Life insurance for young adults
Wondering what age should you take out life insurance? You might think you’re too young to need life cover, but taking out life insurance under 30 could save you money – and protect your loved ones should the worst happen.
Key takeaways
Life insurance is beneficial at any age, especially if you have financial dependents or a mortgage
Premiums depend on age, health, lifestyle choices (e.g., smoking), and the desired payout
Most providers have upper age limits (60-70 years) and younger policyholders often pay lower premiums as they are considered less risky by insurers
There are various types of insurance available, such as whole life insurance, term life insurance and decreasing term life insurance

When should you start thinking about life insurance?
You should consider taking out life insurance as soon as you take on any financial commitments, or when you get married or have children.
Some mortgage lenders may ask you to have some form of mortgage life insurance in place if you want to buy your first property to mitigate the risk should you pass away early in the mortgage term.
Marriage or having children are also pivotal moments when you might start to consider the financial future of your loved ones. The thought of leaving a spouse or children without support is daunting, and life insurance can offer the reassurance that they'll be taken care of financially.
How old do you have to be to take out life insurance?
The minimum age to take out a life insurance policy in the UK is 18 years old. If you're under 18, your parents can take out life insurance and add you to their policy as a child.
Is it worth getting life insurance at 18 or in your 20s?
While you can get life insurance from the age of 18, it's worth weighing up whether you need it or not. Life insurance depends on your personal circumstances, such as your family situation and personal health.
It's particularly important if you are young, healthy, or are considering starting a family, as policies are cheaper at a younger age. Evaluate your family's needs, financial resources, and long-term goals to decide if life insurance is necessary for your situation.
Am I too young for life insurance?
If you're over 18 and someone else relies on you financially, then you're not too young for life insurance. It's more common to take out life insurance when you have a partner, children, or have significant financial responsibilities such as a mortgage or debt.
Ask yourself the following questions before getting life insurance:
Do you own or rent a property?
Are you married or in a civil partnership?
Do you have children? Or plan to have them soon?
Does your partner or any other family members rely on your income?
If you answered yes, then it's a sensible idea to take out a life insurance policy.
How much does life insurance cost for young adults?
Life insurance premiums can be as low as £2.60[1]Data based on the minimum price of life insurance sold through MoneySuperMarket for life insurance only in November 2024. Prices vary based on your personal details & circumstances. per month for an 18 year old. This affordability can make life insurance an attractive option for young adults.
What affects the cost of life insurance premiums?
Several factors influence the cost of life insurance, including:
High-risk or stressful jobs can lead to higher premiums
Your height and weight are considered when pricing policies
Pre-existing conditions must be disclosed and can affect the cost of your policy
Engaging in dangerous activities can influence both the availability and cost of insurance
Certain policies may be more affordable than others, e.g. a decreasing term policy is likely to be cheaper than a level term policy as it has a payout that decreases over time
What affects the cost of life insurance premiums?
Your job
Health indicators
Lifestyle choices
Medical history
Hobbies
Policy type and term
What is the average age for taking out life insurance?
The average age for taking out life insurance is currently 30 years old. This is around the time that people tend to start settling down and buying houses, getting married, and having children.
What’s the best life insurance policy for young adults?
There are different types of life insurance policies to consider when you're a young adult:
The coverage and benefits stay the same throughout the policy term. This includes the premium (the amount you pay for your policy) and the cash sum payout.
A form of life insurance that has a decreasing payout over the policy term, typically used to protect a repayment mortgage or debt that may be passed on to your loved ones.
Works in the same way as a single life insurance policy, but it can cover two people under the same policy. It is designed mostly for married couples, long-term partner, and business partners.
Also known as life assurance, whole of life insurance a type of policy that ensures a payout throughout your entire life. As long as you keep up with your premiums, your family will receive a lump sum payout once you die.
A form of life insurance cover designed to pay out a lump-sum figure and provide financial security if you become seriously ill or injured.
Life insurance with pre-existing medical conditions covers you if you have a medical condition when you apply for a policy. It works similarly to standard life insurance, but the cost and coverage will depend on your medical history.
Types of life insurance
Level term life insurance
Decreasing term
Joint life insurance
Whole of life insurance
Critical illness cover
Pre-existing medical life insurance
Is it cheaper to get life insurance at a younger age?
Yes, the younger you are, the less you’ll pay for a policy. This is because insurers view younger policyholders as less of a risk, which translates into lower premiums for the same level of coverage.
Are there age limits for life insurance?
Upper age limits for life insurance will depend on the different providers and policies they offer. Most providers will have an age limit of around 60 to 70 years of age.
However, some specialist providers offer senior life insurance, so it's not impossible to find a policy although policies operate differently and you should check policy details carefully to check they offer what you expect.
Life insurance gets more expensive as you get older, so taking out a policy in later life may not always be worth it but you can still take out over 50s life insurance if it meets your needs.
Compare life insurance quotes for young people
Getting life insurance as a young adult is straightforward with tools like MoneySuperMarket. You can compare life insurance deals for young adults and find a policy that matches your needs and budget.
When using MoneySuperMarket, you'll need to provide some personal details and information about your circumstances. This helps to ensure that the offers you receive are tailored to your specific situation, making it easier to find the right life insurance policy for you.
Life insurance is a valuable tool for financial planning, offering security for your loved ones and peace of mind for you. Whether you're just starting out in life or you're well on your journey, it's never too early—or too late—to consider how life insurance can fit into your financial strategy.