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Best life insurance for millennials

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Millennials are all grown up. Many people in this age group are buying houses, climbing the career ladder, settling down and starting families. As a result, the need for adequate life insurance is greater than ever. If you already have a policy, it’s important to assess your existing debt and future financial planning to secure coverage that would cover your loss of income. And you can make things even easier by working with a company that already knows your potential needs.

To choose the best life insurance for millennials, we assess the insurer’s reputation in the industry, as well as its product lineup, rider selection and underwriting standards. To determine industry reputation, our editorial team researches the company’s financial strength, accreditations and ratings, and reads customer reviews. We also considered factors that are important to people in this age group, including digital experience, quick approval, flexible underwriting and ethically sound companies.

Best life insurance companies for millennials

There are more than five good life insurance companies for millennials, but these five stand out for a range of reasons.

  • Best for fast, affordable coverage: Bestow
  • Best for online shoppers: Haven Life
  • Best traditional company: AIG
  • Best for millennials who like to give back: Foresters
  • Best for millennials who prefer startups: Ethos
  • Best for millennials who have health issues: Legal & General

Best for millennials who want quick coverage: Bestow

Bestow logo
Finder Rating: 4 / 5


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$50,000 – $1,000,000
Coverage range
21 – 55 years
Issue age
Look to this online-focused insurer to finally check getting life insurance off your list. You can get a quote and sign up online without talking to an agent or getting a medical exam. You can still get help with online chat, but you might not need it with no-frills policies designed for people on a budget who don't need many extras.
  • High $1 mil max without medical exam
  • Easy online quoting
  • Cheap basic coverage
  • 10 or 20 year term coverage
  • No annual fees or cancellation fees
Coverage range $50,000 – $1,000,000
Term lengths 10 or 20 years
Issue age 21 – 55 years
Medical exam required No medical exam

Best for online shoppers: Haven Life

Haven Life logo
Finder Rating: 4 / 5


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$100,000 – $3,000,000
Coverage range
18 – 64 years
Issue age
Haven Life is a completely digital life insurance company that's backed by one of the oldest and most reputable life companies in the nation, MassMutual. It has an easy-to-use online platform that can issue policies instantly.

You'll only find term policies, but it's a unique fintech insurer in that it allows you to add two common riders. Most policies also don't require a medical exam, meaning you don't have to worry about taking extra time out of your busy schedule to get coverage.

  • Online-only application saves time and offers instant coverage.
  • No medical exams for most applications.
  • Accelerated death benefit rider and waiver of premium rider are both available.
  • Backed by MassMutual, one of the oldest and most reputable life insurance companies in the industry.
Coverage range $100,000 – $3,000,000
Term lengths 10, 15, 20, or 30 years
Issue age 18 – 64 years
Medical exam required No

Best for flexible term lengths: AIG

AIG logo
Finder Rating: 4 / 5


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$5,000 – $2,000,000
Coverage range
18 – 75 years
Issue age
An industry giant, AIG has a diverse policy lineup, including both term and permanent life policies. Its term policies are more flexible than most of its competitors, especially when it comes to how long you want your term policy to last. You can buy a term policy lasting 10, 15, 20, 30 or 35 years — and the last two lengths are rare.

Plus, AIG typically has competitive rates for millennials, making it a strong choice for life insurance.

  • Flexible and nontraditional term policy lengths, including 30 and 35 years.
  • Sells whole and universal life policies.
  • Has a long list of policy riders available.
  • Financially stable company that also offers retirement products.
Coverage range $5,000 – $2,000,000
Term lengths 10, 15, 20, 25, 30, or 35 years
Issue age 18 – 75 years
Medical exam required No

Best for millennials who like to give back: Foresters Financial

Foresters Financial logo
Finder Rating: 4 / 5


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$10,000 – $500,000+
Coverage range
18 – 85 years
Issue age
Foresters Financial offers both term and permanent life policies, but will also contribute 1% of your death benefit to the charity of your choice if you pass away during the policy period. The insurer offers a variety of policy riders, along with member benefits to its policyholders, such as emergency grants, terminal illness loans and discounts on legal and financial services.
  • Donates 1% of your death benefit to the charity of your choice.
  • Member benefits provide extra financial support in some emergencies.
  • Varied product lineup with many rider options.
  • Most policies can be fast-tracked through the application phase.
Coverage range $10,000 – $500,000+
Term lengths 10, 15, 20, 25 or 30 years
Issue age 18 – 85 years

Best for millennials who prefer startups: Ethos

Ethos logo
Finder Rating: 2.5 / 5


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$25,000 – $10,000,000
Coverage range
18 – 75 years
Issue age
Similar to Haven Life, Ethos is an online-only life insurance company that offers term life insurance policies exclusively online. Depending on your profile, you can purchase between $25,000 and $10 million in coverage.

Funded by a slew of celebrities including Jay-Z, Robert Downey Jr., Kevin Durant and Will Smith, Ethos offers a fast 10-minute application with instant coverage on approval and no medical exams. Its startup approach to insurance could appeal to millennials who want a fast but effective approach to life insurance.

  • Offers a range of coverage amounts to cater to all budgets and needs.
  • Fast application process and speedy claims service.
  • No extra fees, simply pay the premium and know you're covered.
  • No medical exams for the majority of applications.
  • Policies are backed by Assurity, a financially strong and stable life insurance company.
Coverage range $25,000 – $10,000,000
Term lengths 10, 15, 20, or 30 years
Issue age 18 – 75 years
Medical exam required Medical exams not required in most cases

Best for millennials who have health issues: Legal & General

Legal & General logo
Finder Rating: 3.5 / 5


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$100,000 – $10,000,000
Coverage range
20 – 75 years
Issue age
If you're a millennial who's dealing with a health issue or condition, finding life insurance coverage can be difficult. Legal & General makes it easy thanks to its lenient underwriting guidelines. It will accept most applicants.

The insurer offers both term and permanent policies, in addition to a good variety of riders and competitive rates.

  • A variety of riders and the ability to convert your term policy into a permanent policy.
  • Competitive rates even if you have health conditions.
  • Online quoting tool lets you start the process online.
  • Flexible payment options to suit your budget.
Coverage range $100,000 – $10,000,000
Term lengths 10, 15, 20, 25, 30, 35, 40 years
Issue age 20 – 75 years

How to choose the best life insurance policy for you

As someone in their 20s and 30s, you’re in a prime position to purchase a life insurance policy. Insurers reserve their best rates for young, healthy applicants, and you could lock in a low rate by buying now.

At your age, you might also have debt, assets or dependents to protect, and a policy can ease the financial burden on your loved ones if something happens to you.

When you’re shopping around for coverage, think about the following factors:

  • Health standards. Most insurers extend the cheapest rates to those in good health, while others offer more competitive rates for those with preexisting conditions or complex health conditions working against them. Aim to go with a carrier that aligns with your health status.
  • Riders available. If add-ons like a waiver of premium or accidental death benefit are important to you, make sure your insurer offers them. The options vary, as do the fees to add riders to your policy.
  • Online policy management. Many insurers cater to millennials by offering a digital-friendly user experience. As you’re comparing insurers, find out if you can easily change your personal information, pay your premiums and update your beneficiaries online.
  • Turnaround time for applications. For traditionally underwritten policies, the application process can take anywhere from three to eight weeks. If you want or need coverage sooner, look for a company that offers “instant approval” term life insurance. There are a range of fintech startups that issue policies without the need for medical underwriting, such as Haven Life and Bestow.

Financial ratings for the insurers we reviewed

A life insurance company’s financial strength points to its ability to pay claims in a timely manner. Financially strong mutual companies can also pay out dividends to permanent life policyholders, and you can either collect cash or use it to pay premiums or purchase more insurance.

AgencyHaven LifeAIGForestersEthosLegal & General
A.M. BestA++AAA-A+
Standard & Poor’sAA+A+N/AN/AAA-
J.D. PowerN/A2 out of 5N/AN/AN/A

Customer reviews

To determine each company’s customer service and reputation, we turn to the Better Business Bureau. Keep in mind that these ratings and reviews reflect each company as a whole, and not only its life insurance department.

ProviderBBB ratingCustomer reviews
Haven LifeA+2 out of 5 stars
AIGA+1 out of 5 stars
ForestersA+3 out of 5 stars
Legal & GeneralA+N/A

Bottom line

Life insurance plays an important role in financial security and some companies are better positioned to meet the needs of millennials than others. An all-digital process, underwriting standards that are flexible and the option to give to charity are all available if you know which companies to look at.

To explore your options even further, compare the best life insurance companies across the country.

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