Life Insurance for Adult Children (Discounts & Rates)
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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UPDATED: Mar 5, 2021
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- 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:
|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|
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When you’re shopping for life insurance, you should compare quotes from multiple companies to make sure you’re getting the best rate.
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.
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.