Life insurance
for young adults

There’s no definitive age which is best to arrange life insurance, so this decision will be unique to you.

It’s possible to take out cover up to the age of 85 but you should be aware that the longer you put off securing cover, the more you’re likely to pay for life insurance.

While you’re in young adulthood you may not have a steady partner or children but it’s important to consider your funeral costs if the worst happened.

The average cost of dying has risen significantly over the past 17 years and now resides at £9,200^[2].

If the value of your estate (any money, possessions and property you own) is not sufficient, your loved ones will need to pay for this cost out of their own pocket.

Therefore, even at a young age it can be beneficial to have some form of life insurance in place.

At Reassured, life insurance for a 30-year old can be arranged from just 20p-a-day.

Although the price you pay will vary as insurers calculate the exact price of life insurance premiums based on the level of risk you pose.

Being a young adult means you can benefit from lower premiums due to your age and likely better health.

The table below shows example prices for those in their 30s. Quotes are based on a non-smoker, in good health, for £100,000 of cover:

As you can see from the table above, pricing can increase significantly based on age. Waiting until your late 30s could mean you pay much more for your cover.

Seize the day and arrange affordable cover as a young adult to lock-in your lowest premium we can offer, contact Reassured for your free quotes.

Due to surging house prices, it can now take longer than ever to save to buy a property. However, the average age of a first-time buyer in the UK is still in early adulthood at 34-years old^[5].

Whilst it isn’t a legal requirement to have life insurance when purchasing a property, it’s usually recommended.

Even if you have no dependants who are reliant on a family home, if you’ve purchased a property with a partner, friend or family member a pay out from a life insurance policy can help them to keep up with mortgage payments after your passing.

Without life insurance, your death could mean that the house is repossessed or sold to cover any outstanding debt.

Taking out life insurance at the point of purchase means you’ll benefit from locking in low premiums due to your age, allowing you to help safeguard this large asset for any children you may have in the future.

Therefore, you can rest assured that if the worst were to happen, your pay out will help to cover your mortgage.

Contact Reassured for your free mortgage life insurance quotes.

While taking out life insurance at a young age can help you save money on your premiums, if you’re a young adult who smokes you’re likely to experience inflated premiums.

Not to mention, as a smoker, the longer you put off taking out cover the more you’ll pay compared to a non-smoker.

For example, a smoker in their 20s may face an increase of around 25% - 30%, whereas someone in their 50s could end up paying double the price of a non-smoker^[6].

The table below shows the price comparison between a smoker and a non-smoker.

Quotes are based on an applicant in good health for a level term life insurance policy with a 20-year term for £100,000 of cover:

As the table shows, it’s even more beneficial for smokers to take out life insurance as young as possible to secure the most affordable rate.

Quitting smoking can help you to save money on premiums regardless of age, however, you’ll need to be free of nicotine for at least 12 months before you’ll be offered non-smoker rates.

It’s possible to get affordable smokers life insurance by comparing quotes. At Reassured, we can provide quotes from multiple insurers free of charge, to help you find the best deal we can offer.

Debt in the UK is on the increase and is particularly prevalent amongst young adults.

The remaining balance of each of these could be repayable upon your passing.

Whilst debts don’t become the individual responsibility of others, the outstanding balances will be recovered from your estate.

If you were to die with no assets, the balance of your debt is written off but there’ll be no legacy to leave behind for loved ones.

In some instances, payment plans or rental agreements are put in place with the use of a guarantor, (usually a parent). If this is the case, your death could mean the responsibility of this outgoing becomes theirs.

The pay out from your life insurance could be used to help cover the remaining balance of any debt in your name.

To ensure your loved ones, including parents, are protected, contact Reassured.

For young couples, taking out a joint life insurance policy can help you to save even more money.

This is because you’ll only need to pay one premium for a policy that covers both lives simultaneously.

However, there will only be one pay out (which is usually after the first death).

This could mean that not enough cover is in place should you both pass away at the same time, affecting the financial stability of your children.

Due to your age it could be financially viable to take out two single policies to provide two separate pay outs.

The table below shows a price comparison between a joint life insurance policy compared to two single policies.

Quotes are based on non-smokers, in good health, for a level term life insurance policy with £100,000 of cover over a 30-year term:

One of our life insurance experts would be happy to help you conduct a full joint vs single life insurance comparison.

It's ideal to take out life insurance in young adulthood as you can lock-in low premiums for the foreseeable future.

As discussed, invoking a special events option allows you to adjust your cover at a later stage to suit any change in circumstances.

Putting off arranging cover until you're older will mean you're subject to increased premiums that come with age.

Therefore, arranging cover as a young adult can be a sensible decision.

To obtain your free life insurance quotes, contact our award-winning team.