Monday, August 1, 2022

What Are the Best Life Insurance Companies for Young Adults?

If you are a young adult looking for a term life insurance quote for the first time, then keep reading to discover which companies offer the best rates.

A very commonly misconception among Gen Z and young Millennials is that life insurance is only for when you’re older. In fact, it is very beneficial to explore life insurance options while you're young. Not only do young people need life insurance if they have any outstanding debts, it is also the time in your life where you can secure the lowest monthly premium.

If you are searching for an affordable term life insurance quote, then you probably are wondering which providers offer the best prices for the coverage you need to protect your loved ones.

Overall, the process of finding the right insurance company and the right plan for you can get overwhelming since there are so many different companies and policy options. That’s why we’re taking a look at the best life insurance companies for young adults! Let’s find out which companies provide the best coverage at the best price for young people.

1. Fabric
Fabric provides some of the best term life insurance quotes with added benefits perfect for young adults.

Fabric provides young people with a comprehensive financial management application. Image courtesy of Investopedia.
The first insurance provider we’ll be discussing is Fabric.

Fabric is a newer insurance company that caters to young adults who are starting to make their first major financial decisions. Whether you are paying off student loans, planning a wedding, or preparing to have a child, Fabric provides young people with low-cost term life insurance quotes. Fabric also has some additional policy benefits that edge out competitors, for example Fabric allows term life policy holders to convert their policy into whole life insurance without any additional underwriting.

Their policies also allow holders to access their money in the case of a terminal illness diagnosis. Fabric is even able to provide coverage without a medical exam for qualified individuals.

Beyond the benefits of the policies, Fabric also offers an easy-to-use application to help young people plan their finances for the future. Using the Fabric app, users can access their policy, upload a will, designate beneficiaries, and access other tools to help plan for the future—like tools to help you build a savings account. For all of these reasons—plus the fact that there are no hidden fees and a straightforward cancellation policy—Fabric is a top choice for finding a term life insurance quote.

2. Nationwide
Nationwide is a good option for young people who want a diversity of choices for their life insurance policy.

Nationwide is a recognizable and trusted provider. Image courtesy of Investopedia. Everyone has heard of the name Nationwide in reference to insurance.

Nationwide provides several different types of insurance beyond life insurance and is a trusted name in the industry. And there is a good reason for this—because Nationwide is such a large company, they are able to provide more policy options than many of their competitors.

Beyond term life insurance they offer whole life insurance, universal life insurance, indexed life insurance, and variable universal life insurance. They also have several riders that can be useful for young people including chronic illness, terminal illness, and critical illness which are available at no upfront cost.

If you are a young person searching for the lowest possible price, you may want to look elsewhere for term life insurance. Compared to other insurance companies, Nationwide fell middle of the pack when it came to the cost of monthly premiums. But, if you are looking for an insurance company that will give you the most options, Nationwide might be the way to go.

3. Haven Life
Searching for a fast and easy way to get term life insurance? Haven Life could be the answer.

Save money by undergoing a medical exam. Image courtesy of Investopedia. Because of the cost, most young people shopping for insurance are likely to opt for the less expensive option—which is term life insurance.

Haven Life—which only offers term life insurance policies—is an excellent option in this case. Haven Life is unique in that it makes the process of securing a policy as fast and easy as possible. If you apply for a policy online for Haven life, you can get a decision that same day. To further streamline the process, Haven Life accepts credit card payments and does not require a medical exam to provide coverage.

Additionally, for anyone who has questions about Haven Life’s policies, there is an instant chat feature where representatives will answer your questions in real time.

If you are interested in taking a medical exam to get coverage—which many are, considering you can get a lower monthly premium when you’re young and healthy—Haven Life also offers traditional term life insurance plans. Though these plans won’t be approved immediately, they often help young people save money on their monthly payments. 

4. Banner
Inexpensive coverage with terms up to 40 years makes Banner an excellent choice for young people.

Convert your policy until the age of 70 with Banner Life. Image courtesy of Banner is another great option for young people looking to secure coverage on a budget.

A term life insurance policy with Banner ended up being on one of the lowest cost options we examined. Another great perk of using Banner for life insurance is that terms are available for up to 40 years, which is usually the upper limit for life insurance terms. They also offer convertible policies that you can convert up until the age of 70.

Just like a few of the other providers we’ve discussed Banner also offers no-medical exam coverage for those who qualify. Overall, the main draw of banner is the low price for term life insurance. This is definitely one of the better options when it comes to getting the coverage you need without breaking the bank. Plus, the option to convert to whole life until 70 is a pretty enticing added benefit.

5. Protective
Protective provides low-cost coverage with a good selection of policy options and riders.

Protective offers a diverse set of policy options. Image courtesy of Business Wire. Much like Banner, Protective life insurance offers cost-effective life insurance policies that are well suited for young people.

In fact, the two companies boast similar features including 40-year term lengths and same-day coverage for no-medical exam applicants.

The difference between Protective and Banner is that Protective offers more options in the form of policy types and riders. Protective offers term, whole, universal, indexed, and variable life insurance policies.

And there you have it! The best life insurance companies for young adults. Remember, the only way to ensure that you are getting the right coverage at the right price is by shopping around and comparing prices from different providers. It is also important to remember that the best time to secure a low rate is while you’re young—so don’t put off getting life insurance coverage!