There’s a common misconception among millennials and Gen Z that life insurance isn’t necessary for them. While it’s true that some young folks might not need it right now, for many, their 20s and 30s are the perfect time to get life insurance. It’s crucial, however, to choose the right company and the best life insurance policy for your needs.
The companies listed here offer term life insurance policies, and some even provide permanent life insurance, like whole life policies. Although permanent life insurance is pricier, it can build cash value and provide coverage into old age, as long as you keep up with your premiums.
Here are the top seven life insurance companies for millennials:
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Policygenius is our top pick overall. It’s not an insurance company, but an insurance broker that provides quotes for various life insurance policies. You only need to provide basic personal information, your total household income, and details about your health and lifestyle to get free life insurance quotes.
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Sproutt is best for active millennials. It’s also a life insurance broker, but it focuses on millennials who lead active, healthy lifestyles and don’t want to deal with time-consuming medical underwriting.
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Ladder is the best choice if you don’t want to undergo a medical exam. It offers no-medical-exam policies with high death benefits, and the application process is super easy.
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State Farm is the best for whole life insurance. It’s one of the few millennial-friendly life insurance companies that offer whole life insurance, a type of permanent coverage that builds cash value over time.
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Lemonade is the best for low premiums. It offers an entirely online process led by a smart chatbot that asks questions about your health and lifestyle.
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Fabric (by Gerber Life) is the best for families and higher earners. If you have high coverage needs or expect to in the near future, Fabric is the best choice for you.
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Bestow is the best for fast approval. Its application process is quick and easy, and you can expect to apply in about five minutes and receive a decision shortly after.
Life insurance is a legal contract between you and the insurance company. You pay a monthly premium for the contract, and the insurance company promises to pay a death benefit if you die while the policy is active.
The cost of life insurance is affected by many factors, including the amount of coverage, type of policy, age, health, gender, and lifestyle and occupation.
When buying life insurance, focus on replacing your income and paying off debts. Shop around for the most affordable policy that provides the coverage you need, and consider no-medical exam policies.
Remember, it’s better not to wait to get life insurance. The younger you are, the less it costs for the same amount of life insurance coverage.
