Guide to Life Insurance in Your 30s

Big decisions are being made and life is changing. Make a smart choice and get the protection you need at a price you can afford when you shop for life insurance in your 30s.

The purpose of life insurance is to protect the ones you love from financial burden in the event of your death. As a young adult, you have worked hard to become financially stable.

Your 30s are when things finally start to fall into place: job security, buying a home, raising a family.

Life is good.

While it’s uncomfortable to think about, stop and consider- what would happen to the people who depend on me if I die?

There would be no more steady paycheck, but the mortgage, car payment, and other bills would have to get paid somehow.

Life insurance can be a financial safety net, protecting the life you’ve worked so hard to build for the loved ones who will survive you.

Big Life Events Mean Life Insurance In Your 30’s Is Crucial

In your 30s life is changing fast. You’re on an upward trajectory and it’s an exciting time! If you’ve been wondering, should I get life insurance in my 30s?

The answer is yes, and the time is now.

With big life decisions comes more responsibility. Check out you why you should be purchasing life insurance when you experience these major life events.

1. Getting married

Congratulations! You’ve found that special someone to share your life with: the good and the bad, the ups and the downs, the joy, the responsibilities, and the burdens.

Marriage is all about the give and take, but one thing is certain- you have a spouse that depends on you now. This means you have to make the mental shift from worrying about number one to doing what’s best for the both of you.

Sometimes, you have to spend money to save money.

People in their 30s are often still carrying debt from their younger years- car loans, student loans, credit cards, and more. You’ve found job security, but you may still be paying for the education that helped land you the job.

The average 30-somethings owes a balance of about $34,000 on their student loans! If you passed away, your spouse would inherit all of your debt.

Doesn’t seem fair?

You can protect your spouse by purchasing a life insurance policy to cover those expenses.

2. Buying a house

You saved for a down payment, survived the real estate bidding wars, and the house is officially yours! Having a place to call your own feels amazing.

On the other hand, a mortgage is probably the biggest financial responsibility you’ll have for the next few decades.

Odds are, your spouse co-signed the mortgage with you. Could they handle the mortgage payment alone? Probably not without a huge financial strain.

Build a strong financial foundation by purchasing a life insurance policy that will cover at least the remaining part of your mortgage.

This protects your partner or mortgage co-signer from being stuck with that burden after your passing.

3. Raising a family

When two becomes three (or three becomes four, or four becomes five!) life is changed forever. Having kids and raising a family is part of the ultimate 30s experience.

But as any seasoned parent can tell you, caring for babies and kids is expensive! Between buying diapers, formula, and other necessities, it may feel like there is just no room in the budget to add yet another monthly expense by purchasing life insurance.

But here’s why you can’t afford to not buy life insurance: your baby or child is completely dependent on your income.

How would their livelihood change if you weren’t in the picture? If you die, they’ll need money to replace that lost income you provided. Not to mention money to cover funeral expenses.

Think of all the hopes and dreams you have for your children- those come with a price tag.

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.

4. Starting your own business

Have you taken a big step in your career and started your own business? It’s a risk that can lead to a great amount of freedom, independence, and reward.

Whether your endeavor is your full-time gig or simply a side hustle, you need to protect your profits and assets.

You to need to purchase life insurance so that you can leave behind enough and your family can deal with your business holdings the way you would have wanted.

For example, your family might struggle if your business buys and holds inventory, has business-related debt, or has ongoing business expenses to cover.

You wouldn’t expect your beneficiaries to know how to handle the finances, but you can have a plan in place to cover things for them.

Why is it Smart to Get Life Insurance in Your 30s?

Good health matters

Life insurance companies are hoping you’ll live a long healthy life- they’ll collect more money in premiums that way!

For this reason, age and good health are the two biggest factors when it comes to determining the price of life insurance.

People in good health often pay less than half of what of smokers or people with serious illnesses pay.

For example, a $200,000 20 year term life insurance policy would cost a healthy 30-year-old male about $12 per month.

A 30-year-old male smoker, on the other hand, will pay on average $36 per month.

Jump ahead to age 39: a healthy male pays $16 a month for the same policy, while the smoker pays $65 per month! As you can see, it pays to be healthy.

In your 30s, you are the pillar of youth and good health.

The application process for life insurance will require a health questionnaire followed by a health exam. The results will heavily influence your rates. Current health, family health history, and lifestyle habits are all considered.

Here are some details companies look into:

  • Smoker vs. Non-smoker: smoking comes with a lot of health risks. When applying for even the most basic life insurance you’ll have to answer health history and lifestyle questions (don’t lie!), including ones about tobacco use. It’s common for smokers to pay double the rate that a nonsmoker does.
  • Health: The health exam is typically screening for height, weight, cholesterol, blood pressure and other basic data points.
  • Health History: You may be in excellent in health, but has your father suffered a heart attack? Does diabetes run in the family? Life insurance companies consider the health of your immediate family members to try to predict your life expectancy and what types of health issues you could face in the future.

Realistically, you’ll never be healthier than you are right now. There’s never a better time to apply for life insurance!

Lock in the best pricing

The younger you are, the better life insurance rates you will be offered. Period.

Wishing you had maybe looked into life insurance in your twenties?

The good news is there’s not much of a price difference between premiums for a 22-year-old and a 30-year-old. But the closer you get to 40+, the more of price break you’ll notice.

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.

This becomes especially important as you go through tough financial years, or your senior years. Life insurance policies are only valid if you keep up with the premium payments.

Which means it’s critical to commit to a policy that you can afford. Seniors are often on a tight fixed-income.

Think ahead and take advantage of locking in rock bottom life insurance rates now. Time is of the essence!

Plan for the unexpected

At the height of your young life, the last thing you want to do is think about end-of-life planning.

The cost of the average American funeral runs upwards of $10,000!

Even if you aren’t married, or don’t have kids, it doesn’t mean that you won’t sometime in the future. And someone you love will be stuck footing the bill for your funeral.

Do the responsible thing and make a plan now for future you.

How Much Does Life Insurance Cost in Your 30’s?

Find out just how affordable life insurance can be in your 30s! 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-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.

Whether your budget is $20 a month, or $100, you can get a steal on a quality term life insurance policy if you buy in your 30s.

Whole life insurance will never expire, so premiums will be higher.

But if you like the guarantee and the living benefits, you can still lock in affordable rates in your 30s for a whole life insurance policy.

The rates in this table are based on a male nonsmoker in good health.

For a young person, a 30-year term is a popular life insurance plan. That would provide coverage through your sixties. As you can see, rates climb incrementally from age 30 to 39. But rates are extremely affordable, even for a $500,000 million dollar policy!

Whether your budget is $20 a month, or $100, you can get a steal on a quality term life insurance policy if you buy in your 30s.

Whole Life Insurance Rates for 30-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 lock in affordable rates in your 30s for a whole life insurance policy.

Age $100,000 Policy $250,000 Policy $500,000 Policy
30 $72/mo. $104/mo. $160/mo.
33 $72/mo. $104/mo. $160/mo.
35 $72/mo. $104/mo. $168/mo.
37 $72/mo. $120/mo. $192/mo.
39 $80/mo. $128/mo. $216/mo.

The rates in this table are based on a male nonsmoker in good health.

Tips to Get the Lowest Life Insurance Rates in Your 30’s

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.

What is the difference?

The key differences in the two types of life insurance are the period of coverage, the payout, and 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 affordable. It is limited to a specific period of time, however, and 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 a cash value and has living benefits.

The drawback is that it is more expensive and policies can be difficult to understand.

3. Purchase life insurance from the only the best

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.

Here are a few of the best:

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.

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.

Compare the Best Life Insurance Rates for 30 Years Old

Quick and easy, quotes in seconds.

Instant Quote
About Jeff Root

is the owner of rootfin.com. He's an independent life insurance agent who has helped 1,000's of consumers purchase life insurance online and over the phone.

This entry was posted in Life Insurance In Your 30's. Bookmark the permalink.

Leave A Reply