Whole Life Insurance in Your 30’s

By the time you reach your 30’s, it goes without saying that your life has changed quite a bit. College years are over you and you’re “full go” in regards to your career. You might now be in a relationship or for some you may have started a family (or you’re thinking about doing so in the near future).

Now that you’re beginning to settle down after a chaotic journey through your 20’s, it’s time to focus on the well being of your finances. For most, this means a closer look at your personal financial situation.

Personal finance covers several items:

  • Tracking monthly budgets.
  • Managing Debts
  • Investment planning
  • Retirement planning
  • Legacy planning

As a part of these categories, life insurance tends to be a key financial planning topic to review. Buying life insurance in your 30’s is different than later in life. You have the opportunity to lock in your coverage at a time where you are most in the best health of your life. Regardless if you lock in whole life insurance or convertible term insurance you starting in your 30s is a great idea for any financial plan.  For this reason, you need to know precisely what your objectives are and why you want life insurance. This is the only way to ensure that you make an informed and confident decision that suits your finances, your family, and of course, your budget.

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Whole Life Insurance: Things to Know

With so many other expenses in your life, it’s easy to look at life insurance in one of two ways:

  • You don’t need any coverage at all because you are young and healthy.
  • You need coverage, but you can only afford the cheapest option.

It’s only natural to feel this way, as you realize that you have many financial responsibilities. Don’t become overwhelmed when searching for life insurance. Considering a whole life insurance policy at 30 could be one of the best financial decisions you ever make. However, if a whole life policy is not doable at 30 purchasing a convertible term policy is a great alternative. This will allow you to lock in your younger, typically healthier rates. You can then choose to convert this term policy to whole life in the future. The sad truth is many will decide not to lock in even term insurance and will find themselves in a situation in their late 30s or early 40s where life insurance is more costly than that anticipated.

There are many ways to save, including but not limited to:

Receive and compare a minimum of three whole life insurance quotes

Don’t smoke or drink alcohol

Get into the habit of visiting your primary care physician once per year. This can help ensure that any health concerns are taken care of without delay

If you shop around, if you don’t smoke, and if you’re in good health, you have a better chance of saving on the cost of a whole life insurance policy.

Here are a few reasons to buy whole life insurance in your 30’s:

1. You are young and healthy

If you’re in your 30’s, you’re still considered a young individual. You have yet to reach the age when you have to start worrying about many health concerns.

For this reason, the cost of coverage is much less than what it is for older individuals, such as those in their 50’s and 60’s.

There’s no denying the fact that whole life insurance coverage will cost more than other options, such as a term policy. That said, when you buy when you’re young and healthy, you can save quite a bit of money.

Compare Whole Life Vs Term 

2. Your family relies on you

As noted above, most people begin to raise a family in their 30’s. While you hope nothing goes wrong, you never know what could happen. If something happens to you unexpectedly, it’s important that your family be taken care of.

With a whole life insurance policy, your beneficiaries are guaranteed to get money when you die unlike term life insurance, which expires after a predetermined number of years. As long as you pay your premium, your whole life policy will remain active.

If you want to give yourself and your family financial peace of mind, don’t hesitate to purchase a whole life insurance policy. This is one of the best ways to ease any worries about the financial well being of your family in the event that you pass on.

3. Cash Value for Life Events

One of the most unique reasons to get a whole life is the Cash Values it will provide you. The cash value portion of your whole life policy is like your “living benefit” or “Family Bank” You will be able to use the cash value for multiple life events like:

  • Pay for your kids’ college

  • Buy a car

  • Use for a down payment on a home

  • Retirement income

Whole Life may be to expensive for you

Regardless of age, nobody wants to overpay for life insurance. This is particularly true in your 30’s when you have so many other expenses on your plate. Make sure you compare quotes based on price and coverage.

If the cost of whole life is too high then get term insurance. The most important factor is that you have coverage that will be sufficient for your family.

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What are good whole life polices for 30 year olds?

There are a few variables to consider if you would like to know what is the best policy for you. Leave us a comment or contact us to get your numbers.

In general, policies that you are done paying at age 65 are fantastic for 30-year-olds. Your policy lasts forever, but you will not have to pay after age 65.

Here are two fantastic choices for whole life that you can’t go wrong from excellent rated companies:

MassMutual Legacy 65

MassMutual offers one of the best whole life insurance in the market.

Legacy 65 is probably their best performing and most popular product. This whole life is designed to be paid up at age 65; this means at age 65 you are done paying. But you still keep your policy.

Also, cash value accumulation is fantastic. This is mainly due to their 2019 dividend of 6.4%.

Here is the MassMutual Legacy 65 product overview.

New York Life Custom Whole Life

This is a fantastic whole life from New York Life. Your agent can customize this whole life to be paid up at any point in time. Do you want to be done paying in 30 years? No problem.

Here you will find Custom Whole Life Product Specifications.

Now’s the Time to Buy

There are many individuals in their 30’s who believe it’s too early to think about life insurance. There’s no denying the fact that you have many years to live, but you have to plan for the unexpected. Your health can change at any point in time.

When you purchase a whole life insurance policy in your 30’s, you can lock in a low rate that will keep you covered for the rest of your life.

Now you have a general idea of companies, products, and needs. If you would like a quote for your specific age and health, please leave us a comment or contact us. You can also run instant whole life quotes in our quoter.

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