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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 in this guide?
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 two to four times more than term life, but most 30-year-olds can still access low, preferred rates.
Our top pick: Haven
Backed by MassMutual, Haven Life sells term life insurance policies online. If you’re approved, your coverage could go into effect immediately. The application is seamless and mobile-friendly. All you need to do is enter your personal and contact details, and answer a few questions about your health and lifestyle. The system then assesses your data and offers you a rate. You can purchase policies lasting 10, 15, 20 or 30 years, and customize your coverage with common riders.
Which is the cheapest life insurance company for 30-year-olds?
To determine the cheapest companies for 30-year-olds, we compared the costs of a $250,000, 20-year term life policy from 10 major carriers.
According to our research, Pacific Life offers the best rates for nonsmokers. Men can expect to be charged $15.91 a month, while women could pay $13.47 a month.
The premiums for smokers are always higher. Transamerica stood out for its low rates. It could offer a rate of $39.13 a month for men, and $31.17 for women.
Monthly costs of a 20-year, $250,000 term life policy for a 30-year-old in good health
|Legal & General||$15.95||$13.48|
*Based on sample rates from Policygenius, August 2019.
What is the typical cost of 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 $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.
Let’s look at a 30-year-old nonsmoking woman. 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 $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.
How much life insurance do I need around age 30?
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. 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.
What is my risk of dying in the next five years?
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.
Odds of dying for a 30-year-old
|Within the next…||Male||Female|
Life expectancy rates are merely calculations based on averages of mortality among specific population, gender and age groups. They do not predict the specific life expectancy of any one person - including you. If you're concerned about your overall health and risks, talk to your doctor or health professional.
Compare life insurance companies for 30 year-olds
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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