It is very common for people who are in their 30s to look for a life insurance policy. These are typically the years where you might be getting married or having children and starting to think about buying a life insurance policy. In this article I’ll cover the type of insurance you should consider in your 30s, and how to save money on coverage. In addition since most people think life insurance is more expensive that it actually is, I’ll provide some examples of pricing so that you have a realistic idea of what to expect when shopping for a policy.
Term life insurance in your 30s
If you are trying to decide on term vs whole life insurance, my recommendation is that for most people term is the better option. Why? When you are young and have 20 or 30 working years ahead of you, you want to protect that future income and should get a policy that protects your income for your family. Since term life is much cheaper than whole life you can get significantly more coverage for your money. If you plan properly and save money over your working years, then by the time you reach age 60 or 65 you may not need coverage, or may need significantly less coverage, especially if your kids are grown and not relying you for financial support.
How to save money on term life Insurance in your 30s
When shopping for life insurance the best way to save money is to compare rates among high quality life insurance companies. Fortunately you don’t need to call 10 different insurance companies to get quotes. You can compare rates from among the top 30 life insurance companies right on our website – use the quote form below this blog post. We recommend choosing a company that is A or A+ rated by A.M Best. A or A+ rated companies are considered “Excellent” when it comes to their financial strength ratings. Companies such as Banner Life, SBLI, Protective Life, Prudential, Transamerica, and American General are likely to have the most competitive pricing for coverage. In addition look for well established companies that have been in business for at least 50 years.
Life insurance rates for people in their 30s
Let’s take an example of a 35 year old male non smoker, looking for a 30 year term $500,000 life insurance policy and look at some examples of pricing at Preferred Plus rates.
- SBLI $37.85 per month
- Protective Life $40.14 per month
- Banner Life $40.25 per month
- Transamerica $41.13 per month
- American General $41.76 per month
These are the top 5 best quotes, all from A or A+ rated companies.
As you can see pricing is affordable for a $500,000 term life insurance policy.