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Life Insurance for young adults

by | May 16, 2023

Life Insurance for young adults is not usually a subject that is front of mind for those that could be affected. If you’re a young adult, you may think that obtaining a life insurance policy is unnecessary. However, this is far from the truth. Life Insurance for young adults is important for several reasons.

In this blog post, we will review the reasons why young adults should consider buying Life Insurance, in addition to why they don’t buy it.

Key Takeaways

  1. Buying Life Insurance as a young adult is considered a smart financial move.
  2. Purchasing Life Insurance for young adults will ensure that they secure a cheaper premium due to being younger and healthier.
  3. Young adults should consider getting a quick quote to obtain transformational Life Insurance that provides “Better Cover, Longer” to ensure that they will be covered for any major life changes that may happen.

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Life insurance for young adults – Why buy it?

Buying life insurance when you are young can be a smart financial move. As a young adult, life insurance might not be something that you consider a priority, however, it will protect your loved ones should you pass away.

Other important reasons why young adults should consider buying life insurance coverage are:

Lower premiums

Life insurance is an important investment for young adults because life insurance premiums and coverage are calculated by taking a person’s age and health into consideration. The younger and healthier that you are, the cheaper your life insurance premium is likely to be.

Life insurance policies usually cost less the younger that you are because young adults are generally more likely to live longer than older people. Life insurance for young adults stays cheaper over time too. If you buy a life insurance policy as a young adult, you can lock in a lower, more affordable, premium than if you were to buy a policy at an older age. For example, if you took out a 30-year term life insurance policy aged 25, you’d pay a lower rate than someone who took out an equivalent policy aged 40.

Financial protection and security

If you have dependants or loved ones that rely on your income, such as children or elderly parents, buying life insurance as a young adult can provide financial support by covering child care costs and parental care costs respectively.

Even if you don’t have any dependents, buying life insurance now means that protection will be in place if you decide to have children, or if your partner or elderly parents rely on your income in the future.

Buying a life insurance policy when you are young adult can help you plan for the future, financially ensuring a legacy if you were to pass away.

Paying off debts or covering ongoing payments

Paying off debts can be stressful and financially draining. If you have debts and do not want your loved ones to have to deal with them in the event of your passing, buying a life insurance when you are a young adult will help your beneficiaries to cover the outstanding balance. Additionally, life insurance can also be used to cover ongoing payments, such as:

  • Mortgage payments
  • Household bills
  • Utility bills
  • School fees
  • Childcare costs
  • Holiday payments
  • Car payments

Funeral expenses

If you have people that depend on you, buying a life insurance policy as a young adult can help your loved ones alleviate of the cost of paying for your funeral should you pass away unexpectedly.

Peace of mind

Buying a life insurance policy at a young age will also help provide you with peace of mind and financial security knowing that your loved ones will cope financially if the worst was to happen to you.

Locking in a lower rate

Buying a life insurance policy as early as possible will allow you to lock in a lower rate for a longer period of time and therefore, can help you secure a lower premium.

Why don’t young adults buy life insurance?

In addition to the reasons why young adults should buy life insurance, there are various reasons why they choose not to buy it.

Life Insurance is too expensive

Young adults can overestimate how much life insurance costs, think that it is too expensive, and so avoid purchasing it. See how little life insurance can cost by getting a quick quote.

I don’t think I qualify for Life Insurance

Young adults also mistakenly believe that they do not qualify for life insurance. Anyone over the age of 18 can qualify for life insurance in the UK. As life insurance rates increase with age, if you would like to save money on life insurance cover and protect your loved ones should the worst happen to you, you should get a quick quote and get insured as early as possible.

The life insurance purchase process is long

Young adults usually want things quickly and the traditional life insurance process can take a long time, however, however, getting a quick quote will only take a few minutes of your time.

Life insurance is too complicated

In addition to finding the traditional life insurance process too long, young adults can view the traditional life insurance process as too complicated.

Don’t see life insurance as a priority

Young adults don’t always see life insurance as being a priority for them. Having already lived through the financial crisis, young adults don’t always consider life insurance as a cost that they need to include in their monthly expenditure.

Death and Life Insurance are considered taboo

Nobody likes to think about their own mortality, young adults included. This is why both death and life insurance are considered to be taboo subjects and are not spoken about enough.


Concluding, buying life insurance when you are young can be a smart financial move. This is due to life insurance policies being cheaper when you are younger and healthier, in addition to your premiums being lower. Life insurance can also provide financial stability and protection for your loved ones, covering any outstanding debts, such as a student loan or credit card debt, in case the worst happens to you. If you have experienced major life changes at a young age or will experience them in the near future, such as buying a home, getting married, starting a family, or moving up the career ladder, life insurance for young adults should be an important consideration.

Protect yourself and your those that depend on you with Dividend Life from Assura Protect. A Dividend Life policy includes up to 3 Life and Critical Illness claims, 200% Multi-Claim Critical Illness cover, 200% Dual Life cover, on-demand GP and Prescription services, premium reducing rewards and discounts, and lifestyle benefits programs.

Watch the video to learn more.


See how Dividend Life Cover, Benefits & Premiums compare to national U.K. life insurers and get a complimentary quote.

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