The following term life insurance rates by age are for someone in their 30s in excellent health, with no other risk factors.
The life insurance quotes provided are from top rated life insurance companies rated by AM Best with an A- rating and higher.
- Term Life Insurance Rates in Your 30s
- Whole Life Insurance Rates in Your 30s
- Term Life vs Whole Life Insurance Quotes
- So Why Buy Life Insurance in Your 30s
- Top 5 Reasons to Consider Whole Life
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Here at I&E, we’ve found that a lot of times when folks reach a certain “milestone age” (such as age 30 or 35), they’ll begin to take stock of their financial situation and realize that they should consider purchasing a life insurance policy to protect their loved ones or any assets that they’ve begun to accumulate.
Which makes sense…
After all, during one’s 30s is usually when folks begin having children, buying homes and establishing their “footing” in whatever career path they have chosen.
In other words, ones’ “wild and crazy 20s” are over and now it’s time to settle down a bit and begin taking life more seriously.
The good news is…
That this is also a perfect time to begin searching for a life insurance policy because chances are, you’re probably in really good health and you’re beginning to realize just how important it is to protect your expanding financial obligations!
The problem is…
That a lot of folks at this age will often reach out to one of the large national life insurance brokerages who frequently advertise on TV or the radio and end up purchasing a term life insurance policy at what seems like an incredibly affordable rate!
This may not seem to be a problem, for many, this affordable term life insurance policy ultimately becomes a very costly mistake for them 10 or 20 years from now when that same life insurance policy expires and they are then forced to try and purchase a new life insurance policy.
These same folks are applying for coverage in their mid 50s or 60s when qualifying for another life insurance policy may not be as easy as it was for them when they were 30 or 35.
Fifteen or twenty years from now, you may not be as “healthy” as you are today. Fifteen years from now you may have the beginning symptoms of:
- Elevated blood pressure,
- Heart disease,
Which brings us to…
The main problem with purchasing life insurance at age 30, which is, you’re still a bit “too young” to qualify for a term life insurance policy that will likely cover the length of time you’ll actually need life insurance coverage!
This is why…
We wanted to take a moment and discuss five reasons why purchasing a whole life insurance policy might make sense for someone in their 30s as well as point out how silly it is for “certain” insurance brokerages to simply assume that buying a term policy is the best life insurance for a 30 year old.
“Note to the Reader”
One of the most common reasons why a financial advisor will recommend purchasing a term life insurance policy over a term life insurance policy is because a whole life insurance policy will often times be more expensive than a term life insurance policy.
As a result…
Many financial advisors will recommend that their clients should “buy term and invest the difference”, and while in “theory” this approach might work, what we have found is that most folks simply don’t decide to “invest the difference”.
The second reason…
Why many financial advisors recommend that folks not purchase a whole life insurance policy is because the “commissions” earned for selling a whole life insurance policy are usually much higher than they are when selling a term life insurance policy.
For this reason…
It’s safe to say that many “unscrupulous” life insurance agents may “push” for a client to purchase a whole life insurance policy when in fact a term life insurance policy will be completely adequate.
As a result, whole life insurance policies have gotten somewhat of “bad rap,” particularly if an insurance agent isn’t able to adequately explain why in some cases a whole life insurance policy actually is a good “kind” of policy to own.
Which brings us to…
Why we decided to write this article, because the last thing that we want to be accused of is trying to pressure someone into purchasing the wrong “type” of life insurance.
But we also don’t want to be accused of not offering the “BEST life insurance” option to a client even though that “BEST” option may have a higher price tag.
When folks call us, we’re not going to assume that any one kind of life insurance policy may or may not be better for you and we’re not going to ASSUME that a whole life insurance policy isn’t going to be right for you either.
What we’re going to do…
Is provide you with all of your options and allow you to decide for yourself.
And in light of this approach to helping a client decide what kind of life insurance might be right for you, we wanted to present you with our Top 5 Reasons Why a Whole Life Insurance Policy MIGHT Be the RIGHT life insurance policy for someone in their 30s.
Term Life Insurance (typically) won’t last forever
Since we offer a wide variety of different insurance products here at I&E, including convertible term life insurance, we’re quite familiar with the different questions folks will have regarding each “type” of insurance product.
Which is why we know that one of the most frequent questions folks have when purchasing a “term insurance” for the first time is…
“What happens when the TERM ends?”
Which makes sense, after all it makes sense that if you “outlived” the term insurance period that you would somehow be entitled to a reward or some kind of refund… right?
We hate to break it to you, but unless you purchase return of premium term life insurance when your term life insurance policy expires, you’re not going to get any kind of refund, all you’re going to get is a notice that you’re no longer insured.
There are some term life insurance policies which will contain a clause stating that it is a guaranteed renewable term life insurance policy.
Guaranteed renewable means that at the end of the original term you will be able to keep the policy in force, you’ll just need to pay the new premium which will be set at that time.
“Which is good”
But what most folks don’t know is that once your original term expires, your expired term life insurance goes into the “guaranteed renewable period”, the fixed price that you have grown accustomed to paying will likely change year after year because your “guaranteed renewable” policy will only allow you to renew one year at a time.
The “change in price” from your original premium amount will typically be OUTRAGEOUS!
This is because the insurance company will usually prefer that you reapply for another term life insurance policy which will require you to either take another medical exam or answer a series of medical questions.
This additional underwriting could prevent you from being able to qualify for a new life insurance policy leaving you one of two options:
- Option one: Go without insurance
- Option two: Continue to pay the “outrageous” premiums which will likely increase every year!
Maybe renewing annually and paying the higher premium makes sense because you have some sort of pre-existing medical condition.
The problem is…
Who really wants to find themselves in this kind of situation? This is why, for some, the idea of purchasing a whole life insurance policy in their 30s may not seem like such a bad idea.
It’s usually won’t get any cheaper!
As a general rule of thumb, unless you have some kind of specific situation which could make purchasing life insurance in the future less expensive for you than it is today, buying life insurance as soon as possible will generally result in securing the lowest rate possible.
Which means that…
If you purchase a term life insurance vs whole life insurance policy today, both “types” of insurance will probably cost less today then they will for you one a year from today.
What you’ll typically find is that a whole life insurance costs more than a 20- or 30-year term life insurance policy.
Which means that if your term life insurance policy costs around $20 to $30 dollars a month, it’s fair to assume that your whole life insurance policy might cost $200 to $300 a month.
Now if you come from a “gene pool” where just about everyone on both sides of the family seems to live well into their 90s, well good for you! This portion of the article probably isn’t going to apply to you.
But for the rest of us…
Who have family members who have suffered from or have been diagnosed with:
- Heart disease,
If you think you might be a likely candidate for suffering from such illnesses as well, it might make sense to purchase a whole life insurance policy while your young so that you don’t need to worry about purchasing another life insurance policy later on when one of these conditions might be afflicting you.
This is particularly true if…
The “medical condition” which seems to run rampant through your family is one that has a “genetic link” making it nearly impossible to avoid.
We can all eat a healthy diet and make exercise a part of our daily lives but if we have a genetic predisposition for developing some type of illness, whether it be a terminal one or just something that could prevent us from being able to qualify for insurance later on, it won’t really matter how many “sit ups” or “kale salads” one eats.
Which is again why…
It drives us nuts here at I&E when we hear financial advisers say that buying a whole life insurance policy never makes any sense.
Been Diagnosed already
Buying a whole life insurance policy vs a term life insurance policy can also make sense for those who have already been diagnosed with a preexisting medical condition.
In this situation is that if you’ve already been diagnosed with a preexisting medical condition which could make it more difficult for you to qualify for a traditional term or whole life insurance policy today, chances are (as you age) qualifying for a traditional life insurance policy later on will only become more difficult year after year.
We say this because…
As you age, there will be at a greater risk for developing some common medical conditions. And when combined with your preexisting medical condition, it could make it more difficult (if not impossible) to qualify for life insurance.
Conditions such as:
- High blood pressure,
- Elevated cholesterol levels,
- Elevated blood sugar (diabetes), or
- Anxiety or depression.
Which is why…
When we encounter an individual who has already been diagnosed with a preexisting medical condition early on in life, we’ll often make the suggestion that they may want to consider purchasing a whole life insurance policy now, so that they won’t have to “revisit” the topic of purchasing another life insurance policy later on in life.
Whole Life Insurance is not an INVESTMENT
Now up until here we’ve discussed why it makes sense to purchase a whole life insurance policy so that you can be insured throughout your life and never be caught in a situation where you need insurance but can no longer qualify for it.
“Which is great!”
We want to address the biggest complaint many folks have about whole life insurance which is that it’s a…
And if you’re thinking about purchasing a life insurance policy as an “investment”, then we would have to say that we agree with the “whole life insurance critic community” who claim that a whole life insurance policy is a lousy investment…
“Because it is!”
We challenge those who believe that whole life insurance is an investment to change their way of thinking and instead choose to THINK of a whole life insurance policy as a…
“Forced Savings Account With a Death Benefit”
Whereby each month the insured will be “forced” to make an insurance premium that will contribute the overall cash value of their whole life insurance policy.
Which will then act like a SAVINGS ACCOUNT that will literally be earning a much higher interest rate return than it would in a typical savings account in a traditional bank, particularly when you consider that the interest earned is tax deferred.
Once folks begin to think about whole life insurance policies this way, they’ll begin to see the opportunities that will be opened up to them including:
- Tax free loans,
- Tax deferred guaranteed cash value growth,
- Improved cash flow and liquidity,
- Guaranteed level premiums,
- Guaranteed death benefit
Now we should point out that while we would love to take credit for this “type” of thinking, the truth is this concept of using a whole life insurance policy as a financial tool rather than just an “insurance policy” isn’t anything new. In fact, it even has a name, it’s called…Infinite Banking!
The problem is…
It does take a while for folks to “wrap their mind” around the idea, which is why you generally won’t see advertisers on TV or Radio promote it, because these “types” of whole life insurance policies and strategies generally don’t fit a call center insurance brokerage sales model.
The good news is that…
Here at I&E, we don’t operate like a call center. And we don’t assume any one “type” of life insurance policy is going to be the right kind for you.
This is why we have chosen to remain an independent life insurance brokerage that is able to offer a variety of insurance products from dozens of different insurance companies.
So, what are you waiting for? Give us a call today and see what we can do for you!