Best Life Insurance for 30-Year-Olds in January 2024


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ByMark Fitzpatrick
Reviewed byMandy Sleight
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ByMark Fitzpatrick
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Reviewed byMandy Sleight
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Updated: May 22, 2024

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Although there is no specific age at which someone should get life insurance, note that the older you get, the more expensive your insurance premiums will be. This is because older adults are more lilkely to have a complicated medical history and a shorter lifespan. Nationwide offers the best life insurance for 30-year-olds, providing several types of policies and flexible premiums. It has an overall MoneyGeek score of 97.

The best option may vary depending on your needs and preferences. State Farm ranked the highest for a whole life insurance policy or no medical exam life insurance. GEICO is the top choice for 30-year-olds who prioritize customer satisfaction.

Why Trust MoneyGeek? We analyzed 1,488 life insurance quotes alongside customer satisfaction, financial stability reports, product offerings and more to determine the best life insurance companies for 30-year-olds.

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Coverage costs and company information for life insurance providers were updated in 2023.

1,488Quotes Analyzed
 
14Companies Compared
 
50Zip Codes

Best Overall Life Insurance for 30-Year-Olds

Nationwide secures a MoneyGeek score of 97, making it the overall winner among life insurance companies offering policies to 30-year-olds. The high rating reflects the company's robust offerings and seamless buying process. A 10-year term policy with a $250,000 coverage amount costs an average of $12 monthly.

For those seeking higher coverage, Nationwide is also the top choice. It excels with a score of 98 for this category, offering a $1 million policy at $23 per month on average.

How was this MoneyGeek score calculated?

Best for 30-Year-Olds: Nationwide

Nationwide

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Comprehensive policy options for diverse needs

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A+ rated financial stability

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Seamless buying process experience

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Slightly lower customer satisfaction score than some competitors

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Not the most affordable option

COMPANY HIGHLIGHTS

Nationwide shines for 30-year-olds prioritizing a straightforward buying process and a wide range of life insurance products. With 97 years of experience, Nationwide offers term lengths suitable for various life stages, from 10 to 30 years, and coverage amounts ranging from $250,000 to $1.5 million. The company's digital and customer support resources, including a mobile app and 24/7 chat, align with the tech-savvy preferences of the younger demographic. The affordability of its policies ensures that comprehensive coverage remains accessible, making Nationwide a top contender for 30-year-olds planning their financial future.

Best for Whole and No Medical Exam Life Insurance for 30-Year-Olds

State Farm stands out among companies offering whole life insurance and no medical exam policies for 30-year-olds, scoring 99 in both categories.

How was this MoneyGeek score calculated?

Best Whole and No Medical Exam: State Farm

State Farm

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A++ rated for exceptional financial stability

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Comprehensive range of life insurance products

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Over a century of industry presence

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No 24/7 online chat support

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Buying process can improve

COMPANY HIGHLIGHTS

State Farm is the best life insurance company for 30-year-olds seeking whole life and no medical exam life insurance policies. With a century of experience and an A++ AM Best rating, the company offers a sense of security and reliability. The absence of a medical exam for certain policies appeals to those looking for convenience and speed in their insurance procurement. State Farm's product diversity, including term and guaranteed issue final expense insurance, ensures that clients have access to a variety of options to suit their long-term financial planning needs. While the buying process and customer satisfaction are areas with room for enhancement, State Farm's overall offerings remain compelling for the younger demographic.

Best for Customer Satisfaction for 30-Year-Olds

GEICO, with a MoneyGeek score of 97, stands out for exceptional customer satisfaction. This can be important for 30-year-olds valuing responsive and reliable service. The company offers life insurance at $10 monthly for a $250,000, 10-year term policy.

Best for Customer Satisfaction: GEICO

GEICO

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Exceptional customer satisfaction track record

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Affordable rates

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Strong financial stability with A++ rating

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Limited product diversity

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No direct issuance of life insurance policies

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Multiple payment options not available

COMPANY HIGHLIGHTS

GEICO excels in customer satisfaction, making it a top choice for 30-year-olds who prioritize a seamless and supportive insurance experience. Through partnerships, GEICO offers term life policies up to $8 million, catering to a range of coverage needs. The affordability of these policies, coupled with the company's longstanding reputation and financial strength, provides a solid foundation for customers. Although the buying process and product variety may have limitations, GEICO's commitment to customer satisfaction through its partners, like Ladder, which boasts a low rate of customer complaints, positions it as a leader in customer-centric life insurance solutions.

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Life Insurance Quotes for 30-Year-Olds: How Much Does a Policy Cost?

MoneyGeek reviewed average costs for coverage amounts of $250,000, $500,000 and $1 million for 30-year-old male and female policyholders. Given women's longer life expectancy, note that quotes for females are generally lower than those for men.

Life Insurance Quotes for 30-Year-Old Males
GEICO$250,000$10$500,000$13$1 Million$20
Protective$250,000$10$500,000$14$1 Million$22
Transamerica$250,000$10$500,000$13$1 Million$18
Allstate$250,000$10$500,000$14$1 Million$18
Nationwide$250,000$12$500,000$16$1 Million$23
Life Insurance Quotes for 30-Year-Old Females
Transamerica$250,000$9$500,000$11$1 Million$15
Protective$250,000$9$500,000$12$1 Million$18
Allstate$250,000$9$500,000$12$1 Million$18
GEICO$250,000$10$500,000$13$1 Million$20
Prudential$250,000$11$500,000$20$1 Million$39

Life Insurance Quotes in Your 30s if You Smoke

Smoking can increase your risk of developing certain diseases. As a result of the increased mortality risk, even the cheapest life insurance policies for smokers can cost more than double what a nonsmoker would pay.

The tables below illustrate the potential rate variations for smokers.

Average Annual Cost for Nonsmokers and Smokers (Male)
Average Cost per YearNonsmoker$ 245Smoker$ 570
Average Annual Cost for Nonsmokers and Smokers (Female)
Average Cost per YearNonsmoker$ 200Smoker$ 444

Should You Buy a Policy in Your 30s?

The younger you acquire life insurance, the less it will cost because younger people are generally healthier and have longer lifespans than older age groups. As you age, you may develop health issues that increase the cost of insurance or preclude you from getting the policy you want. It may be best to purchase an insurance policy when you're in your 30s.

The tables below illustrate how significantly life insurance rates change as you age.

Average Cost of 10-Year Term Policies By Age and Coverage Amount
30-Year-Old$250,000$14$500,000$20$1 Million$35
40-Year-Old$250,000$18$500,000$29$1 Million$53
50-Year-Old$250,000$37$500,000$65$1 Million$117
60-Year-Old$250,000$76$500,000$141$1 Million$271
70-Year-Old$250,000$204$500,000$410$1 Million$719
Average Cost of 20-Year Term Policies By Age and Coverage Amount
30-Year-Old$250,000$17$500,000$28$1 Million$50
40-Year-Old$250,000$26$500,000$44$1 Million$83
50-Year-Old$250,000$58$500,000$106$1 Million$203
60-Year-Old$250,000$150$500,000$286$1 Million$556
70-Year-Old$250,000$752$500,000$1481$1 Million$2988
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MONEYGEEK EXPERT TIP

As a life insurance shopper in your 30s, consider purchasing a policy that provides a death benefit of 5–10 times your annual salary. If you're unsure, MoneyGeek suggests consulting a financial planner.

What Type of Policy Is Best for a 30-Year-Old?

Life insurance policies for a 30-year-old are available in two forms: term insurance and permanent insurance.

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    Term Life Insurance

    Term life insurance is a perfect solution if you wish to insure your dependents for a specified period of time. It is typically purchased for a term of 10–30 years. You can choose a term based on a specific expenditure you want your insurance to cover or when your family no longer needs your income to cover them.

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    Permanent Life Insurance

    This insurance lasts for an extended period. Some are lifelong, but others expire at 100 or older. It builds cash value while active, which you can receive as payouts or living benefits. Whole life insurance and universal life insurance are its two forms. Whole life insurance provides a fixed death benefit for the insured's entire life. Universal life insurance combines a death benefit with an investment element that provides flexibility in premiums and the death benefit, as long as minimum policy requirements are met.

Permanent life insurance is usually more expensive than a term insurance policy. However, the ideal policy for you is determined by your requirements, age and medical history.

How Can You Save Money on Life Insurance in Your 30s?

A 30-year-old person indeed pays significantly less for life insurance than someone older. If you still need to purchase insurance or your health history isn't flawless, there are still methods to save money on your coverage.

If you are a 30-year-old looking for a life insurance policy, the following suggestions can help you save money on insurance premiums:

1
Get a life insurance policy as early as possible

This helps ensure that your loved ones will be covered in your absence. Life insurance is also more affordable when you purchase it early in life and are healthy.

2
Consider making healthy changes

If you smoke, insurance firms view you as a high-risk customer and may charge you exorbitantly high premiums. It’s best to give up smoking to avoid high premiums and get better rates. Individuals with high BMIs might also be charged high rates; making healthy changes and lowering your BMI can help you secure lower rates.

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Shop around

Each insurer quotes differently. You may obtain lower rates by comparing quotes from several different insurers.

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Frequently Asked Question About Life Insurance Policies for 30-Year-Olds

As a 30-year-old, you may have questions about purchasing a life insurance policy. Understanding the answers to some common questions about life insurance can help you find the right policy for your needs.

Can you buy life insurance in your 30s?
Is 30 a good age to buy a life insurance policy?
What is the best life insurance company for a 30-year-old?
How much does a life insurance policy cost for a 30-year-old?

About Mark Fitzpatrick


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Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.