Best Life Insurance Companies for Young Adults

Protective offers multiple policy types, including term, whole, and universal life insurance. The provider has an A+ (Superior) financial strength rating with AM Best. While Protective ranks below average for customer satisfaction in the J.D. Power 2021 U.S. individual Life Insurance Study, the company had fewer complaints with the NAIC than expected given its size. Protective also ties with Banner Life for the cheapest coverage for young, healthy folks, and has the longest available term lengths—up to 40 years.

We like that it’s easy to get an online quote and apply for term coverage, but you’ll need to work with an agent to get whole or universal life coverage (which is what most life insurance companies require). Protective Life offers numerous riders, but doesn’t include as many living benefit riders with coverage as some of its competitors do. It’s also possible to get term coverage up to $1 million without a medical exam if you’re 45 or younger.

Banner is a subsidiary of Legal & General America. Life Protective, Banner offers cheap term coverage for young, healthy adults and also offers the longest coverage terms currently available—up to 40 years. The selection of riders is less impressive than some competitors, but Banner does offer term riders that allow you to stack your coverage for cost-effective strategy. For example, you might get a 40-year term policy with a 15-year rider to boost your coverage while you’re paying off your mortgage or while kids are in school. 

You can also convert term policies to permanent coverage through the end of the term. And the company offers no-medical-exam life insurance for up to $1 million of coverage if you’re 40 or younger. However, you’ll have fewer options for permanent policy types than at some other companies. 

You can get an online quote for term coverage and apply online. When you buy a policy from Banner, you’re working with a reputable company in terms of financial strength and customer satisfaction—it earned an A+ (Superior) financial strength rating with AM Best. Also, it had far fewer complaints with the National Association of Insurance Commissioners (NAIC) over the last three years than expected given its market share.

All of Mutual of Omaha’s policies that are available to young adults come with chronic illness and terminal illness riders at no cost, and many policies also include a critical illness rider. Mutual of Omaha also has the widest selection of available add-ons of any of our top picks. While Mutual of Omaha’s pricing for term coverage isn’t as cheap as Protective or Banner, the included riders add value. However, though you can get a quote for term coverage online, you’ll need to apply for term coverage with help from an agent. 

Mutual of Omaha is one of the few providers to offer return-of-premium (ROP) policies. ROP policies return some or all of the premiums paid if you outlive the policy’s term, but are more expensive than regular term policies. Of the 91 life insurance providers we reviewed, only nine offer ROP coverage.

Mutual of Omaha ranked fifth for customer satisfaction in the J.D. Power 2021 U.S. Individual Life Insurance Study with an above-average score. The company received about the expected number of complaints with the NAIC given its size. Features like live chat support make the customer service team at Mutual of Omaha accessible to policyholders. And the company has an  A+ (Superior) grade from AM Best for its financial strength.

For more information, check out our Mutual of Omaha Life Insurance review.

Haven Life’s policies are underwritten by MassMutual, one of the oldest insurers with an A++ (Superior) financial strength grade from AM Best. Haven offers two term policies, and both offer online quotes and applications. One is a simplified issue policy offering up to $500,000 in no-medical-exam coverage, while the other offers up to $3 million in coverage and requires an exam for most applicants. The latter option is generally cheaper for healthy individuals and includes the Haven Life Plus rider, a package of benefits that are likely to appeal to young adults. 

Both policies include an accelerated death benefit as well, but several other riders aren’t available. Haven term coverage is also not convertible to a permanent policy. And the maximum term length for no-medical-exam coverage is 20 years. Still, the quick and easy online application makes Haven our favorite company for instant decision life insurance. 

MassMutual is also ranked above average for customer satisfaction in the J.D. Power 2021 U.S. Individual Life Insurance Study and had the fewest complaints with the NAIC of any of the companies on this list.

Nationwide is our top choice for the best life insurance company with living benefits for young adults, but is also our top pick for the best life insurance companies overall. The company has an excellent reputation for customer satisfaction, offers no-medical-exam policies to healthy applicants for up to $5 million in coverage, and offers online quotes and applications for its term policies. Plus, most policies include three living benefit riders—for critical, terminal, and chronic illnesses—at no upfront cost. 

Nationwide is ranked second in the J.D. Power 2021 U.S. Individual Life Insurance Study and received far fewer complaints than expected over the last three years. The company also has an A+ (Superior) financial strength rating from AM Best.

However, note that the maximum benefit amount for some living benefit riders may be less than its top competitors. For example, you can only access up to 50% of the death benefit if you have a terminal illness with Nationwide’s policies. Mutual of Omaha allows you to accelerate up to 80%.