Life Insurance for under 30s

Life Insurance for under 30s

16 May 2022

Life insurance for over 50sWhen should people in their 20s and under 30s get life insurance? 

Products under the life insurance umbrella can be very relevant for under 30s and, typically speaking, the earlier you buy the less it’ll cost. If you buy young, you’re more likely to be fit and healthy and your monthly premiums – which won’t ever change unless you alter your policy or choose a reviewable premium – will reflect that. Read more in our guide Do I need life insurance? 

If you’re in your 20s and have a mortgage, or kids or both, it’s definitely worth looking into life insurance if you haven’t already. However, if you’re the same age, single and you rent your home, then life insurance itself might not make sense yet. It might be more advantageous to look at income protection and ensure any periods of absence from work, (due to sickness or injury) don’t impact your income (and therefore lifestyle) too much. Here’s our guide to income protection.

In what circumstances would a young person need life insurance?

Own a home or have a child or two and life insurance itself would be very advisable. Life insurance is typically arranged to cover your mortgage, in full or in part, if something unthinkable was to happen to you. That way, your family or loved ones wouldn’t have to take on the debt of what’s probably your biggest outgoing. 

Read more about What is Mortgage Protection and what does it cover?

If you do have a child or children, life insurance products – including life insurance itself, critical illness cover and family income benefit – each do slightly different jobs, but they all ensure financial relief in the event of a death or serious illness. If you have an illness or health condition then it’s also worth looking into life insurance, regardless of what age you are. If yours is a chronic or long-lasting condition, buying while you’ve youth on your side will probably be more favourable than buying later in life; when your age may drive premiums up further. 

Find out more about Life insurance with a pre-existing medical condition.

Am I too young for life insurance? 

Once you hit 18, there’s no such thing as too young for life insurance. Protection products become relevant based on your health, circumstances and family situation more than your age. An 18-year-old with kids and a mortgage needs to explore life insurance, the same way a 45-year-old with kids and a mortgage needs to explore life insurance. If you haven’t yet jumped on the property ladder or started a family, regardless of age, you may be better to protect your income to safeguard lifestyle should sickness or injury stop you working and disrupt your future plans. 

In all cases, but especially where you’re unsure, it pays to get advice. There are several products to protect life, lifestyles, businesses and families under the life insurance umbrella.  It’s a person’s circumstances and goals – not age – that tend to define one’s life insurance requirements. 

Am I too old for life insurance? 

Life insurance can lose relevance into later life. If your house is paid off, you have no financial dependents and have some savings, then it may not be as crucial as it once was to protect those things. 

That said, other life insurance products may still have a place. If you’re working, then you can protect your income. Critical illness cover can be a real lifeline if an illness turns everything upside down.  If you’re reaching retirement age, an over 50s policy is relatively low cost. 

Over 50s cover, which is typically available to customers between 50 and 80, allows you to pay more modest premiums to cover the costs of a funeral and leave a financial gift behind, after you’re gone. 

Find out more about Life Insurance for over 50s.

Should you get life insurance in your 20s? 

If you have something to protect, and the budget to do so, then your 20s are a good time to buy life insurance. It’s typically much cheaper to buy life insurance young as you don’t pose the same risk as someone older and/ or in poorer health.  

It comes down to need more than it does age. If you have a child or children and/ or you own a house then, if you can afford it, life insurance is advisable whether you’re in your teens, twenties, thirties …  

If you’re in good health and haven’t yet kids or a mortgage, an adviser may suggest it’d be more advantageous – at this point in life – to protect your income in case you get sick and can’t work. If you don’t need life insurance now, protect what matters and you can always look into it later.  

Here’s a handy guide to assess where life insurance products can help you. 

Can a 20 year old get life insurance? 

Yes, 20-year-olds can get life insurance. In fact, getting life insurance in your 20s can be more cost effective than doing so later in life. If you’re 20 and you wish to explore life insurance, it’s best to get advice to help you weigh up your needs versus budget.  

Should you get life insurance in your 30s?

The average age of first time home buyers and first time parents in the UK, hovers around 30 years old. Generally speaking, people start engaging with life insurance around 30, because they’re hitting those big milestones. It’s not really about age.  

When people think of life insurance they typically think about lump sum payouts and death. But other products exist under the life insurance umbrella that can speak to your goals and where you’re at.  

If you’re in your 30s with a mortgage and a family, then life insurance would be a good move. If you’re in your 30s, single, renting and starting a business, then you may be better off protecting your professional goals to build solid foundations under personal goals you want to realise later.  

How does the cost of life insurance change with age?

Life insurance costs are calculated by your risk, a combination of your work, health and lifestyle. In simple terms, if you buy young while you’re in good physical health then your monthly premium costs will reflect your lesser risk. As you get older your health risks increase as does the likelihood of you getting seriously ill or dying.  

Age plays a significant role in informing your health outlook, and therefore your risk, but other factors play a part too. The more dangerous your work or hobbies are, for example, then the greater is your risk (of injury, sickness, death) in life insurance terms.  

Life insurance exists to protect you. And no two people are the same. The best policy for you depends on where you are, what’s going on at home, your health, your plans, your needs and your budget.  


LifeSearch work with a wide range of top insurers so we can find perfect protection for unique you.  

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