Top pick: Sproutt
- Quotes from 40+ top insurers
- Up to $10 million in coverage
- Skip the medical exam
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
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.
Our top pick: Haven Life
$100,000 – $3,000,000
10, 15, 20, or 30 years
18 – 64 years
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. 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.
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 healthy 30-year-old
|Legal & General||$15.95||$13.48|
*Based on sample rates from Policygenius, August 2019.
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.
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.
A new change to the tax code quietly went into effect on January 1, lowering the minimum interest rate for permanent life insurance policies.
A permanent life insurance policy’s cash value can be used as a retirement income supplement, though using it reduces your policy’s death benefit.
There are two main features of permanent life insurance, but using one can affect the other.
Which type of disability insurance you have influences how long it’ll take you to receive benefits. Find out how long you may have to wait.
Which type of car insurance policy fits your car and driving needs?
Guaranteed life insurance often has lifelong coverage just like whole life insurance, but comes with a high price tag since there is no medical exam required.
Two permanent life insurance policies that provide lifelong coverage, though variable life is a riskier investment option than whole life.
If your child gets sick or injured and has to take time away from college, tuition insurance can reimburse you for what you already paid.
Get the financial help you need as you search for a new job.
These coverage options serve different functions but have one benefit in common.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.