Is Your Teenager Ready for Term Life Insurance?

Purchasing term life insurance for teenagers is a great way to show them financial responsibility — and it’s very affordable, too! If your teenager is ready for term life insurance, you can choose child riders for term life insurance, whole life insurance policies, student loan, or accidental death policies. It’s wise to purchase life insurance for your teenager. Compare life insurance rates for teenagers using our free tool below.

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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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Financial responsibility comes with age, practice, and experience. If you wait around for a teenager to become financially responsible on her own, you may be waiting for several decades. Talking with your teen about finances and insurance can influence her behavior and attitude toward money and financial planning for years to come. So, when is the right time to introduce your teen to the importance of term life insurance? As soon as possible!

Child Term Life Insurance Riders

By adding your teenager to your term life insurance policy with a child rider, you have the opportunity to show her the value of protection. Emphasizing security and protection against the unknown is a good way to help your teen understand the value of life insurance. As a bonus, adding a child rider to your policy is very affordable. Most life insurance companies charge between $60 and $100 for $10,000 worth of coverage, which covers ALL of your children. Many companies will also let you convert a child rider to a separate policy when your teen becomes a young adult (usually age 25). Check with your agent on the details before applying for the rider, as each company has slightly different guidelines.

Whole Life Insurance

A small whole life insurance policy can help introduce a teenager to the world of saving, financial planning, and delayed gratification. Typical whole life insurance policies endow at age 100, and for a young person, this type of policy would be an inexpensive way to secure some long-term life insurance coverage. For example, an 18-year old male in excellent health could obtain a $25,000 whole life policy from American General Life Insurance Company for $157.25 per year.

Student Loans

If your teenager will be attending college with the help of student loans, it is very likely you, as the parent, will cosign for those loans. It is important for your teen or young adult to understand that not all types of loans will vanish into thin air should they die, and protecting the loan with a life insurance policy is a smart move. In this situation, you would be named the beneficiary of the policy, with the intent to repay the student loans with the policy proceeds.

Don’t have much time before school starts? A Non-Medical term life insurance policy is an easy way to skip the paramedical exam and still obtain a regular life insurance policy. It’s also as affordable for young people as regular term life insurance. You can check quotes for Non-Medical term life on our website.

Accidental Death Policies

Accidents are the number one cause of death in people ages 1-44, according to the Centers for Disease Control and Prevention (CDC). This is the main reason that accidental death life insurance policies are very popular, especially with younger applicants. Accidental death policies pay a benefit only when the death was the result of an accident. They do not pay for death by natural causes. Therefore, they are considerably less expensive than regular term life insurance.

This type of policy can be an easy way for your teenager or young adult to get her feet wet in the world of life insurance. A healthy 20-year old female could get a $50,000 accidental death policy with Fidelity Life for $102.00 per year.

There are many ways you can introduce your teenager or young adult to life insurance. Which one you choose is up to you. However, our life insurance professionals are always here to help if you have questions.

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