If anyone counts on your income or you have shared debt, a term policy now can lock in a low price. If no one depends on you, you may not need much yet.
Most young people think it costs way more than it does. In LIMRA's 2025 study, 71% of Gen Z guessed the price at three times or more what it really is.
Adults under 31 guessed a median of $2,000 a year for a $250,000, 20 year policy. That was about 10 to 12 times the real median price, the study said.
Price goes up as you age and as health changes. Buying young can lock in a rate for 20 or 30 years. Some people also buy now to cover student loans with a cosigner.
Tips that help
- Get a real quote before you decide it costs too much.
- Buy coverage if a partner, child or parent counts on you.
- Cover any loan a parent cosigned.
- Pick a long term, like 30 years, to lock in the price.
- Do not count only on a work plan. You may change jobs a lot in your 20s.
Coverage that fits
Common questions
Do I need life insurance if I am single?
Maybe not much. You may want some if a parent cosigned your loans or you want to cover a funeral.
How much does it cost in my 20s?
MoneyGeek (updated September 22, 2026) shows $30 a month for a 25 year old woman and $32 for a 25 year old man, for $500,000, 20 year term, nonsmoker, average health. Your quote will differ.
Should I buy whole life now?
Most people in their 20s start with term. The NAIC says term gives lower cost coverage for a set time.
