Best Life Insurance for Adult Children in 2024 (Top 10 Companies Ranked)

The best life insurance for adult children is provided by AIG, Erie, and Bestow, each offering unique benefits tailored to young adults’ needs.

These companies stand out for their comprehensive coverage options and specialized policies that address the varied circumstances of adult children, including those with pre-existing conditions or engaging in high-risk activities. See more details in our “Types of Life Insurance.”

Our Top 10 Company Picks: Best Life Insurance for Adult Children

As parents consider securing their grown children’s future, these insurers offer peace of mind with policies designed to meet diverse needs. Consumers need to compare these top choices to find the most suitable life insurance solution for their family.

If you’re eager to get life insurance on adult children right now, enter your ZIP code in the free comparison tool above.

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#1 – AIG: Top Overall Pick

Pros

• High VUL Discount: AIG offers a 28% discount on variable universal life insurance, making it more affordable.
• Strong Financial Rating: Rated ‘A’ by A.M. Best, AIG is recognized for financial stability. Learn more in our AIG life insurance review.
• Affordable Premiums: Known for budget-friendly life insurance options suitable for various financial needs.

Cons

• Limited Policy Variety: May offer fewer customizable options compared to competitors.
• Customer Service: Some users report less-than-ideal response times and support.

#2 – Erie: Best for Customization Specialist

Pros

• Customizable Policies: Erie allows for significant customization in life insurance policies to fit individual needs.
• High A.M. Best Rating: With an A+ rating, Erie is known for its strong financial health and reliability.
• Substantial Low-Mileage Discounts: Offers 20% VUL insurance discounts. Delve into our evaluation of Erie life insurance review.

Cons

• Availability: Erie’s insurance products are not available nationwide.
• Premiums Can Be High: Depending on customization, premiums might be higher than some competitors.

#3 – Bestow: Best for Comprehensive Coverage

Pros

• Streamlined Process: Bestow provides a fast, fully digital application process for life insurance.
• Top Tier Financial Rating: Holds an A++ rating from A.M. Best, ensuring excellent financial stability.
• Comprehensive Plans: Known for offering extensive coverage options. Unlock details in our Bestow life insurance review.

Cons

• No Physical Offices: Services are entirely online, which might not suit those preferring face-to-face interactions.
• Limited Rider Options: Fewer choices for policy customization through riders.

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#4 – Liberty Mutual: Best for Customizable Options

Pros

• Flexible Policies: Offers a variety of options that can be tailored to meet specific coverage needs.
• Competitive Discounts: Provides a 24% discount on certain life insurance products. Read up on the Liberty Mutual life insurance review for more information.
• Strong Financial Outlook: Maintains an ‘A’ rating from A.M. Best, indicative of good financial health.

Cons

• Higher Premiums: Some policies may come with higher premiums relative to competitors.
• Customer Service Issues: Reports of inconsistent customer service experiences.

#5 – State Farm: Best for Diverse Coverage

Pros

• Bundling Policies: Offers significant discounts for bundling multiple insurance policies.
• High Low-Mileage Discount: Provides a substantial discount for low-mileage usage.
• Wide Coverage: Offers various coverage options tailored to different business needs. Unlock details in our State Farm life insurance review.

Cons

• Limited Multi-Policy Discount: The multi-policy discount is not as high compared to some competitors.
• Premium Costs: Despite discounts, premiums might still be relatively higher for certain coverage levels.

#6 – Guardian Life: Best for Tailored Policy

Pros

• Custom-Tailored Policies: Specializes in offering policies that can be tailored to the unique needs of individuals.
• Financial Stability: Rated ‘A-‘ by A.M. Best, indicating strong financial reliability. Discover more about offerings in our Guardian life insurance review.
• Diverse Product Offerings: Provides a range of life insurance products to choose from.

Cons

• Higher Cost for Customization: Tailoring policies can lead to higher costs.
• Limited Availability: Not all products are available in every state.

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#7 – Allstate: Best for Additional Benefits

Pros

• Extra Benefits: Offers additional benefits and riders that enhance coverage. Access comprehensive insights into our Allstate life insurance review.
• Strong Financial Health: An A+ rating from A.M. Best signifies robust financial backing.
• Generous Discounts: Features a 25% discount on select life insurance products.

Cons

• Premium Variability: Premiums can vary significantly based on policy choices and additional benefits.
• Complex Policy Options: Some customers may find the range of options confusing.

#8 – USAA: Best for Diverse Choices

Pros

• Tailored to Military Needs: Specializes in services tailored for military members and their families.
• High Financial Rating: Rated A++ by A.M. Best, indicating top-notch financial stability. More information is available on our “Best Life Insurance Companies.”
• Wide Range of Products: Offers a diverse selection of insurance products to meet different needs.

Cons

• Membership Restrictions: USAA services are only available to military members and their families.
• Higher Costs for Some Policies: Certain policies might come at a premium due to specialized services.

#9 – MetLife: Best for Flexible Security

Pros

• High Flexibility in Coverage: MetLife offers flexible terms and coverage options. Discover insights in our MetLife life insurance review.
• Robust Financial Rating: Maintains an ‘A’ rating from A.M. Best, ensuring financial dependability.
• Broad Global Reach: Offers services in multiple countries, providing international coverage options.

Cons

• Pricing: It can be on the pricier side depending on policy and coverage specifics.
• Complexity in Claims Process: Some users report a complicated claims process.

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#10 – Transamerica: Best for Affordable Options

Pros

• Cost-Efficiency: Known for offering affordable life insurance options. See more details on our Transamerica life insurance review.
• Accessible Services: Provides straightforward and easy-to-understand insurance products.
• Dependable Financial Standing: Holds an ‘A’ rating from A.M. Best, indicating solid financial health.

Cons

• Service Quality: Some customers have reported dissatisfaction with customer service.
• Limited Advanced Features: This may lack some of the more advanced features found in pricier policies.

When considering life insurance for adult children, the monthly premiums can vary significantly depending on the provider and the extent of coverage. The following details outline the cost range from minimum to full coverage across several leading insurance companies.

Life Insurance for Adult Children: Monthly Rates by Coverage Level & Provider

AIG offers life insurance at a minimum monthly rate of $65 and a full coverage rate of $135. Close behind, Allstate’s rates start at $66 for minimum coverage and escalate to $136 for full coverage. Bestow, known for comprehensive options, charges $75 and $145 for their minimum and full coverage, respectively.

Erie provides policies starting at $70 and going up to $140, while Guardian Life’s rates are set at $72 and $142. Liberty Mutual offers their plans at $68 and $138, respectively. MetLife and State Farm present similar structures, with MetLife charging $71 for minimum and $141 for full coverage, and State Farm slightly lower at $67 and $137.

Transamerica offers the most economical starting rate at $64, with full coverage costing $134. Lastly, USAA sets its rates at $69 for minimum and $139 for full coverage, providing options tailored to military families. See more details on our “What is the minimum coverage amount for life insurance?”

The variation in pricing demonstrates the wide array of coverage levels and options on offer, underscoring the importance for consumers to evaluate these rates to identify the most suitable and inexpensive life insurance for their requirements and financial plans.

Why Should I Get Life Insurance for Adult Children

Life’s circumstances can emotionally and financially devastate you. There’s nothing more devastating than to deal with the death of a child.

According to the Centers for Disease Control and Prevention (CDC), the total number of U.S. deaths recorded by October 28, 2020, was 2,330,395. A total of 258,197 people who died in 2020 were between 15 and 54 years old.

The unpredictability of death rates has increased due to the COVID-19 pandemic. Consequently, it makes sense to secure life insurance for adult children, especially those with pre-existing conditions or who are considered high-risk. This approach helps manage child life insurance cost-effectively, particularly for families looking for cheap life insurance for young adults.

Some pre-existing medical conditions will disqualify you from traditional term life insurance or whole life insurance. However, an adult child can be enrolled in Guaranteed Issue life insurance vs. accidental death & dismemberment (AD&D) insurance policy.

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What Type of Life Insurance Should I Get for an Adult Child

As you learn more about life insurance, you’ll notice that there are several life insurance policies you can choose from. The sub-sections below will go through each life insurance policy that’s standard among adult children.

Before we move on to our explanation, here’s a preview of life insurance coverage options for adult children.

Types of Life Insurance for Adult Children

Although your life insurance coverage limits will vary, the standard life insurance coverage will cover most expenses. So, let’s continue learning more about different types of life insurance.

Term Life Insurance

Your Term Life insurance policy is coverage that lasts for a certain amount of time. You can get policies for ten years, 20 years, or even 35-year term life insurance. The terms of your life insurance depend on your annual income when you first get the policy.

For example, a 10-year term life policyholder with an income of $25,000 per year would have a term life insurance coverage value of $250,000.

Higher terms would mean the policyholders would make payments last longer, but they would increase the value of their term life insurance policy (For more information, read our “Best Life Insurance Companies that Offer 10-Year Term Policies“).

Permanent Life Insurance

Another option is permanent life insurance, also known as whole life insurance. Term life insurance vs. whole life insurance is an important distinction to make. Permanent life will last throughout the insured’s life. Whole life is more expensive than term life insurance, but the benefits are a little better.

Ten Steps to Get Life Insurance for Adult Children

We’ve narrowed down the best way to get life insurance for adult children in ten steps. Check out this list to learn how to get adult children insured.

1. Have a Motive: Figure out why you need life insurance for adult children.
2. Request More Information: Ask life insurance companies to clarify how life insurance can help adult children.
3. Get Consent: Talk with the person you want to insure about life insurance.
4. Set Goals: Determine the life insurance plan that’s best for the insured and the beneficiary.
5. Find a Broker: Use our free comparison tool below to locate life insurance companies that fall in line with your budget.
6. Pick the Best Policy: Make a decision on which policy is best. See types of life insurance to get an idea about some policy options available.
7. Get a Medical Exam: A medical exam will determine the cost of rates during the waiting period. Find out what to expect when you need a medical exam for life insurance.
8. Name A Beneficiary: The beneficiary could be the policyholder or the children of the adult child. See how to choose a life insurance beneficiary.
9. Establish a Plan B: Name a second beneficiary in case something happens to the primary beneficiary.
10. Waiting Period: Allow the life insurance process to run its course and pay any deposits to start your life insurance policy. Or consider no waiting period life insurance, if you qualify.

Securing life insurance for adult children is straightforward with these ten essential steps. This guide provides a structured approach to ensure that every aspect of the process, from consent to coverage selection, is handled efficiently and effectively.

The Best Companies for Adult Children Life Insurance and Their Monthly Costs

As we get closer to closing out this guide, we want to show you how much you can pay for life insurance from the best life insurance companies out there. To make it more interesting, we’ve included the A.M. Best rating of the top companies to show you how well these companies are doing financially.

Now it’s time to review the average monthly cost of the best life insurance companies. Remember, these are average costs, so your personal whole life or term life insurance quotes could be different.

Life Insurance Monthly Rates & A.M. Best Ratings by Provider

Northwestern Mutual, Pacific Life, and Primerica have private rates, so we couldn’t get monthly life insurance rates for adult children from them without putting in personal information.

All of the other companies have life insurance rates between $9 and $16 on average. However, your rates for each company will be different based on your age, gender, and health.

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