What is the youngest age you can get life insurance?

If you're looking for your first life insurance policy, you should know some basics. First, there is no minimum age for life insurance in most cases. In addition, knowing the benefits of term life insurance will help you compare a life insurance company's plans and policies. Whole life or universal life policies, if you can afford permanent coverage, can provide more financial security for your loved ones. However, if you have a lot of debt, you can opt for a high-value term life insurance policy until the debt is paid off.

If you don't need a high death benefit, a mid-range permanent life policy can provide you with lifetime coverage and increase your cash value over time. If affordability is what you're most concerned about, opt for a fixed-term policy. Life insurance policies can be taken out for children soon after they are born. A permanent life insurance policy for a young child will have a much lower premium than when that person is an adult.

At 18, you can transfer the insurance policy to the child so that they have future coverage. We also analyze other characteristics, such as the possibility of recharging the policy when the child grows up and reaches important milestones, such as marriage or parenting. While there's no minimum age for taking out life insurance, a life insurance policy may be more useful for adults with financial and family responsibilities. Also, keep in mind that if you wait, you run the risk of your health deteriorating, which can further increase your rates or make you ineligible for life insurance at that time.

The policy includes an additional benefit clause with a guaranteed purchase option, which allows you to increase coverage at certain ages when your child experiences important life events, such as getting married, buying a home or becoming a parent. The child's entire lives and that of the adult are similar in most ways; both types of policies offer a fixed death benefit and a premium that will never increase, in addition to the opportunity to accumulate cash value. NerdWallet's life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for Individual Life Insurance, and weighted averages of financial strength ratings, which indicate a company's ability to pay future complaints. All life insurance policies are meant to provide peace of mind, and children's entire lives are no exception.

If you don't want to buy a separate policy for a child, consider adding an additional temporary clause to your own life insurance policy. Keep in mind that you'll need to subscribe to this additional life insurance clause when you buy your policy, but children who are born or adopted once the policy is in effect will normally be covered. If you're interested in buying comprehensive life insurance for your child, talking to an agent about your financial goals can help you understand your options and find the right policy. You may be delaying life insurance to pay off student loans, buy a home, or start a family. As with most comprehensive life insurance policies for children, you have the option of purchasing additional lifetime coverage when your child is an adult and marries, buys a house, or has a child of your own, without requiring a medical exam.

You can also add an additional child life insurance clause to your policy or even purchase a separate life insurance policy for your children. There's also a one-year short-term life insurance option through eFinancial if you want to try a low-commitment policy first.

Elizabeth Unch
Elizabeth Unch

Amateur social media expert. Extreme pop culture lover. Proud coffee lover. Certified coffeeaholic. Lifelong food ninja. Hipster-friendly food specialist.