How much will life insurance cost a 30-year-old?

Your thirties are the least expensive time to get life insurance. You are still at a very young age to be considered high risk for insurers. Also, your parents or relatives may still not have any significant health issues that will affect your insurance premiums.

If you are not married, but you and your partner have bought a property on a mortgage, term life insurance is often a better option than mortgage insurance. It will ensure that if something happens to either of you, your mortgage will be paid off.

Even though you may have coverage through your work, over the years, this may change, and the amount may not cover your needs.

What is the best type of life insurance in your thirties?

Remember that there is no one type of policy that can fit everyone’s needs; proper financial analysis and risk strategies need to take place for you to know what type of life insurance would be the best. Term life insurance is a surely flexible type of life insurance when you are in your thirties. You pay a fixed monthly premium for a fixed term on an amount that covers your needs.

Term life insurance should be used as a strategy to lock in insurability for you in your thirties, you must make sure that your life insurance policy is both renewable and convertible; so later on as your finances become more stable, you can convert it to permanent coverage from a younger age.

It is also important for you to take into consideration that overall you will be less premium if you get longer-term life insurance coverage. For example, if you get a Term 10 at age of 32 for $500,000, your average monthly premium will be as the following:

32-42 => $27

42-52=> $112

52-62 => $256

62-72 => $684

*Total premium paid over 4o years: $129,480

*premiums calculated for male

If you were to get a Term 20 coverage at age of 32 for $500,000, your average monthly premium will be as the following:

32-52 => $34

52-72 => $423

*Total premium paid over 4o years: $109.680

*premiums calculated for males. Life insurance for females will be slightly lower on average.

This is just a simple example to show you that it will be in your benefit to get the right amount and right product for your life insurance; you could save as much as $20,000. This becomes very important when you are considering getting life insurance to cover your mortgage. Let’s assume that your mortgage will be paid off in 20 years. It will be to your financial benefit to get Term 20 from the beginning rather than getting a Term 10 and renew.

What are the reasons you need life insurance in your thirties?

Depending on your circumstances, you might think that it is soon for life insurance. At 30, the average Canadian is either in a steady relationship and about to be married or has a young family and a mortgage.

You need life insurance coverage if:

• You have recently married or you live with a permanent partner
• You have dependents like children, a partner, or parents
• You are planning a family
• You have bought a home, or are looking to buy a home soon

What are your life insurance needs at 30?

This is difficult to nail down for any one person because of the different needs that each one has. However, if you are married, have young children, and have a home mortgage, then the average coverage for a thirty-year-old Canadian is approximately $500,000. However, it could be more or even less, depending on your house repayments and the cost of living required by your family over the term that you decide.

Premiums for life insurance at 30 consider various factors, including age, gender, overall health, lifestyle, and smoking status. Females pay lower rates than males, and these vary from 10% to 25%.

The average cost of life insurance for a 30-year-old male non-smoker with $500,000 coverage over a 20-year term is just over $30 a month.

Let’s compare the average prices for a 20-year term life insurance policy for male and female 30-year-old smokers and non-smokers:

(Don’t wait, simply get a quote and see how affordable life insurance could be for you)

For $500,000 coverage a non-smoking male of 30 will have a monthly premium of:

• $31 at age 30
• $33 at age 35
• $45 at age 39

For $500,000 coverage, a male smoker will have a premium of:

• $59 at age 30
• $81 at age 35
• $118 at age 39

For $500,000 coverage a female non-smoker will have a premium of:

• $23 at age 30
• $26 at age 35
• $34 at age 39

For $500,000 coverage a female smoker will have a premium of:

• $41 at age 30
• $62 at age 35
• $83 at age 39

If you need longer-term or more coverage these figures do change, but at age 30 you can still get very affordable coverage no matter your needs. These prices can vary depending on your health, geographical location, or medical exam.

How does permanent life insurance work?

Permanent life insurance is more expensive and doesn’t have a term of expiry. Because the premiums are paid over your entire life, they remain steadier and your policy is guaranteed to pay out sometime. These are difficult to quote prices for because they also have some sort of investment or cash accumulation attached to them, and they include tax benefits.

Whatever you decide is the best life insurance for you; it is best to speak to an insurance advisor before deciding on the type of life insurance or coverage.

Contact our expert advisers today and find out which is the best life insurance for you. Our life insurance advisors will provide you with quotations and the most suitable policy types.

The process of purchasing life insurance from Apluswealth is designed to be super easy, online, and fast. If you know what type and amount of coverage you are looking to get, simply get your quote using our software and then click apply online. However, if you require assistance from our expert advisors, we will set up an online or in-person meeting with you to go over your needs analysis and assist you with you making your decision.

Depending on the amount of coverage and the life insurance provider you have chosen, you may or may not be required to complete a medical examination. Once the medical examination and the underwriting process are completed, you will be offered your insurance coverage and the process is completed. Start covering your family from today.

Email: Contact@apluswealth.com

Tel: 1-888-461-6120