If you’re 30 to 39 years old and thinking about buying term life insurance, you’re in the perfect place!
That’s because we’ve provide exactly what you need to help with your search for insurance…
You’ll never be as young and healthy as you are now, which makes it the perfect time to buy life insurance. So let’s dive in. It’s simple.
Quick Article Guide:
- Sample Quotes
- How much you need
- Types of life insurance available
- Which term length is best
- How to Save up to 30% on Life Insurance
On a personal note…
I’m Chris Huntley, the owner of Huntley Wealth & Insurance Services, and at the time of writing this article, I’m 36 years old! I personally own 3 life insurance policies (all term), totaling over $2 million of coverage, so not only do I “practice what I preach,” but I’ve got some awesome insider tips for you in this article.
Inexpensive Term Policies for Aged 30 – 39
Term life insurance policies are still exceptionally affordable if you are in this age group. If you hold off until you get into your forties then it’s going to cost a lot more money with each passing year.
A term policy is the most basic and inexpensive type of life insurance available. But, all life insurance policies become increasingly more costly as you get older.
…and, as you get older, it is very likely you are going to start developing health issues which could make buying a policy even more costly.
The bottom line is, if you need life insurance in your 30’s, then don’t delay buying any longer. You will save money and your family will have that financial security it needs.
How Affordable is Term Insurance for a 30 – 39 Year Old?
You may be asking yourself right now, how much is life insurance for a 30 year old?
The ‘proof is the pudding’ as they say, so I have some great sample quotes for you to check out, so you can see how inexpensive these policies are for your age group.
I ran some quotes for a 30 year term policy from ages 30 to 39 years old.
These are Preferred Plus rates for a non-smoker and for someone in excellent health. Please note the cost for females will be slightly lower, as women typically cost less to insure.
|30 Year Term life Insurance Quotes for Males Aged 30 – 39|
|30 Year Old Male||$13.00||$19.00||$33.00||$59.00|
|31 Year Old Male||$13.00||$19.00||$33.00||$60.00|
|32 Year Old Male||$13.00||$19.00||$34.00||$61.00|
|33 Year Old Male||$14.00||$20.00||$35.00||$64.00|
|34 Year Old Male||$14.00||$21.00||$36.00||$65.00|
|35 Year Old Male||$14.00||$22.00||$38.00||$69.00|
|36 Year Old Male||$15.00||$23.00||$40.00||$73.00|
|37 Year Old Male||$16.00||$24.00||$43.00||$79.00|
|38 Year Old Man||$16.00||$25.00||$46.00||$84.00|
|39 Year Old Man||$17.00||$27.00||$49.00||$92.00|
- Disclaimer – Quotes are based on a healthy non-smoking male. This is not an offer for insurance. Each individual must apply and qualify, and could pay more based on his/her health and lifestyle. Rates are accurate as of 3/18/16.
Reasons to Get a Term in your Thirties
The biggest reason most people in your age group opt to buy term insurance is for income replacement. If you’re the primary breadwinner in your family, then you have to think about what’s going to happen if your family no longer has your income to rely on.
Nobody plans to die or become ill, but it happens to everyone at some point in their life. There are no guarantees. But, after you’re gone, it’s the survivors who have to pick up the pieces and get on with life.
There’s one other huge thing to consider about life – it’s not cheap!
You want to have a financial cushion in place, that preferably lasts until you retire at the very least, a term life insurance policy is the ideal solution.
Term insurance is the most affordable form of life insurance and you can choose a term that is ideal for your individual circumstances.
Most experts recommend 10-20x your income.
It really doesn’t matter if you’re in your early 30’s, like 33 or 34 years old, or older like age 38 or 39… you probably are buying life insurance for the same reason. Income replacement.
Want to replace your income for life? Use this calculation.
Income Your Beneficiary Needs / .04
For example, your wife needs $40,000 of help per year upon your passing. $40,000/.04 = $1,000,000 of life insurance
The best way to get a ballpark of how much life insurance you need is to divide the amount per year you want your spouse/beneficiary to have, by .04, which is a good, achievable target interest rate. Therefore the nest egg you provide (1 million in the example above) earning 4% per year will generate $40,000 of income, not including taxes.
But do you need to provide lifetime income to your spouse? See our “what term length is right for me?” section below.
The question is, how long do you want your income replaced and at what percentage of your current income level?
A few other points you should think about when considering how much life insurance you need are:
- Consider the Reduced Cost of Living if You’re Not Around – What percentage of your income would your spouse/beneficiary need to continue paying the bills? It might not be 100%. For example, say you’re a 35 year old man and you make $60,000 per year, but upon your passing, your spouse is able to get by with just $30,000 per year of help. In that case, base your needs off of $30,000 per year target instead of $60K.
- Interest and Inflation – Any death benefit received by your family will likely be invested – so it will earn interest but inflation will also be a factor. Note: we have an income replacement calculator here that takes inflation into account and how long you want to replace your income, and at what percent.
- Is your spouse or beneficiary able to work? Perhaps your beneficiary doesn’t currently work, but could if need be. In that case, perhaps you would need less coverage.
- Your spouse’s health and life expectancy – This is especially important for women married to older men. You might only be 37 years old but are married to a man in his 40’s or 50’s with health issues. If that’s the case, think in logical terms about his life expectancy. Does he really need 80% of your income to be replaced for 30 years if you pass away? Will he live that long? I know it’s a bit morbid, but life expectancy is a key factor to consider here.
Quite simply, you’ll never be 30 again. You’ll never be as young and healthy as you are today.
In addition, the rates increase about 5% per year in your 30’s for every year you wait.
So by waiting, you not only will see the standard rate increase for getting older, but you’ll also risk not being as healthy as you are today and potentially not being able to qualify for the same health class.
For example, as we saw above in the rate chart, a 34 year old male in great health can get a $500,000, 30 year term policy for $36 per month.
But if he waits 10 years, at 44 years old he would pay $83 per month (if he can still qualify for the best health rate.)
For some, a 20 year term might be ideal while for others, a 30 year term is more suitable…and, did you also know that you can purchase a policy which is age specific such as age 55 or 65? Most people don’t know about these other options.
You can also choose from 3 types of term policies which include:
• Level Term – The premium and death benefits stay the same for the length of the term
• Decreasing Term – The death benefits decrease over the life of the term with a fixed premium (generally cheaper than a level term)
• Increasing Term – The death benefits increase at predetermined amounts and at specific times as does the premium you pay (can be ideal for someone who is on a tight budget now but sees better times ahead, or has a greater financial need down the road).
As you can see, you have a whole bunch of options in selecting a term policy that’s right for you and your loved ones.
There are all sorts of term lengths, 10, 15, 20, 25, and 30 year terms. You can even select a term that ends at a specific age like 65 years old.
The 3 main factors when considering term length are:
- how long you plan to work
- your financial plan – are you saving for retirement and paying down your debts? If so, perhaps you don’t need a long term that will cover you throughout your working career
- affordability – shorter terms cost a lot less than the 25 or 30 year terms. I always say that something is better than nothing.
Also, if cost is a factor and you have to choose between getting more coverage or a longer term, I would say to get a shorter term and get the coverage you need.
As I said, we do have “dial-a-term” options with one of our top companies.
… So say you’re 31 or 32 years old and want coverage for the rest of your career.
That might mean you need term coverage to age 65, but the problem is if you buy a 30 year term it will only last into your early 60’s. That’s where you dial up a term guarantee to age 65 instead of buying 30 year term.
We don’t have that quoting option on the right, but if you get a quote for 30 year term, the price will be similar. Call for the accurate quote at 877-443-9467.
As an agent for 10+ years, I’ve learned some insider savings tips. Here are a couple of my best ones.
- Ladder Your Term Maturities – you can save 10-20% by buying 2 policies instead of 1. You can buy a shorter one and a longer one. This way as your need for insurance decreases as you get older, your first policy will drop off, and you’ll be left with a smaller amount for the remainder of your 2nd policy’s life.
- Request an Annuity Payout – we’re all familiar with life insurance companies paying out big lump sums upon the passing of the insured. But did you know you can save 10-30% by asking the insurance company to pay out the benefit over a set period of years? For example, instead of a $1 million dollar lump sum, your beneficiary might get $50,000 per year for 20 years. So they still get the million, but since the company doesn’t have to come up with it up front, they give you substantial savings on your premiums.
Have Health Concerns?
We can help also help you if have a health problem or a disability. Insurance companies rate people differently, so I know which ones are more lenient. Health issues vary considerably so your best approach if you’re not sure what to do is to give me a call so we can discuss your options.
Use our quote form on the right for a specific quote for your age and needs and you’ll see instant quotes on the following page.
Apply Online Without Speaking to an Agent
If you are in great health, and want the convenience of applying online, but still getting the rock bottom prices, use this link: Apply Online
• No Speaking with an Agent
• Medical exam is Required
• Approval may take 4-6 weeks
• Apply for same policies you would through an agent at the Best Prices!
If you have any questions, call us at 877-443-9467, and we’ll be happy to help.