Best Life Insurance 30 Year Old

In general once an adult attains the age of thirty years old, they really should start to consider a term policy.  There are a few considerations though, that are very important in making this decision. Assuming that the individual has a job and can afford it, and plans on starting a family.  Starting a family can mean having children or getting married.  Both scenarios require term insurance.

This article is a sister article to another than have written along close lines: Best Life Insurance Young Adults.  That article was much more nuanced as to the life stage of the individual, this one will be much less so.  When most consumers reach the age of thirty, they really should consider purchasing a level term insurance policy.

A thirty year old man or woman needs life insurance to assist in protecting loved ones. Those "loved ones" may not yet have arrived.  Single, No Children, but still considering having a family. However once you have a stable job and can afford a few hundred dollars per year, there is little reason to wait.

Go ahead and shop for an inexpensive term policy while you are young and healthy. Consider longer termed policies such as the 30 year and 25 year options.

Whole life, a version of cash value life insurance is typically 8 to 12 times the price of term.  It allows you to save money in a cash account, which can in theory earn dividends.  These policy dividends can accumulate and allow for cash free growth. However given the extreme cost of these vehicles my general opinion is to avoid them unless you fall within one of the specific reasons for needing a cash value policy.

The better and smarter option is the simple and affordable term life insurance policy.  If you are still on the fence between the two consider a convertible term policy that is available from an A rated carrier that offers a solid whole life choice.

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In theory the life stages that exist for 30 year olds is more limited than other age cohorts. Such as Young Adults.  Most thirty year olds will be working and on their own and a few will still be in higher education.

What is the best life insurance for Americans that are getting their law degree or other secondary education?  Unlike many other sub categories the amount and type of life insurance that you should consider deeply depends on your exact situation.  If you are sitting on a pile of student debt (debt that might not pass to your spouse) than its questionable if you should even get life insurance, yet.  However if you have already started a family, then you should certainly get it now.  This may mean going deeper into debt.  You will want to do your own research and understand student loan debt.

Of all the 30 Year olds, Americans that are still in school pose a vexing question. Does it make sense to purchase life insurance if it means going further into debt?   There is no simple answer to this question.

Often a best life insurance option for graduate students is a simple term life insurance policy.

For those that are fully integrated into the job market, you should certainly consider a term policy. Focusing on what you can afford combined with what your future needs might be should be your goal. The good news about becoming a professional and starting off making a real wage is that you will not be able to effectively decide on how much life insurance that you may need.  This is because once you own a house or start paying rent, you begin to see how much life insurance you could use.

So, if you do not yet have a family and have a good job, should you still get life insurance?  Absolutely, if... you plan on getting married or having a family.  Just avoid buying over priced whole life insurance. Consider getting ten times your current earnings.   Consider opting for the longer duration time periods, depending on your age.

Remember there is nothing that says that this has to be your last term insurance policy.  You can ladder them, potentially, and have more than one term policy.

The best life insurance for a fully integrated young 30 year old professional is a twenty five year term at about ten times earnings, from a solid A rated carrier.

Should you buy a life insurance policy if you are having issues finding and keeping work?  My general opinion is that if you cannot afford a term policy, than you should not buy one.  Unless you have a steady job, you may need an insurance policy but can't really afford one.

Therefore, it may be best to wait until you are more fully integrated into the job market before you go ahead and get that term policy.  This of course, is potentially dangerous if you have loved ones that depend on you.

The best life insurance policy for a thirty year old consumer who does not have work, sadly, might be no life insurance at all.  Another option is a greatly reduced policy.

Congratulations on starting a family. This can be the happiest point in many people's lives. There is little reason to attempt to explain to parents why they need life insurance, so I will attempt to avoid that. However just try and think of various what if scenarios.

What may be more helpful is a more detailed commentary of how much life insurance to get.  And how long to get a term policy for.  In terms of the length of the policy - its best to shoot for a long enough period of time that will get your youngest child out of the house.  For many families this may mean the "youngest planned" child.  In other words if you are planning on having another child, consider them.

As to how much insurance to purchase, when you are just starting off your family it can make good financial sense to shoot for more insurance than others. In many scenarios more than ten times earnings is absolutely warranted.  This would apply to potentially both working spouses.  Stay at home parents term insurance as well, but a lower amount.  Perhaps in the arena of 5 to 6 times the working spouse's income.

The best life insurance policy for a new parent family often involves twelve times earnings and a 25 year or 30 year term policy length.

Have multiple children, some of which are already in school?  If you do not already have a term policy, its certainly time to purchase one now.  Please do not wait.

Once your children begin to become older the need for longer term contracts diminishes.  Often fifteen and twenty year term policies are what you might want. For some, even the generally shortest period available the ten year may be the best bet for your family.  Another important consideration is that of the college fund. This concept can get a bit complicated.  However if you already have ample money set aside in a 529 account, you might not need that much term insurance. Or if you are planning on working to help pay for college more term insurance may be needed.

At the later stages of parenting sometimes getting policies lower than ten times earnings can save you money. It is possible for you to consider just six to ten times earnings in some situations.

A smart life insurance option for a veteran family may be ten times in a twenty year term policy.

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In the above chart we show sample pricing in Preferred Plus, Preferred, Standard Plus, and Standard health classifications.  We demonstrate varying coverages of both $300,000 and $600,000 in twenty, twenty five, and thirty year term lengths for Women who are non smokers.

The best life insurance for thirty year olds is often a 25 or 30 year term length policy.  Often it is about ten to twelve times their earnings.  Since most thirty year olds are members of the job force this inexpensive insurance is affordable.  The closer that individuals get to having a family the greater the financial need.

Thanks for reading.

scott @ marindependent.com