Life Insurance for Adult Children

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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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jul 19, 2021

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Quick Facts

  • 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, the factors that determine the cost of life insurance varies based on age, health, and gender.

How much life insurance do you need 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, even an adult child, 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 (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 or whole life insurance. However, an adult child can be enrolled in Guaranteed Issue Life insurance or Accidental Death 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.

Types of Life Insurance for Adult Children
Type of Life InsuranceLife 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
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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 a life insurance term for ten years, 20 years, etc. 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.

Permanent Life Insurance

Permanent life, also known as whole life insurance, 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.

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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.

  1. Have a Motive – Figure out why you need life insurance for adult children.
  2. Request More Information – Ask life insurance companies to clarify how life insurance can help adult children.
  3. Get Consent – Talk with the person you want to insure about life insurance.
  4. Set Goals – Determine the life insurance plan that’s best for the insured and the beneficiary.
  5. Find a Broker – Use our FREE comparison tool to locate life insurance companies that fall in line with your budget.
  6. Pick the Best Policy – Make a decision on which policy is best.
  7. Get a Medical Exam – A medical exam will determine the cost of rates during the waiting period.
  8. Name A Beneficiary – The beneficiary could be the policyholder or the children of the adult child.
  9. Establish a Plan B – Name a second beneficiary in case something happens to the primary beneficiary.
  10. Waiting Period – Allow the life insurance process to run its course and pay any deposits to start your life insurance policy.

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.

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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.

Watch this video to learn more about financial strength ratings.

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.

Average Monthly Life Insurance Rates by The Best Life Insurance Companies
CompanyAverage Monthly Life Insurance RatesA.M. Best Rating
Banner Life$9A+
Guardian Life$10A++
Haven Life$11A++
John Hancock$11A+
Mutual of Omaha$12A+
New York Life$11A++
Northwestern MutualN/AA++
Pacific LifeN/AA+
State Farm$15A++
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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.

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Frequently Asked Questions: Life Insurance for Adult Children

Let’s answer a few frequently asked questions that are related to life insurance for adult children. These answers will increase your confidence as you shop for life insurance for adult children.

Why wait? You can shop for life insurance for adult children by entering your ZIP code in the FREE online quote tool below.

#1 – Can I take out life insurance on adult children without them knowing?

No. You’ll need consent from adult children to take out life insurance on them. If it’s a special need adult child, consent may be waived. However, your life insurance company will need the adult child to get a medical exam.

#2 – How do you buy life insurance for adult children?

First, speak with your adult children about the reason why they need life insurance. If they agree, go to a life insurance company and tell them you want to insure an adult child for life insurance.

They will ask if you have consent and request a medical exam. Once these steps have been completed, your life insurance company will move forward and ask you to select a life insurance policy.

#3 – What is the best life insurance for adult children?

That would depend on the circumstances. A young adult in college may benefit more from term life insurance.

Adult children with special needs may require whole life insurance since they depend on parents more than the average person.

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