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by Indiana Farm Bureau Insurance

Life insurance options for young adults

Life insurance options for young adults who are dancing in the kitchen of their home

My name is Bailee, and, in the summer of 2022, I got married!  


When I returned to work after getting married, one of my colleagues asked me if I had considered getting a life insurance policy to protect my little family.  


The idea of needing life insurance sparked my interest. Insurance was not a topic that my family talked about during my upbringing. While I work at an insurance company, I work in human resources. So, other than car insurance, I’m not very familiar with the topic of insurance. Moreover, as a young adult, I assumed that life insurance is not something I needed to consider until I was older or had children. So, I did the only rational thing a person could do; I asked why... and then I did some research.  


My life insurance process  


During the conversation I had with my colleague, she shared a few highlights of her experience and rationale behind purchasing life insurance as a young adult, but ultimately said that if I was interested, I should reach out to an insurance agent.  


I set up a meeting with the agent and included my husband over a lunch break. They took the time to discuss the life insurance process, life insurance policy options and their recommendations for life insurance options for young adults. My agent was extremely helpful. They were able to explain and make sense of a topic my husband and I had never considered and was gracious enough to answer our many questions.  


Essentially, we learned that life insurance is a product many should consider at some point in their lives, but especially after significant life changes--like getting married. By purchasing a life insurance policy at a young age, it is likely we could capitalize on low premiums. My husband and I were very interested in investing in our future this way and started the application process. 


My agent was there to help complete the application process and answered all of our questions that we had along the way.  


What is life insurance for young adults?  


Our agent started by explaining the living benefits of life insurance, and what life insurance does for the insured if they do not prematurely die. Our agent asked us an interesting question, “Did you know you could be the beneficiary of your own life insurance policy?” After not knowing the answer to the question, I was very interested to hear more. 


The agent went on to explain the living benefits of life insurance and that it can provide the following: 

  • Income tax free dollars/income that I can use in retirement or whenever I may need. 

  • A life insurance policy could be used to help pay down the mortgage balance on my future house, saving thousands of dollars in interest payments.   

  • If I become chronically ill, tax-free dollars may be available. 

  • If I become terminally ill, tax-free dollars may be available.  

  • I determine how long I want to pay my premium, and how much cash value I want to accumulate in the policy. As my life needs change, I can adjust death benefit coverage, so I don’t pay for coverage I may no longer need!    


I realized that life insurance is much more flexible than I ever imagined and that there are not just benefits to my loved ones if I were to pass, but living benefits that I could utilize while I am still living!  


Life insurance is much more than protection for your loved ones and peace of mind for yourself. People purchase auto insurance to provide coverage if they were to get into an auto accident. People purchase homeowners' insurance to provide coverage if something were to happen to their home. People should purchase life insurance for the benefit it provides to them while they are alive through living benefits and to provide coverage for their loved ones in case something happens to them.  


Life Insurance is a topic most people prefer to stay away from because they see it as insurance you need if you were to pass away. After talking with my agent, I now see how it can also benefit me and my loved ones when we are alive. Life insurance went from an uncomfortable topic to discuss to one that centers on living and peace of mind if a premature death were to occur.  


You don’t have to be married to consider life insurance. Indiana Farm Bureau Insurance shares an Inside Story blog post to discuss just that, Why do I need life insurance if I’m single? Life insurance should be considered by everyone because we all have people in our lives that will have to pick up the pieces if we were to pass. Young people who have student loans, children, family, significant others, or credit card payments should consider purchasing a life insurance policy. 


Why should young adults consider life insurance now?   


Young adults should consider life insurance now for a few reasons. A few examples of those reasons include:  


  1. Life Insurance has many living benefits for the insured – Some life insurance policies provide access to income tax free dollars that benefit you if you don’t prematurely pass away, and you can use it when you need it most. Some life insurance policies can be used when and how you need or want to use it throughout your lifetime. 

  1. To lock in premiums – When it comes to life insurance, most times, the younger and healthier you are the less expensive your life insurance premium may be. Life insurance usually gets more expensive as you get older. If you purchase your policy when you are young, you will most likely be able to lock in a more reasonable price on your premium. If you wait to purchase life insurance, that premium cost will likely increase.  

  1. Pay less now, in case your health changes – When you go through the life insurance application process, depending on the type of coverage you want, you may be required to get a medical exam. As you get older, you may experience changes in your health that could affect your life insurance options. If you purchase life insurance as a young adult, you may be able to lock in affordable coverage regardless of how your health in the future.  


With my life insurance policy, I know I will be able to provide financial support to my spouse, parents, or other beneficiaries if the unexpected happens. Funeral expenses, student loans, debt and other expenses can add up. Your life insurance policy can help alleviate the burden of these responsibilities for your loved ones.  



What are life insurance policy options for young adults?  


At Indiana Farm Bureau Insurance, there arefour main life insurance options


  • Term Life – Coverage that is designed to be in force for a specific period of time  

  • Return of Premium Life – A policy that not only offers you protection, but will pay you back after 20 or 30 years depending on your policy  

  • Whole Life – Coverage that is in place for your entire life with level premiums and tax-deferred cash value accumulation  

  • Final Expense Coverage – Coverage that is designed to cover the last stages of life expenses. Coverage amounts from $5,000-$25,000 are available.   


Aside from these four options, Indiana Farm Bureau Insurance offers benefits and riders that are available to purchase for additional protection. Let’s find out how you can purchase life insurance and find out what your options look like.  


How to get life insurance at Indiana Farm Bureau Insurance  


Let’s start with the life insurance calculator. The life insurance calculator can help you calculate your potential life insurance needs in minutes. Indiana Farm Bureau Insurance will provide you with an estimate of how much life insurance coverage to consider for you and your situation.  



You can also request a free life insurance quote online that will help get the process started. This estimate takes minutes, and you will have an idea of how much coverage may cost you.  



Another way you can get this process started is by contacting your local insurance agent. Your local insurance agent will be able to guide you through the life insurance process and walk you through what options you have at various price points. Your agent will listen to your needs and help you find the life insurance policy that fits your needs now and down the road.