy.
2. Symetra
Symetra is recognized as the best choice for term life buyers due to its low-term life insurance rates. Additionally, it offers competitive policies for cash-value life insurance.
However, the low cost associated with Symetra’s SwiftTerm term life insurance is available for individuals under the age of 60 seeking coverage of up to $3 million. Notably, this coverage can be swiftly acquired without the need for a medical exam.
3. Lincoln Financial Group
Lincoln Financial Group provides a swift, electronic orientation experience through Lincoln TermAccel for its term life insurance. New customers can secure a new policy within just two days.
Typically, this swift orientation process from Lincoln is particularly attractive to young adults seeking a quick solution for their life insurance needs. The company’s term life companies also provide flexibility in terms of duration and enable you to change temporary coverage into a permanent life insurance policy.
In addition, renewing your term life coverage upon expiration offers plans with up to $2.5 million in protection through LincolnTermAccel. Regardless of the chosen policy, Lincoln provides access to live chat support during specific hours, enhancing the ease of obtaining assistance when needed.
4. Corebridge Fianacial
Corebridge’s Select-a-Term policy, previously known as AIG Life and Retirement, offers highly competitive rates that can attract people seeking term life insurance. Also, it has remarkably low rates only for young adults.
However, buyers of term life insurance can personalize their coverage with a flexible term length ranging from 10 to 35 years, including options like 18 years. It uses a feature to accelerate death benefit riders. This allows policyholders to access benefits if their life expectancy is 24 months or less.
5. Nationwide
Nationwide provides universal life insurance policies to borrow in times of need. These policies accumulate cash value over time, which can be utilized as a borrowing option.
One standout benefit is the ability to use the accumulated cash value to assist in covering long-term care expenses. Typically, this feature increases the policy’s ability beyond traditional life insurance, offering a valuable financial resource for various needs.
The universal life insurance policies from Nationwide are recognized for their highly flexible nature, both in terms of protection and premium payments. This adaptability ensures that policyholders can tailor their coverage to meet evolving financial circumstances while maintaining control over their premiums.
6. Pacific Life
Pacific Life stands out as a powerful board in various aspects due to its competitive rates and outstanding coverage features. Notably, it has low average costs for term life insurance, making it a particularly appealing choice for young adults.
The company’s commitment to affordability is evident, especially in its offering of remarkably low rates for $1 million in term life insurance policies. Additionally, Pacific Life excels at providing high coverage amounts without requiring a medical exam. And its policies extend up to $3 million.
Additionally, ensuring coverage lays in guaranteed renewability until the policyholder reaches the age of 95.
7. New York Life
New York Life provides permanent life insurance plans that have garnered positive feedback from satisfied customers.
For young adults, pre-designed policies may not always meet their life insurance requirements. At New York Life, this is not a problem. The company allows you to customize your life insurance policy according to your preferences.
In addition, you have the flexibility to customize your plan with optional riders. These may include features like disability waivers of premiums, chronic care coverage, and living benefits.
8. Principal
Principal’s term life insurance policies present rates for young adults along with valuable coverage features. In addition, competitive rates are available for term life insurance.
Depending on their health condition, young adults seeking life insurance might qualify for coverage up to $3 million without the need for a medical exam. The policy is renewable until the age of 95. Meanwhile, after the level-term period concludes, the renewal rates will be higher.
9. Protective
Protective stands out as one of the best life insurance companies for young adults as its plans provide competitive internal policy expenses, catering to a wide range of customer ages and health problems. This ensures a higher portion of your premium is directed towards accumulating cash value.
The company has displayed exceptional performance in bonds and mortgages, supporting the cash value with its universal life insurance policy illustrations. Furthermore, for those considering term life insurance, the Classic Choice policy from Protective stands out due to its cost-effectiveness.
Protective is essential not only for its affordable rates but also for providing term lengths that surpass the conventional 30 years. The term option includes 10 to 40 years, providing flexibility to potential policyholders.
10. Ameritas
This insurance company has a trusted concern for young adults who purchase life insurance at strategized rates. However, this term rate offers a wide range of 20 and 25 years old and can be revived until the age of 95 by the policy.
In addition, as the rates increase annually, the era of the level term concludes. This enables people to switch places for permanent policy within five years.
How You Can Choose the Best Life Insurance for Young Adults
In constructing a list of the best life insurance companies for young adults, we have carefully considered the following steps:
• Financial Stability
Some companies’ financial stability has been reviewed to assess their ability to fulfill future claims. Moreover, the evaluation and measurement of rates have been examined by respected third-party organizations.
• Customer Satisfaction
In evaluating customer satisfaction, a case study has been conducted. This study conducted a comparison of the performance of various life insurance companies to evaluate customer satisfaction.
• Products Offering
We have reviewed the array of products offered by each provider and also carefully considered how they fit the specific needs of young adults purchasing life insurance.
• SupportAvailability
We have analyzed the support channels and availability hours provided by each life insurance company to evaluate how to assist customers easily.
While these factors may not cover all aspects of your search for a life insurance company, it is advisable to conduct an additional search. However, you can contact an insurance broker if you have personal needs that are not mentioned here.
Conclusion
Choosing the best life insurance plan for young adults depends on your financial plans. If you have a particular obligation, like paying off your mortgage or student loans, term life insurance may be the right choice.
