Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

Full Bio →

Written by Jeffrey Manola
Founder & Licensed Agent Jeffrey Manola

Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

Full Bio →

Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Jun 29, 2022

Advertiser Disclosure

It’s all about you. We want to help you make the right life insurance coverage choices.

Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life 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 life 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 life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.

If you are between the ages of 20-29, life insurance may not be your first priority and I will agree it wasn’t my first priority as well. However, life insurance both permanent and term will never be cheaper than right now.
You see, the cost of life insurance coverage is determined based on a few factors, but the two biggest are your age and health. Lucky for you, you are in your twenties and you’re probably in excellent health. With that said purchasing life insurance now will be as affordable as it’s going to get.

Looking to compare life insurance policies? We can help. Enter your ZIP code to get free quotes from multiple insurers.

Why Purchasing Life Insurance in your Twenties Should be a Priority

Other than you being very young and very healthy, over the next few years and onward you will most likely take on several financial responsibilities. These financial responsibilities may include college loans, marriage, first time home purchase and even a baby.
The financial responsibilities that you will experience will most likely have a financial impact on others in your life such as your parents and even your own family or future family. One of the best ways to prepare and safeguard the financial impact for your loved ones is through life insurance.
Let’s take a look at some of the biggest financial responsibilities most twenty year olds will take on and how life insurance can help.

COLLEGE LOANS: Younger twenty year olds will experience their first financial responsibility starting with college. A article on “The Cost of College” discusses the average annual cost of a 4-year degree for both public and private colleges. In the 2014-15 school year the average cost for a 4-year degree ranged from $39,508 – $97,690 and for a 4-year degree at a private school the cost could be as high as $135,010.
Many young twenty year olds will need the help of their parents as co-signers for student loans. In this case, the financial responsibility is transferred to the co-signer of the loan…mom or dad.
Life Insurance: While no parent wants to imagine his or her child passing away, a life insurance policy should be considered if you are a co-signer of college loans. Should the child pass away, credit lenders will still require re-payment of the student loans. A life insurance policy will provide the funds to repay the outstanding student loans.
Tip: Parents, you may purchase, own and be the primary beneficiary of your child’s life insurance coverage regardless of their age.

MARRIAGE: According to an online article posted by, the average age for first time marriage is age 27 for females and age 29 for males. With marriage come several financial responsibilities now involving two people. Such financial responsibilities may include, rent or mortgage, car payments and credit debt, to name a few.
Life Insurance: Marriage is one of the number one reasons for the purchase of life insurance coverage. Life insurance will provide your spouse with the needed income to continue and maintain their lifestyle.
Tip: When considering how much coverage you may need, a good starting point is to take your annual income and multiply it by 5-10.

FIRST CHILD: The average age for first time mothers is 26 years old according to data reported by “The Centers for Disease Control and Prevention (CDC)”. A birth of a newborn child is one of the greatest financial responsibilities you will ever have. In 2013, the average cost to raise a child from birth to age 18 was $245,304 based on a middle-income family.
Life Insurance: A life insurance policy can provide the needed income to raise a child due to the loss of a parent.
Tip: Life insurance coverage will still require providing an annual income to raise your child. However, you will need to factor in additional cost such as money for college education.

Your one-stop online guide for life insurance quotes. Get free quotes now!

secured lock Secured with SHA-256 Encryption

What Life Insurance Options are Available for Twenty Year Olds?

After age 18 all adult life insurance options are available. All twenty year olds applying for coverage will need to qualify for life insurance coverage by undergoing full underwriting for the following coverage options:


Term Life Insurance Rates Ages 20-29

The popular and most inexpensive choice for coverage is term life insurance. Term life insurance provides coverage for a fixed duration of time generally 10 to 30 years depending on the plan you choose.
The cost of a term life insurance policy in your twenties, for both male and female, in most cases cost just a few dollars a month for $100,000 to $250,000 of term life insurance coverage.
Below are sample 10 year term life insurance rates for both male and female, ages 20-29 in excellent health that would qualify for Preferred Plus Non-Smoker.


$100,000 | $250,000 | $500,000 | $1,000,000

(Sample rates as of 4/10/2016)

20 Year Old Male = $7.17 | $9.62 | $14.07 | $21.29
20 Year Old Female = $6.92 | $8.79 | $12.42 | $18.84
21 Year Old Male = $7.17 | $9.62 | $14.07 | $21.29
21 Year Old Female = $6.92 | $8.79 | $12.42 | $18.84
22 Year Old Male = $7.17 | $9.62 | $14.07 | $21.29
22 Year Old Female = $6.92 | $8.79 | $12.42 | $18.84
23 Year Old Male = $7.17 | $9.62 | $14.07 | $21.29
23 Year Old Female = $6.92 | $8.79 | $12.42 | $18.84
24 Year Old Male = $7.17 | $9.62 | $14.07 | $21.29
24 Year Old Female = $6.92 | $8.79 | $12.42 | $18.84
25 Year Old Male = $7.17 | $9.62 | $14.07 | $21.29
25 Year Old Female = $6.92 | $8.79 | $12.42 | $18.84
26 Year Old Male = $7.17 | $9.62 | $14.07 | $21.29
26 Year Old Female = $6.29 | $8.79 | $12.42 | $18.84
27 Year Old Male = $7.17 | $9.62 | $14.07 | $21.29
27 Year Old Female = $6.29 | $8.79 | $12.42 | $18.84
28 Year Old Male = $7.17 | $9.62 | $14.07 | $21.29
28 Year Old Female = $6.92 | $8.79 | $12.42 | $18.84
29 Year Old Male = $7.17 | $9.62 | $14.07 | $21.29
29 Year Old Female = $6.92 | $8.79 | $12.42 | $18.84

30 Year Return of Premium (ROP)

A 30 year return of premium is another affordable term life insurance option that may be a perfect choice for most twenty year olds. Return of premium coverage is term insurance with a fixed premium duration of 30 years. What sets this coverage apart from a regular 30 year policy, is that at the end of the term length you get all your money back tax free!

Your one-stop online guide for life insurance quotes. Get free quotes now!

secured lock Secured with SHA-256 Encryption

The No Medical Exam Option

No medical exam coverage is generally coverage we wouldn’t recommend to a healthy twenty-year-old to purchase. The reason for this is because you do not have to take an exam. Most no medical exam options give you an automatic health classification of Standard. A Standard health class means a higher premium than that of a Preferred Plus, which in most cases a very healthy twenty year old will most likely qualify for.
But hey, if you want to avoid the medical exam and get quick coverage, the no medical exam option still makes for a great choice for life insurance coverage.
No exam life insurance has had many changes since the posting of this article. Many life insurance companies no offer preferred approval without having to take a medical exam. Check out our full list of no exam term life insurance companies.

Buying Permanent Life Insurance in your Twenties

Permanent life insurance will cost 2-4 times the cost of term insurance, making it the most expensive coverage option regardless of age. Although its more expensive then term insurance, it’s still relatively affordable at ages 20-29 and if you can spend a few extra dollars I highly recommend it.
Permanent life insurance is forever so you will never have to worry about it expiring like a term policy. The price you pay for the coverage is fixed for the rest of your life so jump on it while you’re young and affordable. Also, consider a combination of term and permanent. A smaller permanent policy to carry with you while your older and a higher amount of term protection while you’re younger and needs are greater.

How to get a Life Insurance Quote for Ages 20-29

Top Quote Life Insurance provides an easy way to instantly compare life insurance rates as well as apply for coverage with the use of our online quote tool. If you are between the ages of 20-29, make getting life insurance coverage a priority. Life insurance will never be more affordable than right now.

Looking to compare life insurance policies? We can help. Enter your ZIP code to get free quotes from multiple insurers.