Life Insurance Guide for Adult Children (2024)
Life insurance for adult children may help parents who are still providing their children with financial support. Adult children life insurance rates will depend largely on your child's risk factors, including their age, gender, health, location, and more. You will need your child's consent to take out a life insurance policy for them, but you would have control over many policy terms. Learn more below.
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Justin Wright
Licensed Insurance Agent
Justin Wright has been a licensed insurance broker for over 9 years. After graduating from Southeastern Seminary with a Masters in Philosophy, Justin started his career as a professor, teaching Philosophy and Ethics. Later, Justin obtained both his Property & Casualty license and his Life and Health license and began working for State Farm and Allstate. In 2020, Justin began working as an i...
Licensed Insurance Agent
UPDATED: Sep 19, 2024
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Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Sep 19, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Life insurance for adult children can be beneficial if you are still supporting your children or if they cannot take on the financial burden of life insurance premiums.
- Life insurance rates for adult children will depend on the risk factors incurred by your children, such as their age, gender, health, location, and more.
- The most important factor in buying life insurance for adult children is getting consent from your child, but you will have control over many policy terms.
If you’re still providing financial support to your adult children, you may want to consider buying life insurance for adult children. Even if parents don’t like to plan for a child’s death, it is better to be prepared just in case than to not have life insurance when it is needed.
Below, we’ll discuss the basics of why life insurance for adult children is helpful, how much it may cost, and how to go about buying it.
To get adult children life insurance quotes, enter your ZIP code into our free quote comparison tool above.
Should I get life insurance for my child?
In some cases, buying life insurance for your adult child may benefit both you and your child.
Even though your child has turned 18, you may still help support them financially, which means you may also be responsible for paying funeral or burial costs if they were to pass away.
Your child may also be interested in protecting themselves and their family but may not be able to afford it. Therefore, you may choose to take out a life insurance policy for them and lessen the premiums’ financial burden.
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How much is life insurance for adult children?
Adult children life insurance rates will depend largely on the risk factors incurred by your child, such as their age, gender, health, location, and more. Take a look at some sample life insurance rates to get an idea of what you could pay:
Sample Annual Life Insurance Rates from Top Life Insurance Companies by Age, Gender, and Marital Status (Non-Smoker)
| Age, Gender, and Marital Status (Non-Smoker) | New York Life Average Annual Life Insurance Rates | Lincoln National Average Annual Life Insurance Rates | Prudential Financial Average Annual Life Insurance Rates | MassMutual Average Annual Life Insurance Rates | State Farm Average Annual Life Insurance Rates |
|---|---|---|---|---|---|
| Single female 25-years-old | $158.00 | $187.00 | $195.00 | $132.00 | $143.00 |
| Single male 25-years-old | $152.00 | $231.00 | $237.00 | $147.00 | $164.00 |
| Married female 45-years-old | $262.00 | $239.00 | $314.00 | $209.00 | $238.00 |
| Married male 45-years-old | $245.00 | $283.00 | $378.00 | $230.00 | $239.00 |
| Single female 65-years-old | $924.00 | $903.00 | $941.00 | $763.00 | $684.00 |
| Single male 65-years-old | $1,416.00 | $1,577.00 | $1,412.00 | $1,049.00 | $955.00 |
| Average | $526.17 | $570 | $579.50 | $421.67 | $403.83 |
When you’re shopping for life insurance, you should compare quotes from multiple companies to make sure you’re getting the best rate.
Read more: Best Life Insurance Policies for Children
Case Studies: Life Insurance for Adult Children
Case Study 1: Life Insurance for Adult Children
John and Sarah have been supporting their adult son, David, who is currently in college. They understand the financial responsibilities that come with providing for their child, even as he reaches adulthood. Concerned about the potential financial burden in the unfortunate event of David’s death, they decide to explore life insurance options for him.
By purchasing a life insurance policy, they can ensure that they will have the necessary funds to cover funeral or burial costs and alleviate any financial strain during such a difficult time.
Read more: Best Life Insurance Policies for College Students
Case Study 2: Affordable Life Insurance for Adult Children
Mark, a single parent, wants to secure his adult daughter Emily’s financial future. Emily has recently started her own business, and Mark recognizes the importance of having life insurance coverage in place. However, he also wants to find an affordable option that fits within their budget. (For more information, read our “How much life insurance coverage do you need?”).
Mark takes the time to compare quotes from multiple insurance companies, carefully considering the coverage and premiums offered. Through his research, he finds a suitable life insurance policy for Emily that provides the necessary coverage at a cost they can afford.
Case Study 3: Life Insurance for Adult Children of Aging Parents
Lisa has taken on the responsibility of providing financial support to her aging parents. As they grow older, Lisa becomes increasingly aware of the potential financial implications in the event of their passing.
She decides to explore life insurance options for them to ensure that she will have the necessary funds to handle any funeral or burial expenses and other financial obligations that may arise. With her parents’ consent, Lisa purchases a life insurance policy on their behalf, providing her with peace of mind and financial security for the future.
Read more: Best Life Insurance Policies for Parents
How can I buy life insurance for adult children?
It is generally easy to buy life insurance for adult children. They will have to sign the life insurance application and either answer health questions or take a medical exam. (For more information, read our “Is buying life insurance worth the cost?”).
On the other hand, you’ll have control over many insurance policy terms, such as the amount of coverage, paying the premiums, and deciding the beneficiaries.
The most important part of the process is making sure you have consent from your child.
Speaking with an agent or broker can help you determine what kind of grown children life insurance policy to get.
If you need help finding affordable life insurance for adult children, enter your ZIP code into our free quote comparison tool below to compare grown children quotes today.
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Your one-stop online insurance guide. Get free quotes now!
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Frequently Asked Questions
Why should adult children consider life insurance?
Life insurance provides financial protection to your loved ones in the event of your untimely death. As an adult child, purchasing life insurance can offer several benefits:
- Income replacement: If you contribute to your family’s finances, life insurance can replace your income and help maintain their financial stability.
- Debt and expenses: Life insurance proceeds can be used to pay off outstanding debts, such as mortgages, student loans, or credit card balances. It can also cover funeral expenses, medical bills, and other final costs.
- Inheritance planning: Life insurance can be an effective tool for transferring wealth to your beneficiaries. It ensures that your loved ones receive a financial legacy that can help them achieve their goals.
What types of life insurance are available for adult children?
Adult children can choose from two primary types of life insurance: term life insurance and permanent life insurance. Term life insurance provides coverage for a specific period, while permanent life insurance offers lifelong protection with a cash value component.
How much life insurance coverage do adult children need?
The amount of life insurance coverage needed varies depending on individual circumstances. Factors to consider include outstanding debts, future financial obligations, income replacement needs, and potential college expenses for dependents. It’s recommended to assess these factors with the help of a financial advisor or insurance professional.
Is it more affordable for adult children to purchase life insurance at a younger age?
Yes, typically, purchasing life insurance at a younger age is more affordable due to lower premiums. Premiums are usually based on age, health, and coverage amount. By securing life insurance earlier, adult children can lock in lower premiums and potentially save money in the long run.
Can adult children purchase life insurance for their parents?
Yes, adult children can purchase life insurance policies on their parents, provided they have the parents’ consent. This can be a way to ensure financial security for the family and help cover any potential expenses related to the parents’ passing.
Are you looking for free insurance quotes?
Your one-stop online insurance guide. Get free quotes now!
Secured with SHA-256 Encryption
Justin Wright
Licensed Insurance Agent
Justin Wright has been a licensed insurance broker for over 9 years. After graduating from Southeastern Seminary with a Masters in Philosophy, Justin started his career as a professor, teaching Philosophy and Ethics. Later, Justin obtained both his Property & Casualty license and his Life and Health license and began working for State Farm and Allstate. In 2020, Justin began working as an i...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.