Best Cheap Life Insurance Providers for 27 Years Old (Males & Females)

Not many young individuals think about life insurance, especially when one is still in their twenties. At 27 years, you're perhaps starting your career and building your financial prospects; soon enough, you'll have a family and have created wealth that's worth protecting. It is critical to start thinking about securing life insurance at a younger age to best prepare for the future. 

Life insurance is your best financial coverage for life's uncertainties. What if a disability or an illness halts your income flow? Or your business tumbles, and you can no longer pay your debts? We all witnessed how COVID-19 caused millions of people to lose their jobs unexpectedly. Life insurance provides the financial cushioning you need to pay off debts or medical expenses after you're gone. 

So, why not take advantage of life insurance now rather than later? Look for the best cheap life insurance providers for 27 years olds. The coverage is large and less expensive than purchasing insurance at 55 years old. Although you may not have the money to fund large-coverage policies, cheap life insurance providers for 27-year-old males and females offer affordable and personalized policies that you can leverage to get the coverage you need.

Practical Tips for Buying the Best Life Insurance Policy

Purchasing life insurance is like ordering a cup of coffee in a restaurant. There are many options to choose from. It can be an extremely challenging and daunting process for consumers, especially for young first-timers. Studies have shown that many people don't buy life insurance because they don't understand what coverage suits their situation and its costs. 

If you're thinking of purchasing life insurance but are confused about where to start, use the following tips:

Know the Distinction between Term Life and Permanent Life Insurance

You have two types of life insurance to choose from when you're shopping for life coverage: term life and permanent life insurance. 

A term life policy for 27 years old provides coverage for a specific period, usually 10, 15, 20, up to 30 years, so long as you maintain your monthly payments. Once the period ends, the policy expires. This insurance policy can be an excellent means of protecting yourself financially over a particular period until you achieve a financial milestone, such as paying your kids' college fees or paying off a home mortgage. You can renew the policy or convert it to whole life insurance once the coverage expires, although that's more expensive. If you're considering increasing your time life policy or jumping to permanent life insurance, it would be best to think about your long-term financial goals. 

Permanent life insurance offers lifelong coverage so long as you pay the premium. It's a more expensive option because it not only comes with a death benefit but also provides cash value that you can build upon. You can use that money to cover wide-ranging expenses, including emergencies, long-term care costs, supplementary retirement income, cover insurance premiums, or even take out a loan. 

Besides being expensive, whole life plans can be pretty complicated. That's the reason why permanent life coverage doesn't work for most 27-year-olds who want to leverage a certain level of coverage over a specific term. 

Know Your Current Financial Status

Once you've known the type of coverage you need, take time and assess your current financial situation. Look at what you have in place to support your loved one now or in the future. It might be retirement savings or even company-sponsored life insurance. Often, people discover that they aren't as prepared as they initially thought. 

The best move is to partner with a cheap life insurance provider for 27 years old to help you identify the needs you should cover using life insurance as a young individual. It can be security for a small startup, mortgage payments, and financial coverage to support your kids. The National Association of Personal Financial Advisors provides an easy way to find a fee-only advisor to discuss your insurance needs. 

Compare Insurance Rates from Different Providers

Many insurance providers for 27 years old make it easy for potential consumers to obtain quotes online. These rates vary from one insurer to another, and that's why you should take time to compare rates. Comparisons help you make the right decision when choosing which insurer to apply to. Independent insurance brokers work with several companies and can offer valuable insights to help you find the best coverage at an affordable rate. 

Top Life Insurance Providers for 27-Year-Old Males and Females

Sproutt

Sproutt is an online marketplace that helps life insurance shoppers find reputable insurance providers that match their current financial situations. It's an excellent search tool for young, healthy individuals. It's perhaps the fastest means to get life insurance quotes. You'll first have to answer a few questions about your health, income, and dependents. Sproutt is dedicated to providing affordable and personalized life insurance policies. Spoutt has a proprietary AI called QL Index that asks you various questions, from sleeping habits and relationships to driving records and veggie consumptions. It will then suggest the best life insurance policy from a specific insurance company based on your answers. 

Banner Life

Banner Life is one of the top insurers for young people, providing term and permanent life insurance. It offers limited customization options and could be the right choice for someone who wants to keep their plan as simple as possible. With Banner Life, you can choose term coverage for 10, 15, 20, 25, 30, 35, and 40 years. The base coverage amount is $100,000. The company ranks as the top cheapest life insurer in 2021 and could be a top choice for 27-year-olds. 

The monthly costs of term life coverage for a 27-year-old female of average health and a non-smoker are:

• $8.71 per month for $250,000 coverage for a 10-year term
• $23.80 per month for $1 million coverage for a 20-year term
• $72.91 per month for $2 million coverage for a 30-year term

The monthly costs of term life coverage for a 27-year-old male of average health and a non-smoker are:

• $11.90 per month for $250,000 coverage for a 10-year term 
• $30.50 per month for $1 million coverage for a 20-year term
• $90.91 per month for $2 million coverage for a 30-year term

Bestow

Bestow is relatively new to the world of insurance, established in 2016. The company provides only term life coverage. It offers a fast and more straightforward means of applying for life insurance online. Consumers can access term life coverage from $50,000 to 1.5 million in terms of between 10 and 30 years with five-year increments. An upside of using Bestow is that your coverage starts within minutes after approvals.

The monthly costs of term life coverage for a 27-year-old female of average health and a non-smoker are:

• $7.50 per month for $50,000 coverage for a 10-year term
• $16.54 per month for $550,000 coverage for a 20-year term 
• $59.75 per month for $1.5 million coverage for a 30-year term

The monthly costs of term life coverage for a 27-year-old male of average health and a non-smoker are:

• $9.21 per month for $50,000 coverage for a 10-year term
• $25.71 per month for $550,000 coverage for a 20-year term
• $101.00 per month for $1.5 million coverage for a 30-year term

SelectQuote

Like Sproutt, SelectQuote isn't an insurance provider but a policy sales agency that offers consumers unrivaled access to life insurance quotes from top-rated insurers, such as Protective Life and Prudential. It only focuses on term life and permanent life policies with up to $5 million benefits. With SelectQuote, you can easily convert their term policies to whole life coverage with high-amount coverage. In fact, you can get policies with over $5 million coverage, so long as you meet an insurer's policies. Like other affordable life insurance providers, you can apply for policies with terms ranging from 10 to 30 years, with five-year increments. 

Ethos

Also founded in 2016, Ethos aims to make life insurance affordable and accessible. It eliminates barriers to insurance by enabling people to generate quotes and complete online applications within minutes. You can choose two-term life policies: simplified issue and fully underwritten. Whichever plan works for you, you get benefits from $20,000 to $2 million over 10, 15, 20, 25, and 30 years. If you pass on and have active coverage, your dependents will receive a death benefit, but they'll receive nothing if you die after the policy has expired. 

The monthly costs of term life coverage for a 27-year-old female of average health and a non-smoker are:

• $12-$20 per month for $100,000 coverage for a 10-year term
• $55-$131 per month for $1 million coverage for a 20-year term
• $170-$1428 per month for $2 million coverage for a 30-year term

The monthly costs of term life coverage for a 27-year-old male of average health and a non-smoker are:

• $13-$24 per month for $100,000 coverage for a 10-year term
• $69-$188 per month for $1 million coverage for a 20-year term
• $240-$563 per month for $2 million coverage for a 30-year term

Haven Life Insurance

Haven Life was established in 2015 and wholly owned by Mass Mutual, an insurance company with a long history. Therefore consumers can have confidence in Haven Life, knowing it has backing from another insurance bigwig. Its goal is to offer easy and streamlined access to term life coverage with terms ranging from 10 to 30 years, with increments of five years. Coverage benefits range from $100,000 up to $3 million. With Haven Life, you can get time life policies without worrying about a medical exam, and consumers can submit their applications online. 

The monthly costs of term life coverage for a 27-year-old female of average health and a non-smoker are:

• $9.07 per month for $100,000 coverage for a 10-year term
• $36.95 per month for $1 million coverage for a 20-year term
• $161.57 per month for $3 million coverage for a 30-year term

The monthly costs of term life coverage for a 27-year-old male of average health and a non-smoker are:

• $10.06 per month for $100,000 coverage for a 10-year term
• $48.32 per month for $1 million coverage for a 20-year term
• $212.22 per month for $3 million coverage for a 30-year term

LeapLife Insurance

Based in San Francisco, LeapLife was designed to make life insurance available to people regardless of their age, health, or credit status. It is a digital insurance agency that offers term life policies starting from 10 to 30 years. It boasts deep underwriting knowledge, unrivaled data science, and powerful patented technology to match shoppers with the right insurers. You can purchase LeapLife insurance from 18-75 years, with coverage ranging from $100,000 to $3 million.

The monthly costs of term life coverage for a 27-year-old female of average health and a non-smoker are:

• $8.71 per month for $250,000 in coverage over a 10-year term
• $21.67 per month for $750,000 in coverage over a 20-year term
• $39.01 per month for $1 million in coverage over a 30-year term

The monthly costs of term life coverage for a 27-year-old male of average health and a non-smoker are:

• $11.90 per month for $250,000 in coverage over a 10-year term
• $26.06 per month for $750,000 in coverage over a 20-year term
• $48.01 per month for $1 million in coverage over a 30-year term

Average Monthly Life Insurance Premium by State

The following are average monthly life insurance premiums by state for 27-year-old males and females looking for $500,000 in coverage over a 20-year term:

• California: $19 for females and $23 for males 
• Illinois: $16-$29 for females and $19-$36 for males
• Texas: $23 for females and $36 for males
• New York: $20 for females and $28 for males
• Washington: $22.5 for females and $27.5 for males
• Michigan: $19 for females and $22 for males
• Pennsylvania: $24.50 for females and 29.50 for males

The responses below are not provided, commissioned, reviewed, approved, or otherwise endorsed by any financial entity or advertiser. It is not the advertiser’s responsibility to ensure all posts and/or questions are answered.