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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.
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 two to four times more than term life, but most 30-year-olds can still access low, preferred rates.
|Coverage range||$100,000 – $3,000,000|
|Term lengths||10, 15, 20, or 30 years|
|Issue age||18 – 64 years|
Insurers put a huge emphasis on age when they’re underwriting policies, and at 30, low rates are within reach. Our rate analysis suggests that the average cost of a $250,000, 20-year term policy for a nonsmoking man in perfect health is around $17.94 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 $250,000 and $500,000 or even $1 million in coverage is typically $10 or less. Based on our research, Pacific Life — the cheapest company — tends to charge $13.47 a month for a $250,000, 20-year term policy for a 30-year-old woman. For a $500,000 policy, that same insurer might offer a rate of $20.44 — a price difference of $6.97 for double the coverage. And if she wants to boost her policy to $1 million, she might pay $33.23 a month.
These are the monthly costs of a 20-year, $250,000 term life policy for a healthy 30-year-old from five major US insurers.
|Legal & General||$15.95||$13.48|
*Based on sample rates from Policygenius, August 2019.
To crunch the numbers, you can use our life insurance calculator.
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.
As a typical, healthy 30-year-old, it’s safe to assume you’ll live a long life. Based on our US life expectancy data, the risk of dying within the next five years stands at 0.79% for men and 0.38% for women.
To put this into context, a man who reaches the age of 65 can expect to live until 84.3, while a woman can expect to reach 86.6. These numbers are averages — about a quarter of 65-year-olds will live past age 90.
|Within the next…||Man||Woman|
For many 30-year-olds, there’s a question mark over the future. They’re working their way up the career ladder, and marriage, houses, children and businesses may be on their 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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