So, your are in your thirties and are looking to get a life insurance policy. Great! This is the perfect age to get coverage - your rates will be incredibly affordable and you'll be able to get a good amount of coverage. 30 year term life insurance cost.
For example, a 30 year old male in good health, non-smoker can get a 30-year policy in the amount of half-million dollars for around $45 per month.
In contrast, a 30 year old female in good health, non tobacco user, can get a 30-year policy in the amount of $500,000 dollars for around $35 per month.
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Best cheap term life insurance
What Type of Life Insurance to Get?
Since term life insurance costs less than permanent life insurance (whole and universal), this may be the best option for you and your family. At your young age, getting a 30-year term policy is the recommended term. Keep in mind that a term policy expires at the end of the term. So, if you are 35 years of age and get a thirty year policy, your coverage will end at 65.
If you want to have an insurance policy with an investment component that covers you for life, a whole life insurance policy is the way to go. This policy type covers you until you die, plus you can borrow against it throughout your life, but it will be significantly more expensive - read more about it here.
How Much Life Insurance Will You Need?
You have to consider many factors when figuring out how much coverage you'll need. What's your present income, do you have children and how many, do you have any savings, does your spouse work, what's his/hers income, do you have any other dependents, plus many more factors.
Your Health Matters
Just because your are in your thirties, it does not mean life insurance companies will approve you for coverage automatically. You will have to submit to a medical exam, often performed by a nurse at your home, that will determine your health status. So, if you are a smoker, heavy drinker, overweight, and with high-blood pressure, you may not get approved, or your rates will be much higher than a healthy 30 year old.
On the other hand, if you are a healthy men or woman in your thirties, live a healthy lifestyle, don't smoke or drink heavily, your rates will be cheap and you'll get approved without a problem.
Here are some examples of average rates for men and women in their thirties:
Life insurance questions
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