Life Insurance

Top reasons to get life insurance in your 30s

Oct 7, 2023
women in their 30s cooking in the kitchen together
Entering your 30s often brings about several significant life changes. You may be progressing in your career, starting a family, or purchasing a home. While these milestones are exciting, they also present new responsibilities and financial obligations. This is where life insurance comes into play.

Despite the common misconception, life insurance is not just about covering end-of-life expenses – it can be a crucial component of your long-term financial plan. Contemplating life insurance is especially important if you are approaching or in your 30s, since it could actually be the best time to purchase a policy.

Here are the top reasons why you should consider getting a life insurance policy in your 30s.

Protecting your family

Perhaps the primary reason to consider life insurance in your 30s is family protection. Considering that the average age people got married as of 2022 was 30 for females and 32 for males, purchasing a life insurance policy during these important years is a way for partners to help safeguard each other from financial struggles.

Once children come along, it’s even more important to plan ahead. Though it’s not something you’d ever want to imagine, think for a moment what the financial strain might be on your spouse and children should you perish unexpectedly. Would your partner be able to afford monthly bills? Would your kids have to give up extracurricular activities or have to modify their education plans? If your partner needs to earn more income, who will take care of the kids? 

Knowing that you have an insurance policy to cover these scenarios can help provide peace of mind. A life insurance policy can provide them with financial stability. The death benefit can be used to help replace lost income, cover daily living expenses, and secure your children’s educational future, ensuring that your family’s lifestyle is not dramatically impacted.

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Mortgage and debt protection

Being a homeowner is a major reason to consider getting life insurance. And since the average age of first-time homebuyers in the United States in 2022 was 36 years old, getting life insurance in your 30s makes sense.

In addition, if you have significant debts beyond your mortgage such as an auto loan or credit card debt, those obligations are typically passed on to your estate or to co-signers on the accounts. A life insurance policy can help cover these expenses if something were to happen to you. The death benefit can be used to help pay off these liabilities, relieving your loved ones from potential financial burdens.

Affordable premiums

The cost of premiums rises as you age and potential health issues emerge. So while premiums tend to be lowest for those in their 20s, getting life insurance in your 30s is still relatively affordable, particularly if you're in good health. Therefore, it’s financially prudent to lock in a rate when you’re younger, since waiting another decade could significantly increase your premiums.

Support in case of illness

Many life insurance policies offer optional riders that can help provide financial support if you become critically ill or disabled. For example, a critical illness rider can provide a lump-sum payment if you're diagnosed with a specific illness. This benefit can help cover medical costs, loss of income, or other related expenses, offering you a financial safety net beyond just death benefits. Be sure to ask your life insurance company if they offer these types of add-ons.

Investment component

Certain types of life insurance, like whole and universal policies, combine life coverage with an investment component. A portion of your premium is invested, building cash value over time. This cash value can be used later in life for any purpose, such as paying for your child's college, supplementing retirement income, or even paying your policy's future premiums.

Put life insurance on your to-do list

In a survey by LIMRA, 42% of Americans say their household would face financial hardship within six months if the wage earner in the family died unexpectedly — and 25% said they’d feel the financial strain within a month. If you're in your 30s and haven't yet considered a life insurance policy, it might be the right time to do so.

Having a safety net for your growing financial responsibilities is always a wise idea. It helps to ensure that your loved ones could be financially secure and your debts may be covered if the unexpected happens. Furthermore, depending on the type of insurance, there may be additional benefits available to you and your loved ones. 

Consult with a financial advisor or insurance expert to guide you in choosing the policy that aligns with your needs and goals.

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