Where to Buy Life Insurance Companies for 30 Year Olds

Written by Jeff Root

If you put off buying life insurance in your 20s, don’t waste your energy on regret.

While nothing will be as painless on your wallet as purchasing life insurance at 20, most people don’t need it then. If you waited until your 30s to buy life insurance because you didn’t have a reason to before, you saved money.

Life insurance doesn’t start jumping up in price until you approach your 40s. Plus, there are ways you can save yourself money no matter what your age is.

What You Should Know About Life Insurance at Age 30

There is not an enormous difference between buying life insurance in your 20s versus your 30s. Earlier is always better.

Life insurance prices increase roughly 8% a year on average. At the rates (especially for term life insurance) that you’re looking at as a 30-year-old, 8% doesn’t make an enormous difference. However, if you put it off until your late 30s, you will start to notice a difference.

Life insurance rates are based on a handful of things. The big three are your age, your biological sex, and your health. There isn’t much you can do about whether you’re a man or a woman. As far as age goes, earlier is better. Your health also gives you an advantage when you look at life insurance at age 30 because most people’s health starts to decline once you approach middle age.

The life insurance company will also look at your job, your medical records, your hobbies, and your driving records.

Pros to Getting Life Insurance at Age 30

The older you get, the more expensive it is to get life insurance. Sometimes it’s more difficult as well. You can’t control your health events. You can’t stop aging.

1. Lock in Lower Rates

The first advantage of getting insurance when your young is your age. The younger you are, the longer between right now and the average lifespan of a man or woman living in this country. The longer that gap of time, the cheaper your rates will be.

2. Fewer Health Issues

The younger you are, the lower the odds of developing health issues. You have fewer years accumulated to develop health issues from environmental factors.

The healthier you are, the lower your rates. That goes for everything from pre-existing conditions to your height and weight ratio.

3. Cheaper to Convert/Renew/Reapply Later in Life

If you are buying a term policy now, it will expire earlier then if you buy it next year. However, that also means if you find you still need life insurance when this policy expires, it will be much cheaper than if you push it back a year or two.

An 8% premium increase doesn’t mean much when you’re 30. It can mean a huge difference when you’re 60.

What is the Best Type of Life Insurance Policy for 30-Year-Olds?

The type of life insurance you buy depends on why you’re buying life insurance and your discretionary income.

Term life insurance will cost you less than permanent life insurance. Many times less. But it might not fit your needs right now. On the other hand, if permanent insurance may serve you better, but you can’t afford it right now, that’s a problem too.

Term Life Insurance

Term life insurance lasts for a set number of years, usually between 10 and 30. It’s the simplest and the cheapest form of life insurance. So when it says “30-year term” on your life insurance policy, that means the coverage lasts for 30 years before expiring.

Some term life insurance policies allow you to renew or convert the end of your term. When you’re buying life insurance in your 30’s it’s impossible to know what you will need at the end of your term. Using a company who offers this extra perk allows you to keep your options open for the future.

Because term life insurance only offers a death benefit, it’s about as low-cost as life insurance can get. There are no extra frills in the policy unless you choose to add riders.

A rider is an extra component of the policy. For example, you might look into return of premium rider which would refund most or all of your premiums if you survive your policy.

Permanent Life Insurance

Permanent life insurance lasts for your lifetime. Although some policies can be set to expire at age 105, 115, or 121. Even then, that still exceeds the lifetime of the vast majority of people.

Permanent is a general term denoting the length of the policy. When you go to buy a permanent policy, the actual type might be a whole life or a variable universal life insurance policy.

Permanent life insurance policies have additional features like the cash value accumulation. The cash value of your policy builds as you pay your premiums. These grow depending on the type of permanent policy you choose. For example, whole life tends to be slower but more stable growth whereas variable universal life swings heavily with the market.

You can use the cash value accumulation as a low-interest loan. The added bonus is that the insurance company doesn’t care why you take out the loan, unlike a bank. They’re holding your death benefit as collateral. If you don’t pay it back, your beneficiary doesn’t get that amount of the death benefit.

Permanent is best for reasons like leaving cash to your heirs, covering any estate costs, and making sure your spouse will be taken care of for life.

Is Term or Permanent Life Insurance Better?

Term life insurance is better for temporary reasons. If you want to cover a child while they’re growing up, term makes more sense. Permanent life insurance is better for reasons that never expire. For example, if you know you want to leave something for your children when you pass away, permanent life insurance will guarantee that gift to them.

It all comes down to reasons and what you can afford. Most everyone wants to leave their children something when they pass on, but your circumstances may prevent you from having the income to afford a permanent policy right now. That’s okay.

Life insurance companies know that your reasons for having life insurance will change over the course of your life. Many companies offer to convert term policies into a permanent one at the end of the term. Most of the time without any new underwriting. These are an excellent way to make sure your family is covered now while you still have decades to build up your career and earn the life you want.

Tips for Getting Life Insurance in Your 30s

Buying life insurance as young as reasonable isn’t the only way to save money. Being young and healthy is one thing, but you can’t control as well as these other factors which will allow you to save even more money.

1. Calculate How Much You Need

Only you can know how much life insurance you need. If you walk into an office somewhere and someone tells you that you need 5x your annual income, how do they know? Do they know whether you have a $100,000 mortgage or a $500,000 mortgage? Do they know if you have one child or seven?

Don’t pick an arbitrary number. Figure out exactly why you are buying life insurance and then calculate the amount sufficient to cover that reason or reasons.

2. Work With an Independent Agent

An independent agent is someone who can work with multiple life insurance companies and pick the best few for your needs. The other type of agent works for one insurance company. They can only offer that company’s products.

Now, this isn’t necessarily a bad thing, but each company has different underwriting guidelines. So what might be best for your friend, coworker, or sibling, might not be the right company for you.

When you work with an independent agent, they can do all the work of finding the best company for you. They save you money, plus they save you time.

Term Life Insurance Rates for 30-Year-Olds

Term life insurance is the most affordable type of life insurance available. If you don’t have much extra cash and still want to care for your family, it’s a good choice.

The sample rates below reflect men and women in good (preferred) health. Nothing extraordinary, just good. Your prices may differ, but in the standard health classes, they are still all in a close range.

We chose the two most popular term lengths for people in their 30s, 20-year, and 30-year terms. You can opt for a policy as short as 10 years. Explore your options in the free instant quote tool with different policy types and benefit amounts.

Preferred Health

$100,000 20-Year $100,000 30-Year $250,000 20-Year $250,000 30-Year $500,000 20-Year $500,000 30-Year
Age 30 $11 $15 $17 $25 $27 $42
Age 34 $11 $15 $18 $27 $29 $46
Age 39 $13 $18 $22 $35 $38 $63

Standard Health

The second table is for women who don’t smoke and are also in good health.

$100,000 20-Year $100,000 30-Year $250,000 20-Year $250,000 30-Year $500,000 20-Year $500,000 30-Year
Age 30 $10 $12 $14 $21 $22 $35
Age 34 $10 $13 $16 $23 $25 $38
Age 39 $12 $16 $20 $30 $32 $52

You can see how even in your 30s, rates don’t increase much every year until you start getting close to 40.

Whole Life Insurance Rates for 30-Year-Olds

Whole life is the least complicated permanent life insurance policy. It has a moderate growth cash value accumulation component. Many permanent policies are tied in varying ways to the stock market. Whole life cash value potions are a little more stable. They won’t grow as quickly as other types of permanent policies in good years, but they also will increase more in bad years.

The rates below reflect what a man in good (preferred) health who doesn’t smoke might pay each month. You can experiment with your own potential premiums in our free instant quotes tool.

Preferred Health

$100,000 $250,000 $500,000
Age 30 $100 $239 $466
Age 34 $117 $281 $550
Age 39 $139 $337 $660

Standard Health

$100,000 $250,000 $500,000
Age 30 $87 $208 $405
Age 34 $101 $243 $474
Age 39 $121 $293 $573

Best Life Insurance Companies for 30-Year-Olds

We picked our top five favorite companies that work well for most people. But remember that each company has a different set of underwriting guidelines. A company that works well for most people may not be ideal for you. That’s nothing to worry about.

We picked these five based on their claims records, customer service, affordability, and financial strength.

Company A.M.Best Customer Reviews
Protective Life A+ 4.3 / 5
AIG A 4.2 / 5
Lincoln Financial A+ 4.1 / 5
Sagicor A- 4.2 / 5
Foresters A 4.0 / 5


For most age groups, Protective offers some of the lowest rates you will find from a financially stable company for lower benefit amounts. AM Best gives them an A+ for superior financial strength in their latest review.


In your 30s, AIG does exceedingly well at offering competitive rates to high benefit amounts. They’re almost the counterpart to Protective. AM Best gives them a solid A.

Lincoln Financial

Lincoln is not the lowest price for every category, but their underwriting guidelines are reasonable for most people. They also are one of the lowest for both high and low benefits, short and long terms. With an A+ from AM Best, they are our jack-of-all-trades pick.


Sagicor also offers competitive rates for lower benefits and shorter terms. But where we really like them is the affordability of their no-exam policies. You can get a lower cost policy without the hassle of the life insurance medical exam than you can from many companies requiring the exam.

AM Best rates them at an A- for good financial standing with a stable outlook.

Foresters Financial

Foresters is our pick for the top company offering whole life. Their rates are comparable with other whole life companies, but they also provide a 20-pay in many cases. A 20-pay means you only pay premiums for 20 years, then you keep the policy for life.

AM Best gives them an A with a stable outlook.

Finding the Best Life Insurance in Your 30’s

Remember that by deciding ahead of time how much you need and what type of policy best suits your family, you can save yourself both time and money. You cannot be oversold, and your family won’t be underinsured.

If you have any questions, please call. We have someone standing by to help answer any questions we didn’t cover here. Our independent life insurance agents work with dozens of the best life insurance companies on the market and can help you find the best policies, rates, and companies for your family’s needs.

Give us a call today, or get started using our online life insurance quote tool for quick and easy life insurance quotes for 30-year-olds.

Compare the Best Life Insurance Rates for 30-Year-Olds

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About Best Life Insurance Companies

We work with individuals across the nation to secure the best life insurance rates.

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