Last Updated: September 2020
If you are looking for life insurance in your 30’s, you might have a lot of questions.
Should you even get life insurance at your age? How much coverage should you get?
Below, we’re going to show you exactly how to purchase life insurance in your 30’s and help you decide if you even need life insurance. Then, you’ll learn the best companies for people ages 30 to 39 and see some sample rates for term life insurance.
- Why Purchase Life Insurance In Your 30’s?
- Life Insurance Rates for Age 30 to 39
- Tips to Get the Lowest Life Insurance Rates in Your 30’s
- Best Life Insurance Companies in Your 30’s
- Finding the Best Life Insurance Companies for 30-Year-Olds
Life Insurance is Boring. Let’s Get To The Root Of It! Here are the key takeaways…
Purchasing life insurance in your 30’s is a wise choice. Life insurance can help with debt, loans, & covering your family & children, should anything happen to you. Life insurance in your 30’s can be quite affordable. Compare plans and different carriers to make sure you find the best policy and rates for your specific needs.
Why Purchase Life Insurance In Your 30’s?
For many people, purchasing life insurance at 30 to 39 years-old is a smart decision. If you are in this age range, here are several reasons you might want to purchase a life insurance policy.
Consider Life Insurance if You Have Debt
People in their 30’s are often still carrying debt from their younger years like car loans, student loans, credit cards, and more.
The average person in their 30’s owes a balance of about $34,000 on their student loans. If you passed away, your spouse would inherit all of your debt.
You can protect your spouse by purchasing a life insurance policy to cover those expenses.
Life Insurance Can Help Cover a Home Mortgage
At age 30 to 39, a home mortgage is probably the biggest financial responsibility that you’ll have for the next few decades.
If your spouse co-signed the mortgage with you, they would have to handle the payments alone if you were gone. A life insurance policy can cover the remaining part of your mortgage.
This protects your partner or mortgage co-signer from being stuck with that burden after your passing.
Life Insurance can Protect Your Family & Kids
Having kids and raising a family is very common for 30-year-olds.
Your baby or child is completely dependent on your income so buying life insurance protects them if you were to pass. If you die, they’ll need money to replace that lost income you provided and to cover funeral expenses.
Buying a policy now leaves behind a legacy that will help your family have the money to continue affording those plans. A qualified life insurance representative can help you calculate the right amount of coverage for a policy, based on your unique situation.
Life Insurance is Cheap Under Age 40
The younger you are, the better life insurance rates you will be offered.
All things equal, life insurance for a 40-year-old will usually be more expensive than life insurance at age 35.
Health also greatly affects life insurance rates. If you’re healthy in your 30’s, you’ll be able to get a very cheap policy.
The great thing about life insurance is that you can qualify for a great rate as a young, healthy person and then lock in that rate for life. No matter what health complications you may encounter down the road at age 50, 60, or 75, your premium rate will remain constant.
Purchasing a life insurance policy when you’re younger is simply, always less expensive.
Life Insurance Rates for Age 30 to 39
How much does life insurance cost in your 30’s? See these samples rates for a 30-year term life insurance policy, based on good health and no smoking.
Term Life Insurance Rates for 30 to 39-Year-Olds
For a young person, a 30-year term is a popular life insurance plan. That would provide coverage through your sixties. You can also choose a 10 or 20-year term.
| Age | 10 Year Term $100,000 |
10 Year Term $250,000 |
20 Year Term $100,000 |
20 Year Term $100,000 |
30 Year Term $250,000 |
30 Year Term $250,000 |
|---|---|---|---|---|---|---|
| 30 | $7 | $9 | $9 | $13 | $14 | $23 |
| 33 | $7 | $9 | $9 | $13 | $15 | $23 |
| 35 | $7 | $9 | $9 | $13 | $15 | $25 |
| 37 | $7 | $9 | $9 | $13 | $17 | $27 |
| 39 | $8 | $11 | $10 | $16 | $19 | $32 |
As you can see, rates climb incrementally from age 30 to 39.
Whole Life Insurance Rates for 30 to 39-Year-Olds
Whole life insurance will never expire, so premiums will be higher.
But if you like the guarantee and the living benefits, you can still find affordable whole life insurance rates in your 30’s.
The monthly rates in this table are based on a male nonsmoker in good health.
| Age | $100,000 Policy | $250,000 Policy | $500,000 Policy |
|---|---|---|---|
| 30 | $72 | $104 | $160 |
| 33 | $72 | $104 | $160 |
| 35 | $72 | $104 | $168 |
| 37 | $72 | $120 | $192 |
| 39 | $80 | $128 | $216 |
Tips to Get the Lowest Life Insurance Rates in Your 30’s
There are certain factors to be aware of when purchasing a policy at this age. Here is how you can make sure you get the right policy with low rates.
1. Decide How Much Coverage You Need
The amount of life insurance you want to invest in is typically directly related to your income and responsibilities.
The insurer will provide for your family (beneficiaries) with a predetermined amount of money if you die.
The money can be used for: supplementing for lost income, paying for medical bills not covered by health insurance, funding a dependent’s college education, paying off a mortgage, and paying for a funeral.
When you’re at your peak earning potential with several dependents, you’ll need the most coverage. A life insurance agent can walk you through determining how much is enough.
2. Learn More About Term vs. Whole Life Insurance
Most insurance policies fall into two main categories: term life insurance and whole life insurance.
The key differences in the two types of life insurance are the period of coverage, the payout, and the protection provided. Different types of life insurance are designed to suit the needs of different individuals at their unique stages of life.
Term life insurance is popular because it is more affordable. It is limited to a specific period of time. So if you survive the term, there is no pay-out. You cannot withdraw from term life insurance and it has no cash value.
Whole life insurance is considered ‘permanent’ life insurance because it never expires. You will get a guaranteed payout to the beneficiaries upon death. It also accumulates cash value and has living benefits. The drawback is that it is more expensive and policies can be difficult to understand.
3. Compare Multiple Life Insurance Carriers
Shop around on your own to get multiple quotes and find the best rates. But only purchase a policy from a trusted, top-rated life insurance company.
Finding the best life insurance companies for you can save you hundreds per year on your policy.
4. Purchase What You Can Afford
A life insurance policy will only serve its purpose and protect your family if you keep up with the monthly payments.
If you fall behind or stop paying your premiums, the policy will not be valid and any premiums payments you already made are just money down the drain. Invest in a policy that you can comfortably afford for years to come.
Best Life Insurance Companies in Your 30’s
We have worked with many different companies and know what each company is best for.
Here are the best life insurance companies to consider if you are in your 30’s.
- American National: Best for term life insurance with good living benefits and conversion options.
- MassMutual: Best for whole life insurance with strong dividend paying history and guarantees.
- Banner Life: Best for high-risk life insurance as they approve many risks that other companies decline and have lower rates.
Finding the Best Life Insurance Companies for 30-Year-Olds
When it comes to finding the best life insurance companies for 30-year-olds, the important part is to make sure that you compare all of the options to get the best idea of which policy fits you and your family best.
This is why we recommend speaking with an independent life insurance agent in order to ensure that you find the best rates for your situation.
Our agents can compare life insurance rates from dozens of the best life insurance companies on the market in order to help you find the best life insurance rates.
Give us a call today or get started online with our quick and easy life insurance quoting engine.
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