When you are 22 years old, you've probably hit some major milestones. You can legally drink in all states, may have decided on a career path, and are ready to venture out into the world on your terms. 

Should you be focused on something like getting life insurance when you have so many other things on your plate, though? It can be time-consuming, and you're still very young. Does finding cheap life insurance providers when you’re 22 years old really matter?

Why Do You Need Life Insurance When You’re Age 22?

Whether you're married with kids or single and hunting down that perfect apartment, getting life insurance is something you should seriously consider. Your rates are as low as they will ever be at this point, so it's the perfect time to take advantage of it before they go up. If you wait until you're 40 or 50 years old, your rates will be doubled or tripled.

It's also good to have this taken care of now, in case you start a family or buy a house. Your family and estate will be taken care of thanks to your life insurance money that you have purchased now.

Your life insurance money can be used to:

  • Help with paying for college for your children
  • Pay off any debt you leave behind, like automobile payments and student loans
  • Replace lost income
  • Cover final expenses
  • Pay death and estate taxes

Don't start shopping for life insurance providers just yet, however. Learning how insurance companies determine their rates will give you a huge leg up when it comes time to negotiate, or know when it's time to walk away from an offer.

How Do Life Insurance Companies Determine Rates?

When you're 22 years old, there aren't too many hoops to jump through to secure cheap life insurance providers. This will change as you get older, however. From requesting medical exams to lowering offers, things get much more complicated when you hit your forties and fifties. 

For 22 year olds, your insurance company will be more concerned with things like your habits, health, and gender.

Habits

While it may seem hard to believe that your insurance company will care about things you do in your private life, they do. This is because some activities and hobbies are so risky, one wrong move could end your life. Your insurance company knows that paying out policies is a part of the business, but they would prefer that be years down the line, not in a few short months.

Hobbies like jumping out of airplanes, horseback riding, rock climbing, and racing will be sure to raise your rates more than gardening or pottery. Other activities that will raise your rates include smoking, drinking, and recreational drug use.

Health

There are a few health problems your insurance company will be on the lookout for, even if you are just 22. Some companies will take your word for it, while others may request a medical exam.  

Some of the health risks they'll look for that will increase your rates include:

  • Weight
  • Diabetes
  • Heart disease
  • Cancer

Gender

It's not the 1940s anymore when women were expected to stay home and tend to the kids, but your gender will still affect your rates. And unlike in the 40s, it's the men who pay more when it comes to life insurance.

There are several reasons life insurance companies choose to do this, such as:

  1. Currently, the average lifespan for a male is 80, while a female's is 85. This means the insurance company potentially has five more years before they have to pay out.
  2. Men tend to live riskier lives, such as drinking, drugs, and engaging in more high-impact sports.
  3. Women tend to take less risky jobs. While there are certainly women who choose to do police work, construction work, and become demolition experts, insurance companies see women as a lower risk.

Women’s Health at Age 22

For the most part, women tend to be in good health at age 22. In many ways, you may be the fittest you will ever be. That doesn't mean that you're still healthy, however, and there may be some things your insurance company wants to know about before they offer you a policy.

Heart Health

A few years ago, it was rare to hear about someone as young as 22 years old having health problems, but that's changing. According to the CDC, "About 1 in 16 women age 20 and older (6.2%) have coronary heart disease." 

That's a shockingly high number, and many women who suffer from heart disease may not even know it. Your insurance company may want to be sure that you’re heart healthy before they offer you a policy, however, and could request a medical exam.

Cancer

Cancer knows no age ranges. It can happen to anyone, at any age, unfortunately. Some types of cancer your insurance company may be on the lookout for include:

  • Breast
  • Cervical
  • Colon

Weight

A healthy weight can affect many factors in your life. From having a healthier heart, sturdier bones, and better mental health, having a healthy BMI can extend your lifespan. With that in mind, your insurance company might consider raising your rates if you are overweight or underweight.

Men’s Health at Age 22

Men who are only 22 years old probably don't have many health issues. You can still eat whatever you want without packing on the pounds, your jump shot is better than ever, and you can still climb a ladder without even thinking about where to put your foot.

There are still some health problems your insurance provider will be concerned about, however, such as your heart health, cancer, and weight.

Heart Health

Heart problems tend to be more common in men than in women. While you may not have any major symptoms at age 22, that doesn't mean your heart is perfectly fine. Your insurance company may request a medical exam to check for things like high cholesterol and blood pressure.

Cancer

Cancer can strike at any time, and there are some types that are more common in men than in women. Some of the types of cancer you may be checked for include:

  • Prostate cancer
  • Testicular cancer
  • Lung

Weight

When you're 22, it may feel like you can eat anything and never gain a pound thanks to a speedy metabolism or working out at the gym. But according to Men's Health, what you chow down on now will affect your health later on down the road, and if you're underweight or overweight, it may be a reason for concern for your insurance provider.

Choosing the Best Cheap Life Insurance Providers for a 22 Years Old

Now that you know a little more about how your insurance company will determine what they will offer you, it's time to go shopping. There are several insurance companies out there, and each has its own rules. Rather than going with the first insurance company that tosses an offer your way, take the time to really shop around.

As we already pointed out, at 22 years old, your rates are going to be very low, so take full advantage of it. Here are six providers to get your search started.

Sproutt

Sproutt

Sproutt is fairly new but is a solid insurance company that is a good choice for anyone new to hunting for life insurance.

The rates can fluctuate between $9 a month for a $100,000 policy to $51 a month for a $1,000,000 policy. This depends greatly on your age, gender, income, and health.

The areas Sproutt looks at includes:

  1. Movement
  2. Sleep
  3. Emotional health
  4. Nutrition
  5. Balance

Here are the six types of life insurance policies that Sproutt offers.

  1. Term Life
  2. Whole Life
  3. Universal
  4. Variable Universal
  5. Simplified Issue 
  6. Guaranteed Issue

Estimated Cost for a $500K Death Benefit 20-Year Term Policy:

  • The Life Insurance policy monthly rate for Non-Smoker Women age 22 is $20 and $63 for a Smoker
  • The Premium of a Life Insurance Policy for Non-Smoker Men age 22 is $26 and $68 for a Smoker

SelectQuote

SelectQuote

SelectQuote isn't an insurance company, but you should definitely check it out. It's designed to help you learn more about a range of insurance companies, as well as the rates they'll charge you. 

Some of the prices you can expect SelectQuote to get you range from $20-$40 a month for a benefit of up to $500,000. The policies are sold in increments of 30 years, so if you purchase now, you'll be looking at trying to get a new policy at age 52. 

The companies SelectQuote shops for quotes from include:

  • AIG
  • Americo
  • Banner
  • Companion
  • Global Life
  • Lincoln National
  • Pacific Life
  • Protective
  • Prudential
  • SBLI
  • TruStage
  • United of Omaha
  • William Penn

Bestow

Bestow

If your life is extremely hectic and you don't have time to deal with a medical exam, you should check out Bestow. Sign up is straightforward and easy, and you'll know almost instantly if you're approved or if you need to keep hunting for another policy.

You can choose a 10-20 year term, in 5 year increments, and anyone age 18-60 is eligible for a policy. The max coverage rate is up to $1.5 million.

For a 20-year-term Policy:

Coverage Average Monthly Cost
$250,000 For a 22 yr-old the policy premium is $10.79 Women and $17.04 Men in average health
$500,000 The policy rate for a 22 yr-old in average health is $14.75 Women and $23.08 Men
$1,000,000 The policy cost is $23.50 Women and $40.17 Men in average health at the age of 22

Progressive

Progressive

Progressive has been around for a while now, and most people know it best for its amusing commercials. It's a great insurance company for anyone who wants to bundle their home, auto, and life insurance policies so that you aren't keeping track of three separate bills each month. They offer Term Life, Final Expense, Short-term, and Whole Life insurance policies. 

  • Women will pay at age 22 an average of $12.18/month for a $250,000 policy and $18.27/month for a $500,000.
  • Men will pay at age 22 an average of $13.48/month for a $250,000 policy and $20.44/month for a $500,000.

Liberty Mutual

Liberty Mutual

Liberty Mutual is fairly affordable and makes signing up easy. You'll also know sooner rather than later if you've been approved. 

  • A 22-year-old Women will pay an average of $16.83/ month for a $100,000/10-year-term policy
  • A 22-year-old Men will pay an average of $20.79/month for a $100,000/10-year term policy.

State Farm

State Farm

State Farm isn't the cheapest insurance company to work with, but it tends to have good reviews online. It offers Term Life, Whole Life, and Universal Life insurance. 

  • A Men at the age of 22 will pay an estimate of $26.09 per month for a $500,000 policy for twenty years.
  • Women will pay an estimate of $20.44 for a $500,000 policy for twenty years.

This is far from a complete list of all the insurance companies out there and their quotes, but it’s a great start for those 22 years old hunting for cheap life insurance providers. If you'd like to shop around for the perfect policy tailored to your needs, click below to compare.

Cheap Life Insurance Quotes by Age

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