When you’re in your thirties, you may not consider yourself to be young but at the same time, you can’t say that you’re old. Unlike 20 years olds, life at 30 is considered to be in a full swing where you consider yourself to be financially stable due to some promotions here and there.
In addition to this, life at 30 means doing less of what you used to do at your 20s and concentrating more in fulfilling your future obligations and responsibilities. Most people at this age become more financially sensitive and begin to think more about their future lives through considering life insurance for 30 years old male & female as an option.
Is Life Insurance Really Necessary at 30?
Now, I believe you may be asking yourself this question, how much is life insurance important to me? You see, when you were in your 20s, the only thing you had to think about was yourself and maybe your wife. Now at the age of 30, responsibilities start chipping in which requires you to think outside the box.
At age 30, most people start planning their marriage life and getting ready to bring up a family. To ensure that your loved ones are well protected in the future, you need to think about taking a life insurance coverage that will cover you and your family at the event of death. Now, in this section, I would like to highlight some factors that reveal how essential it is to consider taking life insurance at 30.
Having a Baby
According to a recent report released by the U.S. Census Bureau data, about half of women in the United States under the age of 30 are mothers to at list one child. To stay on the safe side when raising your child, investing in life insurance is the smartest option to consider in case the unthinkable happens.
When taking a life insurance cover, the first thing you do is to find a proper trustee who will spend the money on behalf your baby. With the help of an attorney, this is easy and it ensures that your child’s life is well catered for at the event of the death of the insured.
Another factor that requires you to consider taking life insurance is marriage. When you get married, the issue of financial interdependence pops in where you pool in your incomes to pay for loans, mortgage, property and other monthly bills.
Now, what will happen at the event of death? By naming your spouse as the beneficiary of an insurance policy, life after will be much easier as your partner as they will have the financial means to take care of the family and cover other financial expenses.
Debts and Funeral Expenses
In the United States, student loans in Government Universities are pardoned upon borrower’s death. However, this is not the case in private learning institutions. If a private student dies in the future with unpaid debts, the co-signers are left with a heavy burden of paying off the withstanding debts.
In addition to this, funeral cost these days is very expensive and is nothing less than $9,000 according to the National Funeral Directors Association.
Therefore, to avoid overburdening your family during that painful moment, taking life insurance is the best option as it ensures that all your financial debts and funeral cost are taken care of fully while leaving the family with something small to plan ahead.
Cheap Insurance Rates
Life insurance follows a simple law where premiums increase as you age. A 20 years old person is likely to pay less for cover as compared to a 30 or a 40 years old because as you age, your health deteriorates. However, the best thing about it is that applicants at 30 are considered to be healthy and free from cholesterol, blood pressure or diabetes.
Another benefit of considering life insurance cover at 30 is the availability of vast options to choose from. At 30, applicants are offered different types of policies with low premiums to take advantage of. Earlier on, I had mentioned that applicants at 30 are considered to be strong and healthy.
However, some people may learn that they’re developing some health issues at 30. To ensure that you pay less on life insurance, consider taking a cover early enough before these conditions worsen and make insurance policies more expensive for you.
Life Insurance Basics
Like we mentioned earlier in this post, purchasing life insurance cover at 30 offers you a wide variety of options/products to choose from. To ensure that you choose the best cover that will meet all your financial requirements, this section will review some basic covers and how they benefit you as the applicant.
Term Life Insurance
Term life insurance is a basic and the most inexpensive type of insurance cover available. With this type of insurance cover, applicants are allowed to pay regular premiums for a given period of time such as 10 years or 20 years. This type of cover is subcategorized into level term insurance (where you pay constant premiums for the entire period), annual renewable insurance cover (where premiums are renewed annually) and decreasing term insurance (where premiums remain constant as your death benefits decrease).
Whole Life Insurance
This type of life insurance provides permanent protection to the insured with level premiums that stay constant throughout your lifetime. With this type of insurance cover, your premiums remain constant while your cash value continues to increase over time.
The best thing about this cover is that it allows you to withdraw your money or take a loan against it to buy property. Now, at the event of the death of the insured before loans are fully settled, the death benefits will automatically be reduced.
Universal Life Insurance
This type of insurance cover is considered to be cheap and more flexible as compared to term life or whole life insurance covers. It gives the applicant an opportunity to increase or reduce the death benefits depending on how much premiums they’re looking forward to paying on a given month. Depending on your financial capability, you can decide to choose any of the two flavors that include; guaranteed or variable life insurance covers.
Guaranteed universal life insurance is the most affordable as it offers permanent cover at an affordable price tag. Unlike whole life insurance, this cover offers a small cash build-up leading to lower premiums in the long run.
Variable life insurance is a type of cover that offers benefits at the event of death alongside a side fund that has been invested by the insured over the course of the policy. With this type of life insurance cover, the insured pays monthly premiums while still investing in funds available in the policy to buy property and manage other investments.
How to Save Money on Life Insurance Policies?
Now that you’re 30, you will surely expect to pay more on life insurance cover as compared to 20 years old applicants. According to most policies, insurance premiums tend to increase as you age.
However, there are several ways which when followed can help you secure lower rates from most life insurance companies. Among these ways include;
Eliminating Tobacco Consumption
One way of lowering the number of rates paid by a 30 years old is eliminating the use of tobacco. If you’re listed as a smoker after an insurance examination, chances are that you’ll end up paying higher rates as compared to a non-smoker. For you to save hundreds of dollars annually, you need to quit smoking and rather concentrate more on feeding on a balanced diet.
Note: Smokeless tobacco also has the same effect on life insurance as cigarettes.
Rate Well in a Medical Exam
Another way of saving more in life insurance for 30 years old is through passing an insurance exam. To do this, you need to eliminate the use of bad substances while sticking to a healthy diet free from cholesterol. Set aside a fraction of your time to conduct daily exercises to shed off some pounds and reduce risks of cholesterol and other severe health complications.
Work With an Insurance Agent
Finally, to save more on life insurance cover, you need to consult an independent insurance agent about the best policies available. You see, unlike traditional insurance agents, independent insurance agents work with multiple companies and are capable of giving you dozens of policies with the best rates.
Finally, getting life insurance for 30 years old shouldn’t be difficult in any way. This is because applicants at 30 are considered to be healthy and far away from expiry. Unlike those applicants at ages of between 80 and 90, applicants at 30 are offered multiple policies to choose from with each policy offering cheaper rates that are highly affordable especially when you’re free from any health conditions.
While some people may ignore applying for a life insurance cover early enough, a wise person makes an early step of getting covered something which guarantees his/her family a better life ahead at the event of death.
In case of any questions concerning your insurance cover, always consider contacting your life insurance agents for any clarifications, consultations or queries to avoid messing up or ruining your insurance policy.