Life insurance in your 30s

For Life Insurance Awareness Month, we’re illustrating the need for life insurance across different life stages. Your 30s can be a crucial time to purchase life insurance. Here’s why:
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The importance of having life insurance in your 30s
Your 30s may be full of significant events that come with significant expenses. Life insurance protects your loved ones from having to take on these expenses. Here are some of the most common ones:
married-couple
You got married
If your significant other depends on your income, life insurance can help them maintain their quality of life if anything were to happen to you.
homeowner-holding-keys
You bought a house
Buying a home is a significant financial commitment. Life insurance can help protect your loved ones from being stuck with the balance of your mortgage should you pass away.
childrens-mobile
You had a child (or children)
Life insurance can help ensure that in the event of your passing, your children will have the financial support to grow and live the life you want for them.
What kind of life insurance is best for people in their 30s?

For someone in their 30’s, term life insurance might be a good option. Term insurance is affordable, straightforward, and can be tailored to provide coverage during the years you need it most.

Let's say your kids will be finished with college in 12 years. In that case, a 15 year term policy could help ensure that your dependents wouldn’t be stuck with the costs of education without the help of your income in the event of your death. The death benefit of your term policy could be used to cover their education expenses, among other things.

What does a term policy cover?

In the example to the left, we mentioned a term policy could be used to cover education costs. Ultimately, it's up to the beneficiaries to decide how to use the payout. Here are some other things it could help cover:

  • Home mortgages or rent
  • Lost income
  • Loans & debt
  • Living expenses
  • Funeral costs
Life insurance and your financial legacy

Our Financial Legacy Index found that many Americans aren't taking the steps needed to protect their family's financial future. Here are some findings that further demonstrate the need for life insurance:

  • 33% of Americans say their family would be left financially unstable or bankrupt in the event of their death.
  • 82% of Americans value leaving behind a strong financial legacy, but 38% lack confidence they will do so.
  • 52% of Americans say they often worry about the financial situation they will leave behind for their children/future children after they pass away.
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The bottom line on life insurance in your 30s

Life insurance is something that should absolutely be on your radar in your 30’s. The benefits of purchasing life insurance early in your life and locking in the best rate for yourself far outweigh the financial obligations. By getting life insurance in your 30’s, you can take an important step in the right direction towards solidifying the financial future for both you and your family.

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