Life insurance is something many people put off until later in life. However, recent analysis suggests that younger adults may be able to benefit from lower premiums by arranging cover earlier.
In 2025, the average monthly life insurance premium for 18- to 24-year-olds was around £12 a month. By comparison, customers over the age of 55 were paying an average of £48 a month.
The figures also show that, over the last five years, the cost of life insurance for younger adults has fallen by 5%. For those aged over 55, average premiums have increased by 38% during the same period.
Why can life insurance be cheaper when you are younger?
Life insurance premiums are based on a range of factors, including your age, health, lifestyle, occupation and the level of cover you need.
Generally, younger applicants are often seen as lower risk by insurers. This can mean lower monthly premiums, especially if they are in good health when they apply.
Arranging life cover earlier may also allow you to secure protection before your circumstances change, such as buying a home, starting a family or taking on more financial commitments.
More younger adults are considering wider protection
The research also suggests that more younger adults are choosing to combine life cover with critical illness cover.
Since 2020, 11% of younger adults have opted to add critical illness cover to their protection policy. In comparison, only 2% of over-55s have done the same.
Critical illness cover can provide a lump sum if you are diagnosed with a specified serious illness during the policy term. This can help provide financial support at a difficult time, depending on the terms of the policy.
Is life cover worth considering now?
Life insurance is not just for older adults. It can be an important form of protection for anyone with financial responsibilities, such as a mortgage, partner, children or other dependants.
The right policy will depend on your personal circumstances, including how much cover you need, how long you need it for and what you want the policy to protect.
Speak to Pioneer
Whether you are arranging life insurance for the first time or reviewing existing cover, Pioneer can help you understand your options.
We will explain things clearly and help source life cover that is suitable for your needs, whatever stage of life you are at.
As with all insurance policies, conditions and exclusions will apply.