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Compare life insurance for 30-year-olds

Get ahead of the life insurance game by applying when rates are still low.

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By

Katia Iervasi

&

Stacie Hurst

Updated

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Life insurance companies reserve their best rates for young, healthy applicants. As a 30-year-old, forward thinking pays off: You’ll not only lock in a low premium, but you may be able to opt for higher coverage for just a few extra dollars a month.

What’s the best life insurance policy for 30-year-olds?

We recommend: Term life insurance

Term life insurance is the simplest and most straightforward type of coverage, and a common choice for 30-year-olds. Your premiums stay the same for the life of the policy, which makes life insurance easier to budget for. Although you’re young and the odds of you outliving your policy are high, a term life policy will take care of your loved ones if you were to die unexpectedly.

If life insurance is a major part of your financial plan, you might want to explore a permanent policy, like whole life. This type of coverage typically costs 2-4X times more than term life, but most 30-year-olds can still access low, preferred rates.

How much is life insurance for 30-year-olds?

Insurers put a huge emphasis on age when they’re underwriting policies, and at 30, low rates are within reach. The reason is simple: It’s much less risky for an insurer to cover you now than it is in 5, 10 or 15 years.

Our research suggests that the average cost of a $200,000, 20-year term policy for a nonsmoking 30-year-old male in perfect health is around $16.92 a month. For a nonsmoking woman, the average cost for that same amount of coverage tends to be around $15.28 a month.

If you have a family, assets or debt to your name, you might want to look at higher coverage. At age 30, the difference between $200,000 and $500,000 or even $1 million in coverage is typically around $10 or less. Based on our research, a 20-year term policy for a 30-year-old woman could cost $13.59 a month for a $200,000 coverage.

For a $500,000 policy, that same insurer might offer a rate of $22.50 — a price difference of $8.91 for double the coverage. And if she wants to boost her policy to $1 million, she might pay around $38.70 a month, which is $16.20 more than the cost of a $500,000 policy.

How to get the cheapest life insurance policy

Your answers to the following questions will play a large part in determining whether you qualify for cheaper rates. See if there are any areas where you can improve your physical well-being or quit unhealthy habits. Doing so can make a big impact on your budget.

  • Do you smoke? Smokers’ premiums are 2-3X times the normal rate. If you’re a smoker, you can’t qualify for any insurers’ preferred rate classes — but you may be able to once you’ve kicked the habit for at least a year.
  • Are you a risk taker? If you spend your spare time skydiving, bungee jumping or flying planes for fun, you may be deemed a high-risk applicant and be charged higher rates.
  • Do you have a good driving record? Typically, your recent driving record must be free of major traffic violations and DUIs to score the best premiums.
  • Do you have a dangerous job? People with dangerous jobs can expect to pay more expensive premiums.
  • Do you have a history of substance abuse? A history of alcohol or drug use can drive up your rates.
  • Does your family have a history of serious illnesses or disease? If your family has a history of critical health conditions, such as cancer or heart disease, you’ll likely be considered high risk. On the other hand, if you’re in good health and don’t have any genetic history or predisposition to serious illnesses, you may qualify for better rates.

Compare life insurance companies for 30 year-olds

1 - 3 of 3
Name Product Types of Insurance Coverage Range Issue Ages Medical Exam Required Province Availability
PolicyMe Life Insurance
PolicyMe Life Insurance
Term Life, Critical Illness
$100,000 - $5,000,000
18 - 75
No
AB, BC, MB, NS, ON, PEI, SK, NL, YT, NT, NU
Get fast and affordable term life insurance. Personalize your policy details and get an estimate price within seconds. No phone call, meeting or paperwork required. Get an instant decision.
Get a quote
More Info
RBC Life Insurance
RBC Life Insurance
Term Life
$50,000 - $1,000,000
18 - 70
No
AB, NS, ON, PEI
Select from two unique RBC term life insurance plans to get flexible and affordable coverage that suits your lifestyle and budget. Get a free quote through Walnut.
Get a quote
More Info
PolicyAdvisor
PolicyAdvisor
Whole Life, Term Life, Universal, No Medical
$25,000 - $25,000,000
18 - 75
No
AB, BC, MB, ON
PolicyAdvisor is a digital life insurance brokerage that has partnerships with 20 insurers in Canada.
Get a quote
More Info
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How much life insurance do I need in my 30s?

To figure out how much life insurance to buy, carefully consider your financial needs now and in the near future. Think about the following: Student loans, existing debts, and anyone who might rely on your income should you pass away prematurely.

It’s a good idea to review your coverage as your circumstances change. Say you upgrade your home, have a child or get a hefty raise — you’ll want to be sure your life insurance policy accounts for that.

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What’s my risk of dying in the next 5 years?

As an average, healthy 30-year-old, it’s safe to assume you’ll live a long life. According to Canada Life, the risk of dying before retirement stands at 7% for men and 5% for women. According to Statistics Canada, the mortality rate for those between the ages of 30 and 34 is relatively low at 0.8% but increases slightly to 1.0% for those between 35 and 39.

To put this into context, a man who turns 65 today can expect to live until 81, while a woman is likely to live until almost 85. Keep in mind these are average numbers — many people live beyond these estimates. A 2016 study by Statistics Canada showed that, out of all the people in Canada aged 65 or older, 13% of them are 85 or older.

Learn more in our detailed guide on life expectancy rates in Canada.

Bottom line

For many 30-year-olds, there’s a question mark over the future. You may be working your way up the career ladder, and marriage, houses, children and businesses may be on your mind. All of those things are huge financial responsibilities, and life insurance can help you prepare for them. The good news is, you can score a policy at a cheap rate.

While you can score coverage at a cheap rate, it’s a good idea to compare life insurance companies.

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