In most cases, yes a 21 year old can purchase life insurance. But just like anyone purchasing life insurance first there has to be a need in order to establish a face amount. Who will be in a financial loss if you die today? It could be from a funeral expense, to a debt repaid to someone who counts on your income.
Next is insurability. Not all 21 year olds can qualify for life coverage. There are always a number of factors to consider. Underwriters look at build, life style, occupation and location just to name a few. I recommend contacting an independent life insurance broker to find the best product for your unique situation.
Yes, you can and in general terms life insurance is a financial risk management product that the earlier in life one purchases it the lower the cost will be. Without getting too technical there are essentially two types of life insurance; term life insurance and permanent life insurance (often referred to as whole or universal types of permanent life insurance). Term life insurance will be the least expensive and as it's name implies it covers you for a fixed term or period of time (usually 10, 20 or 30 years). Whole life insurance policies are generally designed to cover you throughout life and until death. Whole life insurance policies are more expensive but they often offer features such a cash build up, the ability to be paid up in full over a certain period of time but continue in force until the policy holder's death. Most people purchase a mix of these two types of policies to cover their differing needs throughout different stages of their lives. For example, you will probably have a need for more life insurance during your working years when you are getting married, having children, have a mortgage and other financial obligations that you want to protect your survivor's from if you were to pass away during that stage of life. Having a large amount of financial protection with lower cost term insurance for these years is an approach used by many people. They then often compliment the term policy with a lesser amount of permanent life insurance to make sure that if the pass away in old age that their funeral expenses and any outstanding debts are taken care of and that they perhaps leave an inheiritance to their spouse, children and/or grandchildren.
Branch Owner, TWFG Insurance Services, Fremont California and the Greater Bay Area Representing Dozens of Insurance Carriers
Yes a 21 year old can get life insurance. Of course there are qualification questions but in most cases there should be no problem obtaining life insurance. I have helped many young people around your age obtain life insurance. The premiums are great due to your age. I recommend you contact a local independent agent who can shop multiple carriers to find you the right product at the best rate to fit your needs.
Why do you ask? It's an odd question.
Have you heard otherwise that 21 year olds can't get life insurance?
Is there something about you that is unusual for your age?
Are you distinguishing 21 from 20 or 22?
It is hard to answer your question without knowing what prompted it.
Regional Marketing Director, Capital Choice Financial Group,
Of course, a 21 year old can get life insurance and the amount should be determined by who is dependent on him for income if he dies prematurely. If he is not married and has little debt or mortgage then he may only need a burial policy. As a financial advisor, I only recommend term protection which is the lowest cost of all life insurance. A 21 year old who is working has a great opportunity because he is so young to begin saving in a roth ira and this will lessen his need for more life insurance in the future. Along with this he must not get himself into debt.
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Next is insurability. Not all 21 year olds can qualify for life coverage. There are always a number of factors to consider. Underwriters look at build, life style, occupation and location just to name a few. I recommend contacting an independent life insurance broker to find the best product for your unique situation.
Have you heard otherwise that 21 year olds can't get life insurance?
Is there something about you that is unusual for your age?
Are you distinguishing 21 from 20 or 22?
It is hard to answer your question without knowing what prompted it.