At TermLife2Go, we focus on aligning our clients with the best insurance companies in the USA based on each clients unique health and lifestyle. Sometimes the right company requires an exam and other times no exam life insurance is the right choice.
Find out how much you can save by locking into coverage today by viewing our life insurance rates by age chart. Or you can check out our Life Insurance Quotes page and compare exam vs no medical exam life insurance options.
Affordable Life Insurance for a 22 year old
Buying life insurance while in your 20’s is a perfect time to lock in a great rate on either a term or whole life insurance policy. At age 22, what you’re going to find is that life insurance is really inexpensive. So inexpensive that usually the hardest thing about buying life insurance at age 22 is understanding all your options.
For this reason, clients in their 20’s should consider locking down a policy based on “price” not on the actual amount of coverage. The reason for this is that at age 22, a million dollar life insurance policy may seem crazy, but when your 30 or 40 it may be what you really need. So if you lock in a million dollar life insurance policy at age 22 you could save yourself thousands of dollars later on in life.
Client will often say that they just need a $100,000 dollars in coverage now but fail to realize that for $5 or $10 more a month they could be looking at having $500,000 to $1,000,000 dollars in coverage.
So rather than buy what you think you need, determine how much you want to spend and then look for a policy that will give you the most benefit for that amount.
Easy to qualify for:
Qualifying for life insurance at age 22 should also be pretty easy because as stated before, most 22 year old’s are in pretty good health. At age 22 few have been clinically diagnosed with conditions that might make qualifying for life insurance more difficult or more expensive such as:
- High cholesterol.
- High blood pressure.
Now if you have been diagnosed with one of these conditions already, it’s not the end of the world, it just makes getting life insurance now all the more urgent. As you grow older, these health conditions may make life insurance very hard to get or may keep you from being able to get life insurance at all.
More options to choose from:
Buying life insurance at age 22 allows applicants to pick and choose among dozens of different types of life insurance options which may or may not be available to older applicants. For example, polices such as:
- Return of Premium Insurance policies.
- Whole life insurance policies.
- And Universal Life Insurance policies.
These policies should be considered as viable options for most 22 year old’s simply because at age 22 they could be really affordable and provide some significant benefits that traditional term policies simply don’t have.
However, you need to do a thorough needs analysis to make sure your family is properly insured. If you have to choose between a long term or a whole life policy at the detriment of the correct face amount, you might want to choose a shorter term policy that allows you to get the necessary face amount. It is better to have a bigger face amount policy that a longer term because you may not need life insurance down the road, but you definitely need it now. If you are not sure which way to go, TermLife2Go can help.
But do I really need to buy life insurance at age 22?
We understand that at age 22, it can often be difficult to imagine growing old. It can even be harder to imagine growing old and sick with a medical condition that could one day make it difficult to qualify for a traditional term or whole life insurance policy. Particularly if your totally health now!
Which is why…
It’s pretty impressive as a 22 year old to even be considering purchasing a life insurance policy at this age. The problem is you’re now going to need to put this energy into action.
Now the past, this wasn’t so easy, because in addition to having to complete an application and answer a bunch of medical questions, you would also probably have to take a medical exam and submit a blood and urine sample prior to being approved for coverage.
The good news..
Is that relatively recently, many new no medical exam life insurance options have sprung up allowing health 22 year old’s to be able to qualify for significant coverage right away without having to take a medical exam!
But there will still be those that aren’t convinced that they need to purchase a life insurance policy?
And that’s alright. After all, if you’re really healthy and don’t engage in any “dangerous” activities such as skydiving, hang gliding or bungee jumping, what are your chances of developing a disease or suffering from an accident in the next 10 or 15 years that could potentially end your life? Probably not all that high, which is why life insurance is SO cheap for 22year olds!
But that doesn’t mean that you may not contract a disease that could affect your chances at being able to qualify for insurance later in life.
And it also doesn’t eliminate the chances…
That you might suffer from some type of “accident” or “injury” that could prevent you from being able to work full time and support yourself later on in life.
Did you know that if you are receiving any type of disability benefit when applying for insurance, your chances at being able to qualify for life insurance will DECREASE significantly!
So much so…
That in addition to purchasing a life insurance policy, we’ll generally recommend that all folks in their early 20’s at least take a look at what a long term disability insurance policy would cost as well.
Because you never know, you may not die in your early 20’s, but you could become injured or develop an illness that could prevent you from being able to work in your early 20’s. And having to rely on social security disability income isn’t much fun!
We know that for a lot of individuals, especially those who are just starting their careers, may not have a ton of extra discretionary income which they can use towards purchasing a term life insurance or whole life insurance policy.
For this reason…
We’ve also chosen to write several different articles sharing some of the knowledge that we have acquired over the years working with 1000’s of clients. You see, nearly every time we complete a life insurance application for someone, one of the first questions that we need to ask is:
“what do you do for a living?” and “what would you estimate your annual income as?
Which means that over the years, we’ve become really familiar with a wide range of different career paths and opportunities some of which you would probably never think of on your own.
Our number one goal here at TermLife2Go is to help individuals and families secure their own financial security and independence, we wanted to share with you what we’ve learned. So, once you’ve had a chance to visit our Life Insurance Quotes page feel free to check out our 100 Ways to Make Money Fast and our Top 23 Apps That Will Make You Money.