Should I Get Life Insurance In My 20s [2022 Guide] - PinnacleQuote

Should I Get Life Insurance In My 20s [2022 Guide]

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“You’ve got a lot on your plate. You’re living paycheck to paycheck, working hard, and looking for ways to make your money stretch as far as possible. It’s tough not to feel like you can’t afford anything else.

But is it worth the cost? Here’s what you need to know if you’re considering life insurance in your 20s.”

This blog post will discuss whether or not life insurance is worth getting in one’s 20s, with the pros and cons of both arguments being discussed.

Life Insurance For Those In Their 20s

Is it normal for a 20 year old to buy life insurance?

For most people in their 20’s, life insurance is the last thing on their minds.

However, being so young, it’s a lot easier to get very affordable life insurance. 

There are plenty of things to factor in when you’re thinking about buying life insurance rates by age. You are in good health right now. As you age, such as age 50 not only does your health change but your life insurance premiums increase. 

When you first begin researching, you’ll find that term life insurance is the most affordable kind of life insurance available. For people in their 20’s that may not be swimming in money yet, this is likely to be the kind of policy their most drawn to.

How do I get Life insurance at age 20

However, term life insurance has a few downsides. For one, as the name suggests, it will only cover you temporarily; terms are usually 5, 10, 15, 20 year term, or even 30.

Term life insurance is the most basic kind of life insurance — they only provide death benefit protection. Furthermore, there aren’t any cash value build-up opportunities like there are with permanent life policies.

Life Insurance For Millennials’

When you are in your 20’s and 30’s you may be buying a home and you could have some student loan debt. In fact, when you are in your 20’s most think they don t need life insurance. But being a millennial is probably the best time to purchase life insurance, PERIOD! 

Let’s face it, at this age you are not thinking about long-term care or saving for retirement. You are usually starting out possibly you just got married, had your first child, maybe a mortgage. The fact is, you have a financial responsibility to the ones you love.

Term life insurance is the most cost-effective way to achieve that. Furthermore, rates don’t change much between your 20’s and purchasing life insurance in your 30s.

How Much Life Insurance do I need

Now is the best age to get life insurance coverage!  We will explain why this question takes much consideration and calculations. There are several factors that go into how much life insurance you’ll need.

Remember, you need enough life insurance to cover all of your debts, mortgages, or any other kinds of payments you owe so that your loved ones don’t inherit these bills.

Also, consider the fact that anyone that is financially dependent on you, such as your children, will no longer be benefiting from your income.

Therefore, you need to calculate how much money that anyone dependent on you will need in order to remain financially secure. For a lot, people, a $500,000 policy will suffice, while others may need more.

Final expenses are another cost that you’ll likely want to be covered. Funeral services usually cost around $10,000, which is a large amount of money to leave for your grieving loved ones.

If you have children, you may wish to have their education bills covered or to see them financially through to adulthood.


For most policies, you’ll need to take a medical exam. This exam will determine how healthy you are, which has a huge impact on your life insurance rates. You’ll want to make a good impression before your medical exam. Here are a few things that we recommend doing before you apply for life insurance:

  • Quit smoking
  • Eat healthier
  • Exercise frequently
  • Lose weight
  • Take measures to lower your blood pressure

As a person in your 20’s, you may not be dealing with a lot of the health issues that tend to plague older people. This will definitely help your rates. Furthermore, age has a lot to do with your insurance rates. Life insurance in your 20’s will be significantly cheaper than looking for life insurance in your 50’s.

A 50-year old’s health will be different than that of a 20-year-old.  If you have any serious medical issues and feel that you won’t be accepted for life insurance, consider looking into no medical life insurance policies. Now is the time to think long-term.

As we have mentioned, life insurance for 50-year-olds (50 to 59), premiums are more expensive. 

Best Life Insurance For A 20 Year Old And Over

What life insurance should I buy in my 20s?

The ultimate question, What is the best age to buy life insurance? It really depends on the person. For some, especially those who have people depending on them financially, getting life insurance is the responsible choice. 

This ensures that you take care of your loved ones in case the unfortunate happens. 

Remember, whether it is permanent life insurance or term life insurance, PinnacleQuote is here to guide you every single step of the way!

I am 20 years old I need life insurance

Regardless, we have a few recommendations to offer. First, we recommend comparing several life insurance companies before making your decision. Rates and policies vary drastically between companies, so it’s always a good idea to receive several quotes before deciding.

Secondly, we recommend working with an independent insurance agent, as we offer here at PinnacleQuote. This is a great investment because working with an agent that knows the business in and out will save you a ton of money in the long run.

We have the ability to set you up with the best life insurance companies and make sure that you receive an excellent policy at the lowest price.

Why Should a College Student Purchase Life Insurance

Life insurance during college

Let’s face it, Life is unpredictable. We never know what can happen to any of us. The last thing we want to think of is death at this stage of life when we are just really beginning our journey in life when we are young and healthy. Believe me, this hits home as I have 4 children of my own. Better to be prepared for the unexpected on every level.

If God forbid we died today, who will take care of our funeral expenses, outstanding credit card debt, private student loans, bills, etc?   The short answer, your family, your parents!  

Most likely, they are still paying off their debts, their mortgage, etc. Do you want to leave them not only devastated but financially crippled in addition to that? I am sure your answer is No. 

Life Insurance Cost For 20 year old and Over

So here is the deal. Life insurance Now, at this stage of life, is so affordable it is almost laughable to me that so many young people in their 20’s do not purchase it.

This is the time of your life that you are the healthiest you will ever be. You are the youngest you will ever be! This is prime time!  

If you want to know how much is life insurance for a 20-year-old female and how much is life insurance for a 20-year-old male, see below.  

This is based on a healthy 20-year-old.  Life insurance is NOT a “ONE SIZE FITS ALL” however, this is a “ballpark quote.”  Everyone is different.  Age, height, weight, smoker vs non-smoker, and lifestyle all play a role.

So rates will fluctuate.  Life insurance still will never be as cheap as it is today. As you age, the more expensive it will be. Think about that.  

Life insurance for a 20-year-old who is healthy compared to life insurance for a healthy 40-year-old. Even with the same height and weight, the rates will be significantly different. See the chart below for the average term life insurance rates by age.

Carrier20 Year Old Male
20 Year Old Female
45 Year Old Male
45 Year Old Female
Protective Life





Banner Life









Insurance is designed to protect us and our loved ones. I wish my parents taught me the art of financial planning and what insurance was designed for.  Even the importance of a retirement plan.  

Our personal finance and learning about life insurance in your 20s and all the products and services are a priority! It truly would not hurt to hire a certified financial planner now to talk about retirement income, lost income, and the types of life insurance. 

This will pave the way for your future. 

Whole Life insurance in your 20s vs Term life

Should I Get whole life or term life insurance?

You have many choices with life insurance products. Two of the most popular are whole life and term. With the term, you have the option of a  10,15, 20-year term, or even a 30-year term.

We briefly spoke of the term at the beginning of this article. You pay the premiums every month for the life of the term and when that term is up, you may renew. Death payments are paid a lump sum. 

The whole life is a bit more pricey. It offers cash value, unlike your term policy. It will remain in effect for your entire life as long as you pay your premiums. The whole life is geared towards people in their retirement years. People looking for burial or final expense policies. 


All too often we all think we have plenty of time to do the things we want to do. 

Life insurance should not be put on the back burner.  What you put off today can cost you or your family tomorrow.  

In more ways the one.  Time is not on our side and no one is ever immune! 

Call me today, (Lisamarie) (855) 380-3300. ext 2. I will schedule a phone appointment to speak with Danny.  You can also email me at with any questions.  We are here for you!

Why call PinnacleQuote Life Insurance Specialists


We are a family-owned business. We believe in what we do. Our passion and goal are to make sure you and your loved ones are protected in the event of the unexpected.

Let’s face it, Death is scary. We don’t know what tomorrow will bring.  If you suddenly die, your loved ones will be devastated. However, purchasing life insurance in your 60s will be 4 times more pricey versus your millennial years.

Danny Ray is the Owner/Agent of PinnacleQuote.  He has over 27+ years of experience in this industry. The products he offers you are what he and I have for ourselves. You are our client who becomes family. We work for YOU, NOT the Insurance Companies.  If for anything you have questions, it costs you nothing. 

We help you provide your family with a level of comfort knowing the last way you said “I LOVE YOU” ~ is with LIFE INSURANCE!!!

Danny Ray Founder/Independent Agent

Danny Ray Independent Agent

Whether you are looking for a life insurance agent in Jacksonville, Florida, or a life insurance agent in New York, New Jersey, or even California, call PinnacleQuote!  We are a virtual family-owned business. The art of life insurance is now via phone. You even sign your policies via Docu-Sign or Voice Signatures!  If you are local, we can come to you if you choose, however now in 2019 we can custom make you a policy in the privacy of your own home in a matter of minutes. In most cases, you can have a policy accepted and approved within 10 minutes.  Ask us how Today!!! 

Call Us Today To Go Over Your Options 855-380-3300

Best Price, Best Carrier, GUARANTEED


The question of whether or not you should get life insurance in your 20s is a tough one. It all depends on how much money you make, what type of debt you have, and what other assets are at risk if something happens to you. Getting quotes from multiple providers can be the best way to figure out which company offers the best coverage for your needs without breaking your budget. So before making any final decisions about buying life insurance, do some research first!