It's never too early to start thinking about life insurance. In fact, if you're 24 years old and single, it's a good idea to get the ball rolling with a policy in place before you find true love or have children! But how can you find an affordable plan for your situation? This post will cover the best cheap life insurance providers for those 24-years-old males and females including costs, features, what is offered, and the factors to consider when looking for coverage. Additionally, we discuss the importance of a life insurance policy for a 24-year-old individual. 

Factors to Consider When Finding the Best Cheap Life Insurance Provider for 24-Year-Olds

Premiums

The monthly premiums are the amount you pay for your life insurance each month. Ensure you consider whether rates are flat or variable and what they may look like over time when shopping around. Ensure you find rates from several providers and create a comparison matrix. This will enable you to narrow down your search to the best cheap life insurance providers for 24-year-olds.

Investment options

Some policies come with their own retirement savings plan, which guarantees to pay out additional money in the event of your death. Some plans don't offer this feature but do provide an investment component. These allow you to invest your funds for growth instead of receiving a simple payout upon your demise.

Policy riders

Several additional features can be added to enhance a policy. This includes accidental death benefit (ADB), critical illness benefit (CIB), and waiver of premium benefit (WOP). ADB will enable your beneficiary to receive benefits in the case of accidental death, CIB provides additional money if you suffer from a critical illness such as a heart attack or stroke, and WOP waives all premiums once an accident occurs.

Some policies may even provide double indemnity upon the death of a policyholder while they are at their place of employment.

Benefits

Every insurance policy is bound to have a specific set of features and benefits you can enjoy. Consider factors such as whether or not your dependent children are insured, the number of days you need to wait for coverage to kick in, the number of times you can receive payments, and how long the policy will last before it expires.

Coverage amount

If you want your beneficiaries to receive the total amount upon your death, then consider choosing a life insurance plan that guarantees coverage up to your desired amount. Some providers allow you to select your desired amount with additional riders that provide supplemental amounts upon death.

Claims process

Always consider the time a life insurance company takes to pay out a claim. If you have any questions about your policy or want to file a claim, this information would be helpful, especially if you need your benefits expedited quickly.

Return of premiums

If you are looking for the best cheap life insurance, ensure it offers a return of premiums feature. This means if you cancel your coverage before the end of its term, you will be refunded the amount paid in premiums minus any withdrawals made.

Cash value

Depending on the type of policy you choose, you could end up with cash value or be required to invest your premiums into a separate account. This will allow multiple policies which combine into one larger investment portfolio and payout upon death for beneficiaries. Find out how much money you would need to contribute and what kind of interest rate is offered.

The Best Cheap Life Insurance Providers for 24-Year-Olds

Sproutt

Sproutt

Sproutt is a peer-to-peer insurance brokerage. This means that they use their base of over 1,500 agents to help you find the best cheap life insurance for you.

Policy Term Average Cost
30 Years For 24 yr-old females, the rates start at $11 per month for a $100,000 policy
30 Years For 24 yr-old males males, premiums start at $18 per month for $100,000 of coverage

Benefits

  • They have over 1,500 agents that are more than qualified to find you the best cheap life insurance.
  • Based on your profile, they will match you with top life insurance companies.
  • They offer term coverage of between 10-40 years.
  • You can choose how much coverage you need.
  • They offer guaranteed acceptance (so there’s no medical exam).
  • You can get up to $350,000 in coverage for a monthly premium as low as $23 per month.

SelectQuote

SelectQuote

SelectQuote is an affordable life insurance provider that features term and whole life options. They have a customer base of over 3 million people all over America.

Policy Term Average Cost
10 Years The rates start at $8 per month for 24-yr-old Females for $250,000 of coverage
10 Years The rates for 24-yr-old males with a payout option of $250,000 start at $9 with a payout of $250,000 for 30 years

Benefits

  • They allow a 10-day free lookup period to review the policy if you want to cancel your coverage.
  • Coverage amount ranges from $5,000 to over $5 million.
  • Term life Insurance coverage starts from 10-30 years.
  • All term policies can be converted to permanent coverage without a medical exam.
  • Policies are renewable.

Transamerica

Transamerica

Transamerica life insurance offers guaranteed issue plans. Below is the categorization based on gender, price, and coverage. 

  • The rates start at $9 per month for $100,000 of coverage for 24-yr-old females, with a payout of $250,000 for 30 years.
  • For 24-yr-old males, the premiums start at $12 per month for $100,000 of coverage, which covers up to $500,000 for 30 years.

Benefits

  • Up to $100,000 of coverage with no medical exam
  • Up to $10 million coverage under the Trendsetter Super Term Life Policy
  • Under the Trendsetter LB, you can get up to $2 million in death benefits.
  • Term coverage ranges from 10 to 30 years.

State Farm

State Farm

State Farm has over 1,000 agents and 1.5 million customers. They will help you find the best cheap life insurance plan to fit your needs.

  • The life insurance premiums start at $10 per month for $500,000 of coverage for 24-years-old females, paying out at $50,000 for ten years.
  • For 24-years-old males, the rate start at $15 per month for $500,000 of coverage with a cover of $100,000 for ten years. 

Benefits

  • They offer over ten term and permanent life insurance policies to choose from.
  • Ability to convert your policy to permanent
  • Flexible payment options
  • Coverage of up to $50,000 without a medical exam
  • The death benefit offered ranges between $100,000 and $250,000 in death benefits.

Liberty Mutual

Liberty Mutual

Based on their customer base of over 3 million people, Liberty Mutual offers competitive rates with affordable premiums.

  • The life insurance cost for 24-years-old females starts at $16 per month for $500,000 of coverage, with a cover of $500,000 for ten years.
  • For 24-years-old males, the policy rates start at $20.70 per month for $500,000, with a cover of $10,000,000 for 30 years.

Benefits

  • Up to $10 million of term coverage with a 30-year term
  • Availability of up to $250,000 in coverage without a medical exam
  • Availability of policies with death benefits amounting to $10 million with full underwriting
  • Policies are available with death benefits of $10 million or more with full underwriting
  • Up to four different life insurance policies to choose

AIG

AIG

AIG offers up to $2 million in coverage through its universal life insurance plans. The company is known for some of the lowest rates for premiums and flexible payment plans.

  • For 24-years-old females, the average life insurance premium is $14 per month for $250,000 of coverage with a payout of $500,000 for ten years.
  • For 24-years-old males, the average life insurance premium is $18 per month for $250,000 of coverage, with a payout of $1,000,000 for ten years. 

Benefits

  • No medical exam is required to get coverage on all policies.
  • Wide variety of insurance plans
  • High coverage amounts of up to $2 million in term insurance coverage
  • They offer a variety of insurance riders on their policies.

Why Should You Get Life Insurance at 24 Years Old?

Health insurance

The key to being financially healthy in your 20s is a solid health insurance plan that will cover your medical expenses for the rest of your life. Life insurance can be part of your health care plan in this case. It will provide you with the necessary funds to cover your medical expenses in case of an emergency. Life insurance can play a role in helping young people become financially healthy due to its accessibility and affordability.

Retirement funding

Life insurance is like a prepaid retirement fund that will make it easy for your loved ones to transfer your assets to them after you pass away. It can help you secure your future with the right plan to leave behind enough funds to cover your final expenses and also keep your loved ones from suffering financial stress. Life insurance can help you secure your future as a young person without a lot of extra funds.

A wedding

Life insurance is also a great way to provide some monetary security for your wedding expenses. If you and your partner are a young couple getting married within ten or 15 years, then you don't have to worry about having enough available funds. Life insurance can help you build up some extra cash that will go toward the wedding expenses.

Family support

The best thing about life insurance is that it provides your family with some financial security after you are gone. Life insurance can help them pay your final expenses and also provide some extra funds for their future.

College education

Having a life insurance policy that goes to your child is another way to help them pay for college or any post-secondary education. You can use the money to help them pay for tuition or any other education-related expenses.

Mortgage protection

Life insurance plans are great for mortgage protection. If you had a spouse before you died, they would keep the house. Then the life insurance paid out would help them get the money to continue paying the mortgage.

Conclusion

Considering the affordability and potential benefits of term life insurance, it makes sense to subscribe to a policy even at 24 years of age. Before settling on a life insurance provider, ensure you do thorough research to find the best cheap life insurance providers for 24-year-olds.

Cheap Life Insurance Quotes by Age

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