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Guide

Life insurance for young adults and professionals 

Life insurance pays out if you pass away. It can benefit people of any age, and there are plenty of policies for young adults.
Around 20 million people in the UK have life insurance and 18% of them are aged between 18 and 34. Here’s everything you need to know about young people’s life insurance.

When should I take out life insurance?

There’s no specific age you should take out a life insurance policy. It depends on you and your circumstances. Most people start thinking about life insurance when they have children or get a mortgage. This is because if you passed away, your dependents would lose your income.

How does age affect the cost of life insurance?

Life insurance policies usually cost less the younger you are. This is because young people are generally more likely to live longer than older people. Life insurance for young adults stays cheaper over time too. If you took out a 30-year term life insurance policy aged 25, you’d pay a lower rate. It would also stay the agreed premium until the end of the term. If you took out the same policy at 45, you’d pay more each month for the duration of the policy.

What else could affect my life insurance premium?

If you smoke or drink, this will affect your premiums. The insurer will also want to know about your health. This includes things like how much you smoke and your weight. They’ll also ask about your job as some occupations will have higher premiums than others. Read our guide to understand how insurers calculate premiums.

Are there age limits for taking out life insurance?

It might be possible to start new policies into your eighties or even older, depending on the insurer’s rules. That said, it will cost more the older you are. It is possible to get children’s life insurance for those aged 17 or under. One of the best options might be to add them to their parent’s or guardian’s policy.

Does my policy need to change as I get older? 

As you get older, life will change. You may want to think about changing the policy when you are older. This is so you can increase or decrease the amount of cover you have. You might also consider changing the length of the term. If you decide to do this, it’s likely to affect the amount you pay each month.

For example, you might receive an unexpected sum of money. If you used this to pay off your mortgage early, you might decide you no longer need so much cover. If you have children later in life, you may want a longer term than originally planned. A change in policy could then reflect this.

Be aware that changing your policy later on may come with a fee. Also, you may not be able to change your policy if you are diagnosed with a health condition afterwards. Always check with your provider before making any changes.

Relevant guides and articles

  • Whole of life

    Whole of life insurance guarantees a payout to your loved ones when you die. Find out how this cover can protect your family's financial security.

  • Term life

    Thinking about life insurance? Find out everything you need to know about term life cover and whether it suits your needs in this guide.

  • Life insurance for first-time buyers

    If you've just bought your first property, life insurance could help keep your loved ones protected. Find out how life insurance works for first-time buyers, here.