The Best Life Insurance for Adults
Life insurance products each come with their own unique benefits and drawbacks. Because of this, determining the best life insurance policy as an adult may feel overwhelming at first. However, we have compiled the following quick guide to help you better understand adult life insurance.
Types of Life Insurance for Adults
When trying to determine the right life insurance policy to purchase, it is important to keep your unique circumstances in mind. Your age, health status, financial situation, and life insurance coverage goals should all factor into the type of life insurance policies you consider. To get started, take a look at the following types of life insurance policies that adults frequently purchase.
Term Life Insurance
- Offers coverage for a designated period of time (the "term").
- Pays a death benefit.
- Does not typically accrue a cash value.
- Usually less expensive than other types of policies.
- Some policies can be renewed or converted into a different type of policy.
- An option for those that who want flexibility—such as young adults or those new to life insurance.
Whole Life Insurance
- Lasts a lifetime.
- Will pay out a death benefit.
- Accrues cash value over the course of the policy term.
- Requires that you pay premiums in order to remain covered.
- The price of the premium payments does not fluctuate over the course of the policy.
Universal Life Insurance
- Like Whole life Insurance, policies can last the course of a lifetime.
- Will pay out a death benefit.
- Can be great for adults who anticipate the need for a flexible premium payment, as this option allows policyholders to adjust this amount over time.
Quality of Life Insurance
- Comes with a death benefit.
- Has the ability to provide financial assistance to individuals who anticipate facing quality of life concerns.
- Can be a good option for adults with known health conditions because the "living benefits" paid out by these policies help to shoulder some of the financial burdens a health condition may impose.
Frequently Asked Questions About Adult Life Insurance Policies
What is the best life insurance?
The best life insurance for you will depend on your age, needs, and financial circumstances. Knowing when to buy life insurance is the first step to choosing the right life insurance for you.
Can you get life insurance on another adult?
It is possible to purchase a life insurance policy for another adult if you can show that their passing would financially impact you and/or your family. To find out more, read our guide on purchasing life insurance for someone else.
How much does life insurance usually cost?
It can be difficult to determine how much life insurance typically costs because this figure will depend on the age range you're considering, as well as the policy type. To get a better idea of your potential life insurance rate, get your free personalized quotes by speaking with an AIG Direct agent.
Can a single person get life insurance?
Yes. An individual is free to purchase a life insurance policy that best meets their individual needs-whether they are married, single, or have children.
What is the oldest a person can be and get life insurance?
Life insurance age ranges may vary by policy and company. However, age 80 to 85 represents a typical cut-off range for purchasing a new life insurance policy. For instance, Guaranteed Issue Whole Life Insurance is for adults between 50 and 80 years of age.
Learn More About Your Life Insurance Options With AIG Direct
AIG Direct is backed by years of experience as a leading insurance agency. Our focus is dedicated to providing our clients with reliable support and expertise to help them feel secure about the future.
Through AIG Direct, you can access free personalized quotes from a wide selection of life insurance companies. Policies are easy to apply for, are competitively priced, and our licensed life insurance specialists are available to help you make an informed decision. Learn more about choosing a life insurance policy with AIG Direct today.