Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Sep 7, 2021

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The Lowdown

  • It’s possible to get life insurance for adult children
  • You need to prove that you have an insurable interest
  • This death benefit can be used as coverage to help ease the financial burden death might bring

Throughout life, we’re presented with a number of situations that might make us worried about the future. There are options available to help mitigate any negative consequences, such as buying life insurance for adult children.

In order to get a policy you’ll need to prove a few things to the insurer, and the insured person may need to undergo some form of testing to prove they’re insurable. Some insurers will even require you get the insured person’s consent.

Curious about how you can get life insurance quotes for adult children? Enter your ZIP code into our free quote tool to get an idea of what you can pay.

Can I buy life insurance for my adult children?

The short answer is yes, you can get an insurance policy on someone else. However, you’ll need to prove that you have an insurable interest over that person.

An insured interest exists when someone derives benefits — financial or otherwise — from someone that would be impacted by their loss of life.

While the chances are low that you’ll need to use it, the choice to buy life insurance for adult children may just save you some financial burdens down the line. It can even serve as protection, if the insured person has people who depend on them.

How to Get Affordable Life Insurance for Adult Children

When it comes to getting lower rates on any permanent or term life insurance policy, it comes back to a few basic things the potential insured can do to lower any appearance of risk.

Taking steps to insure the client lives as long as possible will be looked upon favorably by the insurer.

To lower your life insurance rates for adult children, the insured person can:

  • Decrease or stop tobacco use – This is one of the first questions a life insurer will ask, so it’s better if the person can prove they have the lung capacity of someone who isn’t a frequent cigarette smoker
  • Get a physical – If you can figure out any red flags and resolve them before your insurance underwriting, there will be less to worry about, as you’ve prepared for the exam
  • Watch what you eat – In the time leading up to your exam, especially the day and night before, make sure you’re not eating a lot of foods with a high amount of sodium or cholesterol
  • Get some exercise – The better shape you’re in, the more likely the insurer is to look favorably at your policy

There are other ways to lower the cost too. As long as you are lowering the risk that the insured might die, then a life insurer will be more lenient towards giving you lower rates for that person.

However, this may be out of the hands of someone who buys a policy for someone else, as it may not be possible to influence them to lead a healthier lifestyle.

What do parents do with life insurance for adult children?

Ideally, you’ll never have to use the death benefit on your life insurance for adult children. However, if the worst is to happen, you can reach out to the insurer as you would with any other policy.

If you can show proof of death, or the insurer may already know, they’ll provide you with the death benefit.

This can be used to help transition after a loss of life, allowing for time off or to cushion any bills or other financial issues that may arise out of a passing. Usually, a beneficiary or holder of the policy can spend the death benefit however they want, with some being untaxable.

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What is required to get life insurance for adult children?

What you’ll need to have prepared before you apply will largely depend on the person you want insured as well as the life insurance company for adult children that you’ve chosen.

If they’re getting older or have a history of medical issues, the underwriting process might be a little harder than if it were otherwise.

When you apply for a new policy for that individual, the insurer may ask you some underwriting questions such as:

  • Their health history/use of tobacco.
  • Age/Gender
  • Occupation
  • Some will require a medical exam

The insurer will make sure that the individual isn’t too risky to insure, and if everything checks out, you’ll have a policy on your insurable interest. That being said, some insurers will require the consent of the individual you’re taking out a policy on, so it’s wise to keep that person informed.

Uses for Life Insurance for Adult Children

There are a number of reasons you may want to buy life insurance for adult children. Perhaps they don’t think it’s worth it, and you’d rather be safe than sorry.

Maybe they’re living a risky life that could endanger those dependent on them. Whatever the reason, you can find a policy to help.

While it can be stressful taking out a life insurance policy on someone else, you should follow through if it will prevent you or someone else from having to deal with the financial force of someone else’s bad decisions.

This type of policy can even be used as a vehicle to carry coverage to help grandchildren or anyone else who can’t help being dependent on the person you’re trying to get insured. If the person you’re trying to insure is older or sick, single premium life insurance may be the only option.

There are pros and cons on single premium life insurance policies as inheritance for your adult children. The primary benefit is getting the policy paid for and out of the way; however, that usually comes with a large price tag attached.

Companies That Offer Life Insurance Policy Quotes for Adult Children

Most companies will provide a policy on someone other than you if you’re able to prove that you have an insurable interest over that person. As long as you can prove that you would be financially impacted by that person’s death, you’ll most likely be able to get a life insurance policy for them.

There are likely hundreds of life insurance companies out there, so it can be hard to decide where to get your policy from. However, here are the highest-rated life insurers according to III:

  • State Farm
  • Berkshire Hathaway
  • Progressive
  • Allstate
  • Liberty Mutual

There are many others, and it’s wise to shop around for the best deals before you commit to a single insurer.

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Life Insurance for Adult Children: The Bottom Line

While it can be stressful having to enact a life insurance policy on someone you care about, it can save you from further burden in the long run. Whether it be funeral expenses or providing for other people dependent on that person, it can help cushion the financial burden that a death may bring.

Wonder what your life insurance rates for adult children would be? Enter your ZIP code into our free tool to get an idea of what you can pay.