Why You Should Buy Life Insurance at 30-Years-Old

Why You Should Buy Life Insurance at 30-Years-Old
Fiona Staff6/18/2021

There’s no denying that life insurance is a valuable product that can provide your loved ones with a much-needed financial safety net, were you to pass away. It can offer many decades of protection and even safeguard your established wealth.

But buying life insurance in your younger years can feel… well, uncomfortable. After all, the last thing you want to think about in your 30s is your inevitable death — shouldn’t you wait until you’re a bit older, more established, or have a higher net worth before you worry about that sort of thing?

Let’s look at why you should buy life insurance in your 30s and what benefits a life insurance policy can provide while you’re still so young.

Younger and Healthier Equals Cheaper Rates

There are many different factors that go into calculating the cost of your life insurance coverage. Two of the biggest considerations, though, are your age and your medical history. 

The older you are, the more your coverage will cost. The more health problems you have, the more your coverage will cost. So it’s easy to see why buying now — while you’re younger and healthier — is a smart decision.

Whether you opt for (link: leaplife.com/do-you-need-term-or-whole-life-insurance text: term or whole life coverage), locking in rates in your 30s can save you a lot compared to buying the same policy later on. For example, you’ll pay lower premiums and get a better long-term value out of a 30-year term policy that you buy at age 35, than you would by buying a 15-year term policy at age 50. 

Both options give you coverage through age 65, but the former offers you more coverage for a longer period of time, at a notably lower price. 

You’re Building a Life Now

Throughout your 20s, you are just entering some of the most important stages of life. By the time you reach your 30s, though, you are probably established in your career, repaying student loans, buying your first home, getting married, having kids… or all of the above!

Buying life insurance now (even if it still feels early) can help cover the mortgage on your home, pay off shared consumer debt, eliminate debt that your family would inherit (such as co-signed student loans), or provide for your loved ones’ living expenses. 

This is especially important if you are now making more than you were in your 20s, and your spouse or children rely on that income.

Funerals Are Expensive at Any Age

According to the National Funeral Directors Association, the median funeral cost in 2019 was $9,135. If you don’t have savings allocated for this, unexpected final expenses could seriously impact your loved ones in an already-difficult time. 

Whether you’re 30 or 90, owning a life insurance policy that could take the burden of funeral expenses off your loved ones shoulders is a wise (and considerate) move.

You Can Always Buy More Coverage Later

Many adults wait to buy life insurance coverage because they don’t feel like they need all of that coverage just yet. In actuality, though, it’s wise to buy a policy that meets your needs today, understanding that you can always add more protection later.

Many carriers will allow you to apply for additional coverage down the line, especially after big life events such as getting married, moving, or having a baby. This means that you can buy a term life policy today that protects your spouse and covers your shared credit card debt, but always add more coverage later when you, say, buy a home and have a few kids.

Bottom Line

The reality is that no one wants to think about their own mortality, especially when they’re young and in their prime. Buying life insurance at 30-years-old, though, can be a smart financial move that protects your loved ones from the very start… and often at the lowest rates you’ll ever get.

The best part about buying life insurance in your 30s is that you can always buy more as you need it. Whether you expand your family or want to leave a lasting legacy, you can always shop around for new coverage or see if your existing carrier will allow you to add more.

In partnership with LeapLife, Fiona offers an easy and comprehensive way to get matched with personalized life insurance policy quotes from trusted, A-rated (or higher) carriers. Whether you’re buying your first policy or just want to increase your coverage, Fiona and LeapLife can help you find the policy that you need most at the price that fits your budget.

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