Life insurance for young adults
Despite what you might think, life insurance isn't just for older people.
Life insurance can give you peace of mind that the people you care about would be protected financially if you pass away. But what’s the best age to get life insurance, and is it worth it when you’re young?
What is life insurance and how does it work?
Life insurance is a type of term cover, meaning the policy pays out if the policy holder dies within a set amount of time (the policy term). This can give financial security to the people you leave behind.
If the policyholder lives past the set policy term, then it won’t pay out - so a payout isn’t guaranteed.
At Beagle Street we offer two types of life insurance - level and decreasing. Both policy types are term products, meaning they only last a set amount of time. However, they vary when it comes to how much is paid out if you die within the policy term.
Life insurance for young people
You might think that life insurance is only for older people, but there are advantages to taking it out when you’re young. Your decision on when to take out life insurance should factor in your priorities not only now, but in the future.
Best age to get life insurance
When it comes to life insurance, there is no ‘best age’, although you do need to be over 18 years old.
If you’re a young adult with financial commitments like the ones below, then it could be worth considering life insurance:
- A mortgage.
- A spouse, partner or other family members that depend on you financially.
- Children.
Benefits of life insurance for young adults
When you take out life insurance, you make monthly payments (called premiums) for your cover.
Your premiums are calculated using your current age (lower age can mean lower premiums, all things being equal) and your general health.
At Beagle Street, we offer fixed premiums with all our policies, which means they don’t go up as you get older or if your health changes (unless you request changes to your policy).
So by taking out a policy when you’re young, you could pay less for the whole of your cover term.
As a young person, you could benefit from premiums as low as £4.91 a month.*
We also offer critical illness cover which pays out if you’re diagnosed with a condition such as cancer, heart attack and stroke, or any of the other conditions listed in our policy terms and conditions.
*Based on a non-smoker who turned 18 on 4/1/2007, with decreasing term cover of £100,000 for nine years. Price correct as of February 2025, subject to change.
Find out how much life insurance could cost with Beagle Street
Our simple, online quick quote tool will let you know how much cover you can get and how much it’s likely to cost you. There’s no commitment to take out a policy.
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Accidental death benefit acts as short-term cover while you’re waiting for a decision on your life insurance application.
Terminal illness cover pays out if you are likely to have less than 12 months left to live, while critical illness cover pays out if you’re diagnosed as critically ill.
Joint life insurance policies
Joint life insurance protects two people under one policy. The policy closes after it's paid out once.