Life Insurance at age 30

Life insurance at 30

Many people in their early thirties are starting families and just beginning the portion of their lives when they will raise children, and build their fortune, so to speak. Protecting your hard-earned quality of life and the financial security of the ones you love the most has now become an important consideration. Getting life insurance at 30, while you are young and healthy, is more far-sighted and economical than putting off this important decision.

This is a time when you are making plans for your family’s future. Life insurance can be an important part of these plans. While most people know that life insurance is important, they have many questions, starting with why they need life insurance at all.

We know that nobody wants to think about his or her death, but not planning for it is one of the worst things that you do ever do for your loved ones. We are here to make the life insurance search as quick as simple as possible. This article is going to look at the ways that you can ensure that you’re getting the best life insurance coverage at 30-years-old.

Life insurance at 30

There are four main questions that many new clients want answered:

  • What is term versus permanent life insurance?

  • Why do I need life insurance?

  • How much life insurance do I need?

  • How much will my life insurance cost?

In this article, each of these questions will be covered briefly, giving you a solid, basic understanding of life insurance and what it is all about. If you are reading this, you have probably made the right move and have elected to partner with an independent agent to make sure you make the correct decisions about your life insurance coverage.

Ogletree Financial Services has the knowledge and industry experience to get you the life insurance with or without a medical exam that you and your family need at the lowest premium possible. Get your free term quote with the application on the left or get a custom quote via our contact page or you can even call 1-800-712-8519 to get started today!

What is Term versus Permanent Life Insurance?

These are the two basic types of life insurance. Term life insurance is the simplest and cheapest. A policy will cover you for a certain length of time, or ‘term’. Permanent life insurance provides the same death benefit as term insurance (and until your death as opposed to for a specified term length) with the added element of a cash accumulation account.

Permanent life insurance is more than just basic life insurance coverage. It is for clients who want life insurance to play an important role in your financial investment portfolio. Whole life insurance plans are an excellent option for anyone that doesn’t want to worry about having to reapply for insurance coverage in the future, but that permanent coverage is going to come at a higher cost. If you’re looking to get the cheapest life insurance possible, then a term policy is going to be a much better choice.

You may choose a term or permanent policy. Ogletree Financial Services can guide you to the right decision for your family. In this article we focus on term life insurance. The sample premiums quoted later in the article are for term life insurance.

If you would like to discuss premiums for a permanent policy, give us a call at 1-800-712-8519.

Why do I need Life Insurance at 30?

Maybe you have young children and want to be sure that no matter what happens, they will be covered financially into adulthood. You can guarantee the income you represent and protect the standard of living you are building for your loved ones. Most clients want to insure themselves well enough to support their spouse and children through their children’s college education, ensuring financial support until they are ready to take on that responsibility themselves. If you think a permanent life policy might be the best way to cover your children’s college education expenses, we have an article for you, “4 key features of Indexed Universal Life for College Planning.”

Life insurance at age 30

If you are a business owner and have partners, a life insurance policy is a common way to support your business if a partner were to pass prematurely. You can choose a term or permanent policy to cover your business. Our article “Funding buy sell agreements with indexed universal life insurance,” discusses how a permanent life policy can address this insurance need.

Anywhere you are relied on financially, you may need life insurance. A partner’s death in a small business can be crippling. A life insurance policy could be the difference between continued success and closing up shop.

As you enter your thirties, you may be considering home ownership. Large debts like a mortgage are often insured with a life insurance policy. In addition to income replacement, college education, and business concerns, any outstanding debt should be considered when planning for your family’s financial security.

We have clients who insure their mortgage with term and permanent policies. If you are interested in a powerful permanent policy called indexed universal life to cover your mortgage read our article, “Indexed Universal Life for Mortgage Protection?

How much Life Insurance do I need at 30?

When it comes to replacing a lost income, one method that is used is to calculate what benefit (cash payout to your family) is required to generate in interest, the yearly income your loved ones would need to receive if you were to die unexpectedly. This may be the full amount or some portion of your income. If your family will not need your full income to continue with their desired standard of living, then you may save money on premiums by buying a policy with a lower face value.

As an example, let’s say you make $50,000 a year, but have determined that if you were to die too soon, your spouse would continue to work or return to work and your family could maintain their present household with an additional income of $25,000 a year.

Now divide that desired income of $25,000 by a conservative interest rate that the benefit (cash payout) your policy would provide your family should earn, say 4%.

———–   =   $625,000

So, in this situation, 625k is the amount of life insurance you would need to replace your income.

When it comes to life insurance and college education costs, there are many variables to consider. Where will your child go to school? Do you plan to provide for all costs or just tuition and books? Also, let’s say your children are 6 and 9 years old. Make sure you are considering what it will cost for a college education 10-12 years from now.

You would buy a separate policy along with any partners to insure a business, and the amount of this policy would have to calculated based on your company’s business portfolio.

Life insurance policies to cover a mortgage or other large debt would of course depend on the size of the debt to be accounted for.

Having an experienced independent life insurance agent to help you with all these important decisions is the best way to make sure you get the life insurance policy you need at the lowest premium available.

How Much Will Life Insurance Cost at 30?

Life insurance at age 30

Probably much less than you think. You need to discuss the details with your agent. Your own unique risk and how an insurance company will assess, or underwrite, this risk will depend on a variety of factors, such as: your health history and current health, your weight, your occupation, whether or not you smoke cigarettes or drink alcohol, your family history and your gender.

Following are four tables with sample monthly life insurance premiums for a non-smoking, 30-year-old male and female, one table showing rates for a preferred plus health category, another for standard rates. The quoted figures are for term life insurance.

Term lengths of 10, 15, 20, 25, and 30 years, with face values of $100,000, $250,000, $500,00 and $1,000,000 are shown. These are only sample premiums. There are also riders such as critical illness and spousal riders that you can add.  We did not take these into account here.

Your actual premium will be based on how your unique risk is assessed by life insurance companies, and will almost certainly not be exactly the same as these numbers.

30-year-old Male Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker


30-year-old Male Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker


30-year-old Female Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker


30-year-old Female Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker


Hopefully, these figures give you a sense of the range of premiums a thirty-year-old can expect to pay for a fully-underwritten term life insurance policy.

Life Insurance at 30

When you are ready to make an important financial move, consulting with a professional is always highly recommended. Very few people are properly qualified to make fiscal decisions where thousands of dollars are in the balance. Planning with a qualified agent is pretty much mandatory when it comes to purchasing life insurance. A financially secure future for you and your family is at stake.

You never know what life’s going to throw at you tomorrow, which means that you shouldn’t wait another day to get the life insurance protection that your family deserves. If something tragic were to happen to you, and you didn’t have life insurance, your family would be stuck with all of your debts and other final expenses.

Getting started is easy!
Give us call at 1-800-712-8519!

Leave us a message on our contact page!
Use the free term quoter on the left side of this page!