Term Life Insurance For 20 to 29 Year Olds // Free Quotes & Tips In Feb 2024

Written By Licensed Agent Sa ElFebruary 15, 2023

Being in your twenties is fun and challenging and things are always in a constant state of change.

But here's the thing:

A majority of people in their 20's don't have a life insurance policy because they think they can't afford it.

term life insurance for 20 to 29 year olds

But, in all honesty, neither of those reasonings are true.

In this post today, I will help you understand why you need life insurance in your 20's, what determines the pricing and how to get the most affordable rates

I'm In My 20's Why Do I Need Life Insurance?

I tell people constantly that if I wasn't in the life insurance field, I probably wouldn't have purchased life insurance in my 20's. 

The truth is that life insurance usually isn't on anyone's mind until a tragedy happens and we see the aftermath of what a family had to go through.

The problem is that if your family is the one faced with a tragedy, how will the aftermath look for them?

The best thing about life insurance is that you can add beneficiaries whenever you want.

This means if you purchase life insurance when you are much younger, you will get the best rates and be able to add people as beneficiaries as your life changes.

There are a ton of reasons why you should buy a term life insurance policy in your 20's but just think about these few things: 

Getting Married

Are you planning to get married in your 20’s or early 30’s? You are probably going to be taking on debt such as a mortgage, credit cards, a car payment or have outstanding student loans.  This can really leave your partner in a financial mess if you die suddenly. These obligations don’t just go away – they have to be satisfied and your spouse may not be in a situation where they can't cover everything.

Having Kids

Having kids is a huge responsibility and they rely on you for everything, just imagine if you were to pass away without leaving them any type of financial security, what would their future look like? 

Having A Business

Having a business is like having a Kid, in the beginning it will require everything from you, time, money, love, like I said... everything. If you are a key person in this business you are probably going to need to make sure the financial obligations in your business are covered and a life insurance policy will probably protect you the most.

A Lot Can Change In 20 To 30 Years!

Can you imagine right now what your life will look like in 20 to 30 years? When you are in your 20's, it's easy to have goals, and dreams, but the truth is that most of us don't have any type of obligations and the last thing on your mind is life insurance.

You are going to probably have a kid, a house, get married, or start a business and all of those thing will require you have some form of protection on your life. If you don't cover them, what will they do if you pass away unexpectedly. 

Why Your Health Rating Matters With Term Insurance?

One of the largest determining factors in your final life insurance rate will be your health. The main reason I tell my customers that are in their 20's to get life insurance is because they are young, healthy and it is much easier to qualify for the best health rating.

The longer you wait to get covered, the higher the chances that some health issues could come up. Also, the older you get, the more expensive your premiums are going to be.

Just remember, not all companies are going to treat you the same and some will require exams while others won't.

How Health Ratings Work

Preferred Plus Rating

A preferred plus health rating is going to give you the lowest monthly premium for any life insurance policy and is only going to be offered to people with the best health situations.

For Example:

  • 25 year old non-smoking male, 500K in coverage with a 30 year term
  • $32.00 per month

Preferred Rating

The preferred health rating is going to be for people with a really good health rating and is the second most affordable life insurance health rating.

For Example:

  • 25 year old non-smoking male, 500K in coverage with a 30 year term 
  • $41.00 per month

Standard Rating

The standard health rating is going to be the most common type of approval in the life insurance industry and is geared toward people who might be taking a few prescription drugs.

For Example:

  • 25 year old non-smoking male, 500K in coverage with a 30 year term 
  • $65.00 per month

Sub Standard Rating

A sub-standard health rating is going to give you one of the most expensive life insurance rates.

In addition to that, adding tobacco usage is going to take your premiums 65% or more even higher.

For Example:

  • 25 year old smoking male, 500K in coverage with a 30 year term
  • $134.00 per month!

As you can see, if your lifestyle is unhealthy it can really hurt you when it comes to your life insurance premiums.

The numbers don’t lie. Maintaining your health and non-smoking status will save you a Ton of money.

Figuring out how much life insurance you need is essential, if you don't get enough coverage it can ruin your family's financial future. 

If you are in your 20’s, you’re probably buying life insurance for income replacement later in life.

It's important to be very honest about what you think your needs are going to be over the coming decades.

To get a better answer on the amount of life insurance you will need for your family, use our life insurance needs calculator to help you decide!

Term Life Insurance Quotes For 20 to 29 Years Old

I am pretty sure you didn't expect to see such affordable rates, but most of us will overestimate the price life insurance.

  • Male

  • Female

Sample rates below are based on a 20-year term for a healthy non-smoking male in excellent health. You will also notice that rates stay the same up to a specific age range.






20 Years Old





21 Years Old





22 Years Old





23 Years Old





24 Years Old





25 Years Old





26 Years Old





27 Years Old





28 Years Old





29 Years Old





These Quotes are presented in a monthly premium format. Valid as of 09/19/18. The above quotes are for a non-smoker in excellent health and are subject to changes.

If you paid close attention you will notice that the rates for people between the ages of 20 and 27 don't change much.

This is because insurance companies know that your probability of passing away are very low if you are in this age group.

You can get $250,000 in life insurance for less than a Netflix Subscription or your daily coffee from Starbucks.

Top Life Insurance Companies While In Your 20's

We compare the Top Life insurance companies to purchase life insurance from in your twenties. 

Haven life tops the list with being the best for same day coverage, while Ladder comes out as our 2nd pick for being the best product for basic life insurance.

Bestow wins 3rd place for their no exam product that no other life insurance company can seem to compete with, and Ethos complete the list. 

Check out their brief reviews below:

Don't Overestimate The Cost Of Life Insurance

There are far too many stories on the news about young families being hit with two types of unexpected losses.

The first loss comes in the form of losing their loved one and the second comes in losing their financial future.

The amount of people asking for burial help on places like GoFundMe is pretty ridiculous. 

term life insurance for people in their twenties

Especially since life insurance is super affordable. If you had purchased a term policy at 23, knowing you were going to get married that year, everything would be different.

Unfortunately far too many people overestimate the cost of life insurance.

A 25 year old male, non-smoker in good health (preferred rating) would pay about $19.73 per month for 500K in coverage for 20 years. That’s less than $.66 per day!

So, if you have any type of subscription plan to anything there isn't any excuse to not have life insurance.

What If My Employer Offers Life Insurance?

If you are working, one of the first things you probably thought about was the fact that you have life insurance through your job.

However, there are a few things that come with life insurance through an employer and they are: 

Only 1X Your Income

One of the major issues that I see from employer offered life insurance is that if it is free, you usually get only 1X (one times) your annual income in coverage.

This isn't going to be nearly enough to support a growing family if you were to pass away unexpectedly.

If you are in school and your parents co-signed on a loan for you, it wouldn't be enough to cover your burial and pay off student loans either.

Cost Won't Be As Affordable

If you have to pay for your life insurance through your job, chances are that you are going to be paying a higher rate for lower coverage.

This is primarily because the insurance company rates your entire staff and comes up with a price based on average health.

Individual life insurance policies only underwrite you and give you the ability to get a much more affordable policy.

It Won't Come With You

Let's be honest, you probably aren't going to be with the same employer from the beginning of your career to the end of your career.

Hell, I have had over 24 jobs and I am in my 30's, most of us just won't stay put and it is essential that you consider than when getting life insurance at your job.

A study showed that over 75% of companies expect to retain college graduates for less than 1 year and a survey from Career Builder showed that 45% of all employees expect to be with their employer for less than 2 years.  

If you are a healthy young adult you are probably going to be able to get life insurance for much cheaper than through your job.

I say take the free insurance if your job offers it and also purchase your own separate policy. 

Taking Action

Hopefully you now understand why you need life insurance in your 20's. Term life insurance is one of the most simple products and it is super affordable.  

While it's fun to think we will live forever, the truth is that we all will eventually pass away, the best thing we can do is protect our family when it happens.

You can click here or on any of the above buttons to get an instant quote and apply for coverage online today.

About The Author

Sa El

Sa El is the Founder of Simply Insurance and a licensed Insurance Agent with over 15 years of experience in the industry.  He specializes in Life & Health Insurance and is certified in Long Term Care Insurance in the state of Georgia. a licensed real estate agent in the state of Georgia (License #382602), an entrepreneur, insurance educator, and freelance writer.