Quick Tip: To Compare the best Rates in your 30s, fill out the instant life insurance quote form on the left!
should i buy life insurance at age 30
Why a millennial should have life insurance
Above all, term life Insurance rates by age 30 are extremely cost effective. However, the amount of coverage will depend on what you are protecting. When you purchase life insurance in your 30's medical conditions are usually rare. In fact, the term length and the amount of the death benefit will determine the life insurance premiums.
Furthermore, lets talk about what you would be protecting at age 30 and what kind of financial obligations a 30 year old would have.
- Car Loans
- Credit Cards
- Student Loans
- Long term debt like a mortgage
- Income Protection For The Family
How Much Life Insurance Do I Need, Rule Of Thumb?
A healthy 30-year old that has a family and a mortgage would need about 15 times their income. After all, if you have young child you want to make sure that the child is protected financially in the event of your death. In some cases a 20-year term life policy would do the trick to properly protect the family.
For instance, if you were making $100,000, you would need to purchase life insurance of about $1,500,000 to properly protect your family until your 50's.
Life Insurance Rates In My 30s
Above all, once the 30s hit, you’ve reached full adulthood. You may have a new home to pay offer, you may be starting to raise children, and you’re hopefully more financially stable than you were in your 20s. Considering what might happen to those that are dependent on you if you died becomes a genuine concern. Life insurance can give you peace of mind on this matter. Rates will be a lot cheaper at this age than they’ll be for people over 50 and as well as over 75.
Life insurance is a necessary investment. You don’t want to leave loved ones to pay your debts, mortgage, or final expenses. On top of this, you may want to replace any income that you were receiving, or use the life insurance plan to pay for individual things, like your children’s college tuition. Make sure, however, that you go with one of the best life insurance companies.
cost of term life insurance at age 30
You’ll need to consider exactly how much life insurance coverage to buy to cover the expenses you want. We’ve already mentioned above a list of things covered. Do some calculations, and get a ballpark number. A general rule is your life insurance policy should be about 10-15 times your yearly salary. Let’s take a look at some of the reasonable rates for those in their 30s, using a $250,000 30 year term policy as an example.
$250,000 30 Year Term Policy
- For Men In Their 30s: ~$19/month
- For Women In Their 30s: ~$16/month
$250,000 30 Year Term No Medical Exam Policy
- For Men In Their 30s: ~$35/month
- For Women In Their 30s: ~$28/month
As you can see, no medical exam policies are considerably more expensive. Also, notice the difference in rates between men and women. Apparently, these numbers are just estimations; the policy you find could be more or less expensive. $250,000 may not be close to enough to be fully covered for you, in which case you may want to try to get $1 million of coverage. However, it gives you a general idea of what to expect regarding rates. Of course, your rates will vary based on your general health. The 20 year term life insurance policy is probably not the best term to get if you’re looking to get to retirement.We’ll expand on this below.
cost of whole life insurance at age 30
If you are looking into whole life in your 30's you must be thinking long term. However, first starting out with a family you want to make sure they are protected at the most affordable way. Lets face it, at that age you are still getting established and you want to make sure you can keep protecting your family.
Whole life is the most costly life insurance because its for your entire life. I would not recommend buying a whole life at such a young age as you are not established like you would be in your 40's.
Here are some rates on a $250,000 whole life policy for a male and female.
$250,000 Whole Life Policy
- For Men; $216.52/Month
- For Women; $188.96/Month
I agree with Suze Orman and Dave Ramsey's philosophy on life insurance. Get the most cost effective life insurance and invest the difference. Clearly, you can protect your family for the same amount for $200/month cheaper. If you invest that money over 2 decades, the principal would be $72,000!! Now at a compound interest yearly, its a no brainier keeping your hands on your money!!
how much life insurance do i need at age 30
Overall, finding out how much life insurance you need in your 30's is depending upon what are you protecting. As we talked about earlier in this article, I break it down to 2 very important things:
- Youngest Child's Age
- How Much You Make a year (Annual Salary)
For an example, the average American's Salary is $56,516, so if your youngest child was 5 years old you would need 15 times your income for at least 15 years. So a 15yr $850,000 policy would be sufficient. You might want to even go 20 years because that would get you close to your 60's.
1 million life insurance policy cost age 30
After going over the why someone in there 30's would need life insurance and the amount they would need, lets talk about rates for a $1,000,000 term life insurance policy. We will look at the difference for a 30, 35 and 39 years old.
HOW CAN I GET CHEAP LIFE INSURANCE IN MY 30S?
There are many things you can do to lower your life insurance costs. For one, it’s imperative to compare life insurance companies when you’re looking for a term life insurance policy for a 30 year old. Each life insurance company has different underwriting. Therefore, some insurance companies will believe you to be a higher risk than others.
You’ll want to shop at the best life insurance companies and compare life insurance quotes before deciding on which carrier you’d like to go with. An independent insurance agent can help you with this. They’ll know exactly where to look to find life insurance companies that are most likely to offer you the lowest rates and the best coverage.
Anything you can do to improve your health before applying also makes a big impact on your life insurance rates. Here’s a list of things you can do before applying that will help you get cheaper life insurance rates:
- Exercise often — those that are overweight pay much higher life insurance rates.
- Eat healthier
OTHER MEASURES TO TAKE IF YOU HAVE HEALTH IMPAIRMENTS TO GET THE BEST RATE
- Takes measures to lower your blood pressure or treated cholesterol.
- Quit any unhealthy habits — cigarette smokers can expect to pay 2 to 3 times more for their life insurance than nonsmokers. Quitting smoking a year in advance can save you a significant amount of money.
- Life Insurance after DUI or more than 3 moving violations. Do not have them! Or any other special risks such as certain employment or lifestyle.
- Make sure your health impairments are controlled such as diabetes type 1 or II, and early stages of MS.
- If you have cancer or any other severe ailment, don’t worry, you can still get a guaranteed acceptance life insurance policy.
The healthier you present yourself, the better off you are. You don’t want life insurance companies to label you a high risk applicant, or they’re going to charge you for it. If you have any questions, please feel free to contact us at PinnacleQuote. We only have relationships with life insurance companies that are rated A/A+ with A.M. Best.
National Independent Agent
Hi, my name is Danny Ray, I have a passion for this business. I want to assist you in purchasing the best protection for your family, PERIOD!! My goal is to provide options so you have a clear understanding of what is best for you.
Give me a call, 855-380-3300x1, allow me the privilege to secure the best price, best carrier, GUARANTEED and see why thousands of my clients allowed me to protect their families.