Best Life Insurance for Adult Children in 2024
Life insurance for adult children is uncommon but necessary for those with pre-existing conditions, special needs, and high-risk behaviors. Young adults have the cheapest life insurance policies, but your life insurance policy cost will depend on the insured adult child's age, gender, and health. Adult children's life insurance average costs are between $9-$16/mo. Compare multiple companies and shop around to secure the best life insurance rates.
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Laura D. Adams
Insurance & Finance Analyst
Laura Adams is one of the nation’s leading finance, insurance, and small business authorities. As an award-winning author, spokesperson, and host of the top-rated Money Girl podcast since 2008, millions of readers and listeners benefit from her practical advice. Her mission is to empower consumers to live healthy and rich lives by planning for the future and making smart money decisions. She rec...
Insurance & Finance Analyst
UPDATED: Apr 15, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Apr 15, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- There are different types of affordable life insurance for adult children.
- Big insurance companies, like State Farm, provide family life insurance plans.
- There are a few steps you have to go through to get life insurance for adult children.
It’s not uncommon for parents to buy life insurance for adult children. But why buy life insurance for a child that’s grown? Specific situations may call for parents to take out life insurance on adult children.
A life insurance policy on children is usually cheaper than average. However, rates and coverage are determined by a number of factors, including life insurance rates by age and gender, as well as health.
How much life insurance can you buy for adult children? We’ll tell you this and more in the sections below. Continue reading our guide to learn why getting life insurance for a child, adult child, or even life insurance for low-income families, prepares you for the worst.
If you’re eager to get life insurance on adult children right now, enter your ZIP code in the FREE comparison tool above.
Why should I get life insurance for adult children?
Life’s circumstances can emotionally and financially devastate you. There’s nothing more devastating than to deal with the death of a child.
According to the Centers for Disease Control and Prevention (CDC), the total number of U.S. deaths recorded by October 28, 2020, were 2,330,395. A total of 258,197 people who died in 2020 were between 15 and 54 years old.
The COVID-19 pandemic has made the total number of deaths even more unpredictable. Therefore, it’s logical to get life insurance on adult children who have pre-existing conditions or conditions where the adult child is a high risk.
Some pre-existing medical condition will disqualify you for traditional term life insurance or whole life insurance. However, an adult child can be enrolled in Guaranteed Issue life insurance vs. accidental death & dismemberment (AD&D) insurance policy.
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What type of life insurance should I get for an adult child?
As you learn more about life insurance, you’ll notice that there are several life insurance policies you can choose from. The sub-sections below will go through each life insurance policy that’s standard among adult children.
Before we move onto our explanation, here’s a preview of life insurance coverage options for adult children.
Type of Life Insurance | Life Insurance Coverage Limit |
---|---|
Term Life Insurance | $100,000 to $300,000 |
Whole Life Insurance | $50,000 to $300,00+ |
Guaranteed Life Insurance | $5,000 to $25,000 |
Although your life insurance coverage limits will vary, the standard life insurance coverage will cover most expenses. So, let’s continue learning more about different types of life insurance.
Term Life Insurance
Your Term Life insurance policy is coverage that lasts for a certain amount of time. You can get policies for ten years, 20 years, or even 35-year term life insurance. The terms of your life insurance depend on your annual income when you first got the policy.
For example, a 10-year term life policyholder with an income of $25,000 per year would have a term life insurance coverage value of $250,000. Higher terms would mean the policyholders would make payments last longer, but they would increase the value of their term life insurance policy. (For more information, read our “Best Life Insurance Companies that Offer 10-Year Term Policies“).
Permanent Life Insurance
Another option is permanent life insurance, as known as whole life insurance. Term life insurance vs. whole life insurance is an important distinction to make.
Permanent life will last throughout the insured’s life. Whole life is more expensive than term life insurance, but the benefits are a little better.
Permanent life insurance will cover funeral expenses, and it serves as a pool you can borrow from in a tough spot.
A perk to whole life insurance is guaranteed life insurance. It provides a way to pay for unpaid debt, medical costs, and other expenses.
If you happen to have a special needs adult child, this may be an excellent investment for you. A permanent life insurance policy can take care of expenses that other insurances don’t cover and sets you at a financial advantage.
Ten Steps to Get Life Insurance For Adult Children
We’ve narrowed down the best way to get life insurance for adult children in ten steps. Check out this list to learn how to get adult children insured.
- Have a Motive – Figure out why you need life insurance for adult children.
- Request More Information – Ask life insurance companies to clarify how life insurance can help adult children.
- Get Consent – Talk with the person you want to insure about life insurance.
- Set Goals – Determine the life insurance plan that’s best for the insured and the beneficiary.
- Find a Broker – Use our FREE comparison tool to locate life insurance companies that fall in line with your budget.
- Pick the Best Policy – Make a decision on which policy is best. See types of life insurance to get an idea about some policy options available.
- Get a Medical Exam – A medical exam will determine the cost of rates during the waiting period. Find out what to expect when you need a medical exam for life insurance.
- Name A Beneficiary – The beneficiary could be the policyholder or the children of the adult child. See how to choose a life insurance beneficiary.
- Establish a Plan B – Name a second beneficiary in case something happens to the primary beneficiary.
- Waiting Period – Allow the life insurance process to run its course and pay any deposits to start your life insurance policy. Or consider no waiting period life insurance, if you qualify.
Are you ready to get your adult children insured for life insurance? Enter your ZIP code in the FREE online quote box to get life insurance quotes right now.
The Best Companies for Adult Children Life Insurance and Their Monthly Costs
As we get closer to closing out this guide, we want to show you how much you can pay for life insurance from the best life insurance companies out there.
To make it more interesting, we’ve included the A.M. Best rating of the top companies to show you how well these companies are doing financially.
Now it’s time to review the average monthly cost of the best life insurance companies. Remember, these are average costs, so your personal whole life or term life insurance quotes could be different.
Insurance Company | Monthly Rates | A.M. Best Rating |
---|---|---|
Allstate | $15 | A+ |
Banner Life | $9 | A+ |
Guardian Life | $10 | A++ |
Haven Life | $11 | A++ |
John Hancock | $11 | A+ |
MassMutual | $10 | A++ |
Mutual of Omaha | $12 | A+ |
Nationwide | $13 | A+ |
New York Life | $11 | A++ |
Principal | $9 | A+ |
Protective | $9 | A+ |
Prudential | $16 | A+ |
State Farm | $15 | A++ |
Northwestern Mutual, Pacific Life, and Primerica have private rates, so we couldn’t get monthly life insurance rates for adult children from them without putting in personal information. All of the other companies have life insurance rates between $9 and $16 on average.
However, your rates for each company will be different based on your age, gender, and health.
Read more:
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Case Studies: Life Insurance for Adult Children
Case Study 1: Sarah’s Pre-Existing Condition
Sarah, a 28-year-old adult child, has a pre-existing medical condition that disqualifies her from traditional term life insurance. However, her parents want to ensure that she is financially protected. Guaranteed Issue Life insurance chosen for coverage without medical exam, securing insurance for Sarah.
Case Study 2: John’s Special Needs
John is a 35-year-old adult child with special needs. His parents understand the importance of providing long-term financial security for him. They decide to purchase a permanent life insurance policy, specifically whole life insurance. Policy covers funeral expenses and offers borrowing in times of need.
Case Study 3: Emily’s High-Risk Behavior
Emily, a 30-year-old adult child, engages in high-risk behaviors that could potentially put her life at risk. Her parents recognize the need for additional coverage to protect against unforeseen circumstances. They choose to enroll Emily in an Accidental Death and Dismemberment (AD&D) insurance policy.
Frequently Asked Questions
Can I take out life insurance on adult children without them knowing?
No, you need consent from adult children to take out life insurance on them. In certain cases, consent may be waived for special needs adult children, but a medical exam is still required.
How do you buy life insurance for adult children?
First, discuss with your adult children the reasons why they need life insurance. If they agree, contact a life insurance company and inform them that you want to insure an adult child. You will need to provide consent and complete a medical exam before selecting a policy.
What is the best life insurance for adult children?
The best type of life insurance for adult children depends on their specific circumstances. Young adults in college may benefit from term life insurance, while adult children with special needs may require whole life insurance for additional coverage and financial security.
How much does life insurance for adult children cost?
The cost of life insurance for adult children varies depending on factors such as age, gender, and health. On average, monthly costs range from $9 to $16. To find the most accurate quotes, it’s recommended to compare multiple companies and their rates.
Why should I get life insurance for adult children?
Life insurance for adult children can provide financial protection in case of unforeseen circumstances, such as illness or accidents. It helps to alleviate the emotional and financial burden on parents and ensures that they are prepared for the worst-case scenario.
Your life insurance quotes are always free.
Secured with SHA-256 Encryption
Laura D. Adams
Insurance & Finance Analyst
Laura Adams is one of the nation’s leading finance, insurance, and small business authorities. As an award-winning author, spokesperson, and host of the top-rated Money Girl podcast since 2008, millions of readers and listeners benefit from her practical advice. Her mission is to empower consumers to live healthy and rich lives by planning for the future and making smart money decisions. She rec...
Insurance & Finance Analyst
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.