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Life insurance at age 34

Life insurance at 34

Getting life insurance while you are still young is important. Yes, thirty-four is definitely still young and life insurance companies know that. Life insurance will never again be more affordable for you than right now.

Life insurance at 34

Most people have questions when first buying life insurance. At Ogletree Financial Services we are ready for all of them, but in this article we will touch on four basic questions that we hear a lot:

  • 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?

Buying life insurance is an important part of your family’s future and the help of someone with financial skills and experience in the life insurance marketplace is vital. Ogletree Financial Services represents over thirty top insurers and together with your agent, you will select the one that is right for you.

What is Term versus Permanent Life Insurance?

Term life insurance policies cover the life of the insured for a specific period of time. This term usually lasts as long as the need for the insurance exists. For example, let’s say you have decided to insure your family until your children have graduated from college. If your youngest is five years old, you’re looking at a 20-year policy. Some people purchase term life policies that run until their retirement.

CNN Money’s “Ultimate guide to retirement” says that term life “insurance is basic, inexpensive and easy to understand. It gives you all the coverage you need and none that you don’t.” This is true and term life insurance is often the best solution to our clients life insurance needs.

We also have many clients who opt for permanent life insurance which does not expire and includes a cash investment aspect. These policies are for people who want their life insurance policy to serve as security for their family’s financial future and as an important part of their investment portfolio.

We mainly consider term life in this article but we do refer you to a few articles that consider  indexed universal life (IUL) and how this type of coverage might work for you.

Why do I need Life Insurance?

Some people may be imagining a life insurance policy that only covers the deceased final expenses. While we do write some smaller policies, most people want their life insurance coverage to do much more for them than that. Here are some of the primary reasons our applicants want life insurance

  • income replacement
  • college expenses
  • small business coverage
  • mortgages and other large debts

Income replacement is the big one. An extremely difficult situation for a family becomes exponentially worse when the additional strain of a large financial burden is bearing down on them. Can your fmaily survive one on paycheck?

Many parents have plans to send their children to college after high school. They consider this an important part of how they will support their children as they enter adulthood. For this reason, many clients include college education expenses when add up how much life insurance to buy.

Read about an IUL solution to college education expenses: “4 key features of Indexed Universal Life for College Planning.”

Partners in a small business will often purchase life insurance policies on each other. These policies enable the surviving partner to use the policy benefit to buy out their partner’s half of the business from their partner’s heirs. This type of policy provides an additional cash payout to your loved ones and secures the future of your business.

An IUL policy may work for your small business. Learn how here: “

Life insurance at 34

At 34, you may be considering buying a house, requiring that you enter into a large mortgage. In addition to income replacement, life insurance coverage to pay off any large debts is very important to many clients.

Our article “Indexed Universal Life for Mortgage Protection?” looks at IUL policies and mortgage insurance.

How much Life Insurance do I need?

Being able to work with a qualified independent agent is becoming more and more important. Mortgages are often insured with a separate policy with a term that coincides with the term of the debt being insured. Education expenses will vary greatly from family to family, again this is one you need to work out with your agent. The level of coverage for partners of a small business will be some amount determined to be sufficient to buy out a deceased partner’s interest in the business.

Again, income replacement is the big one. How much do you need to fill in the gaps left behind by your death? Whatever number this comes out to be, this is your starting point.

After this, you need to know how much interest your policy will have to earn for your loved ones. For the example below, we used a 4% rate.

The math to do this is simple:

required benefit    =    —————   =   $1,000,000

Using this math, you would need a life insurance benefit of around $1,000,000 would be required. We know these number are beginning to get big but know that a 20-year term policy for a 34-year-old women at a preferred plus health rating with a face value (amount to be paid to your family upon your death) of $1,000,000 will have a monthly premium of less than $35.

A life insurance policy is a relatively small investment for the significant value of your family’s financial security, and your peace of mind.

How much will my Life Insurance cost?

Healthy thirty-four year old applicants pay some of the lowest life insurance premiums out there. At Ogletree Financial Services, we even get clients with health conditions, also known as impaired risk, affordable life insurance policies for the coverage they need.

Yes, we’ve given you some quotes for various term insurance plans. Yes, they are quotes for term policies, but they may not reflect the quotes you’ll receive.

There are too many unknown factors for us to give you any type of accurate quote. If you’re identical to the random person we used, then you will get these rates, otherwise, they are going to differ.

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


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


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


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


See, a plan may not be as bank-breaking as you thought.

Life Insurance at 34

You are making an important decision to guarantee the future financial security of those you love the most. You have decided to arrange for the guidance of a professional and at Ogletree Financial Services we have you covered. Our experience, knowledge, access to over thirty top insurers and committed, personal devotion to our clients can go to work for you today.

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

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

Frequently Asked Questions

Why do I need life insurance at age 34?

If someone is relying on you financially then you may need life insurance. Your spouse and children depend on you as a wife or husband and a mother or father. They also rely on your income. Income replacement is the primary concern of many clients looking for life insurance coverage.

How much is life insurance at age 34?

A sample monthly premium for a $1,000,000 30-year term policy with standard non-tobacco rates would be $110.20 for a female and $138.25 for a male. These are sample premiums, yours would be based on your personal underwriting with the insurance carrier.

How much life insurance do I need at age 34?

It depends on what debts or future expenses you need to cover. Consider income replacement, college expenses, small business coverage, mortgages and other large debts. Consult with a reputable independent insurance agent to help navigate your needs and goals.

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