So you’ve reached the big 3-0 and you’re thinking about life insurance? Fear not, you’re still as young as can be in the eyes of the insurance company, and you can still qualify for excellent, affordable life insurance.
If you’re buying life insurance for the first time, the process can be confusing and frustrating. There are so many types such as declining term life insurance and different terms you’ve never heard. It can be a difficult process and many people don’t know where to start, but don’t let this stop your from making one of the most important decisions of your life, buying life insurance.
Term life insurance for 30-39 year olds is one of the largest buying markets there is for life insurance, so you’re among a vast number of consumers.
The reason so many 30 year olds buy life insurance is because of all the life events typically happening around this age bracket; life insurance ties in with them pretty well.
Fortunately for you, we know how to get the best life insurance rates for someone in their thirties.
Reasons 30 Year Olds Buy Life Insurance
The reason so many 30 somethings buy life insurance at this point in their lives is because of the plethora of life events occurring throughout this decade:
- First, or even subsequent children
- Home purchases
- Career moves
- Life experiences
The average 30 year old tends to have more responsibility than their younger, 20 year old self, and looking into the future and taking care of the family become more pressing issues as they “settle down” moving forward.
You may or may not have already had a child before 30, but some families choose to wait until they have more established life styles before having children. While this might be the case for you, you could also be a part of the segment having their second, third or fourth child by this time. But don’t fear, if you’re pregnant and buying life insurance we have options for you as well!
Either way, life insurance is an obvious protection need should something happen to you, your spouse, or both of you. You want to be able to provide for the children you’ve left behind, even if you’re not there.
If you’re in your 30’s and you just had your first kid, congratulations! Now it’s time to plan for your death (cheery, right?) You now have more people that you’re taking care of, life insurance has never been more important.
You will need to account for each child to replace the cost of the most basic necessities, but you might consider adding college funding to the mix as well. Every advantage you can give your child in life sometime down the road will only reflect better on you as a parent.
You should also remember that if you bought your first life insurance policy after your first child, and you’ve had more since then, it might be time to buy a larger policy or purchase an additional policy. As your family grows, you life insurance should grow with it. Not only do you need to take into consideration your personal life insurance needs especially now that you have children, but you need to think about what is the best insurance for kids now that you have your own to care for!
Next to caring for a child up 18, a home purchase is likely your next largest financial obligation you’ll take on in your early years. Having life insurance to cover the mortgage is a huge blessing for your heirs if you die prematurely.
They would have the opportunity to remain living where they are without the headache and stress of having to come up with the mortgage payment, and this can be an everlasting gift. It also gives your children the ability to stay put, remain in the schools they are accustomed to, and avoid adapting to a new lifestyle.
Similar to having children, your mortgage changes, maybe you’ve moved since you’ve bought a life insurance policy. Maybe your mortgage is twice is much as it used to be. Don’t leave your loved ones with a massive mortgage payment and no way to pay it.
The primary use of life insurance is to cover debt obligations and to protect income. You may be many years into a solid career, but if you’re like most Americans, you’ll change jobs or even locations nearly ten times before you retire.
If you have the opportunity to take on a new career which enhances your income, be sure to protect this income to your family in the event you die and your income is otherwise lost. Ten times your income is the usual suggestion, although it can be as much as 20 years if need be.
By the time you hit your mid to late thirties, statistically, you probably have also had some major life experiences which have altered your mindset on life insurance protection for you and your family.
1 in 10 people don’t live to see their 65th birthday, so you may have seen a family member pass away, or even seen a tragic death to someone younger, such as a car accident or unforeseen disease. These things tend to trigger emotional decisions, life insurance being among them.
I, myself, just went to a funeral for someone under 50 who left behind a husband and child. It can happen to anyone.
Rates A 30 Year Old Can Expect To Pay
Fortunately, life insurance for 30-39 year olds is very inexpensive, and you still have the ability to lock in your rates for decades. Below are the rates for the healthiest males and females at age 35, who are looking to buy a $500,000 policy.
10 Year Term Life
- Male — $15/month
- Female — $13/month
20 Year Term Life
- Male — $22/month
- Female — $20/month
30 Year Term Life
- Male — $38/month
- Female — $32/month
Buying a life insurance policy for 10, 20 or 30 years refers to how long you can maintain your coverage without having an increase in premium. For example, if you buy a 30 year term life insurance policy, you’ll be able to have the same life insurance policy the next 30 years without any changes, regardless of your health, as long as you keep making your premium payments on time. Though if you do have certain health conditions and are searching for life insurance with arthritis or life insurance with kidney disease, we can help you find the coverage you need!
Consider the reasons you’re buying the insurance, and it will aid you in making the right choice. If you are looking to protect a mortgage, then match the life insurance policy to the mortgage years you chose to amortize over. If you’re looking to do it for your children, there’s not a huge need to have it longer than they are your dependents, so opt for a 10 or 20 year policy. You’ll only end up paying extra if you attempt to lock in the rates for longer than you really need.
As you can see from the example, a life insurance policy is more affordable than you might think. While these are generic samples, yours will probably be around the same thing. You can’t put a price tag on the peace of mind that having a life insurance policy is going to give you.
Getting Lower Life Insurance Rates
Luckily, you have a huge advantage towards getting great monthly premium rates for your policy, your age. Age is one of the major factors that is used to calculate your rates. The older that you are, the less you’re going to pay. Sure, you may feel old, but the insurance company doesn’t think so.
Aside from your age (which you can’t change), there are a few things that you can change to lower your monthly premiums. The first is your health. If you are overweight and needing life insurance, it’s time to shed those extra pounds you’ve been carrying. If you’re overweight, you have a higher chance of being diagnosed with health complications like diabetes or cardiovascular problems, which means you’re more of a risk to the insurance company and would need high risk life insurance or impaired risk life insurance. Not only will you lose some inches in your waist, but you’ll keep a couple of extra dollars in your pocket every month. So don’t allow you BMI to affect your life insurance approval and rate, take control of your life today!
On the subject of health, it’s time to kick those bad habits like smoking or using chewing tobacco. Being listed as a smoker on your application will cause your monthly premiums to skyrocket. A smoker is going to pay twice or three times more than a nonsmoker for their life insurance coverage. If you want to get the most affordable life insurance possible, drop the cigarettes.
The best way to ensure that you’re getting the best rates available is to compare quotes from dozens of different insurance companies. Each company is different, and all of them are going to have different monthly premiums. Because there are so many different insurance companies to choose from, you could spend days or weeks getting quotes from various companies, or you can let us bring all of the best rates to you. Fill out the quote form on the side with your information and we will provide you with some of the lowest rates tailored to your information.
Life Insurance -Why You Need It
Life insurance is one of the most important things that you can buy for you and your loved ones. If you were to pass away tomorrow, what would happen to all of your debts? They would be passed on to your loved ones. That’s not exactly the gift that you want to leave to your family, is it? This is where a life insurance policy comes in. Instead of your family struggling to dig out of the mountain of debt, they will have the money they need to repay all of those expenses.
Aside from paying off any left behind debts, the other purpose of your life insurance policy is to replace your income for any loved ones that rely on your salary. If you were to pass away, would your family suffer financially from the loss of income? If so, life insurance is the best tool to soften that blow.
In your 30’s there are a lot of different things that are changing, you’re married, you have kids, you’re earning more, you have a mortgage payment, you’re thinking about your children’s futures. It’s easy to see why you would want your family members to be covered if anything were to happen to you, and life insurance is the best way to do that.
If you’re looking for the most affordable options for life insurance coverage, term life insurance is going to be the best option, but it’s not your only choice. There are several different plans that you can choose from. From the example, you can see that you’ll have the basic term options of 10, 20, or 30-year terms and you can also purchase a permanent life insurance policy.
These policies are similar in a lot of ways, but have a few distinct differences. As you can guess by the name, unlike term policies, these policies are effective for as long as you pay the monthly premiums. For a 30-year-old, the monthly payments are going to be more expensive, but you don’t have to worry about losing coverage once the term is up. There are several different advantages to whole life insurance plans that you have to consider
If you have any questions about term, whole, or any other type of life insurance, contact us today, and we will be happy to answer those for you. It’s important that you get the best life insurance coverage available for you and your family.