Life Insurance
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 likely 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.
TABLE OF CONTENTS
- Seven Best Life Insurance Companies for 30-Year-Olds:
— Best Overall for 30-Year-Olds
— Best Value for the Money
— Best for Complicated Medical History
— Best if You Have a High BMI or Smoke
— Best for No Medical Exam for 30-Year-Olds
— Best for Whole Life for 30-Year-Olds
— Best for High Coverage ($1,000,000)
Best Overall for 30-Year-Olds: Nationwide
pros
Offers a mobile app and term insurance quote tool
Option to convert term to permanent insurance
Multiple policies and riders
Tax-free death benefit
cons
No online quote calculator for whole and universal insurance
COMPANY HIGHLIGHTS
MoneyGeek Score: 88.6
J.D. Power (out of 1,000): 785.5
AM Best Rating: A+
NAIC Complaint Index: 0.1
MoneyGeek's Take: Based on its low premiums and outstanding ratings from J.D. Power, MoneyGeek ranked Nationwide as the best overall life insurance company for 30-year-olds in the United States.
Nationwide offers both term life insurance and permanent life insurance policies (such as whole life and universal life) beginning at $10,000. Their term life insurance can be purchased for a period of 10, 15, 20 or 30 years. The company provides a variety of optional riders and issues coverage for people up to the age of 85. You can make use of its online term life insurance calculator for estimating insurance premiums.
Additionally, there’s also the option to convert term insurance to permanent insurance, if you desire lifelong protection. Its universal life insurance policy provides exceptional plan flexibility by allowing you to customize the level of protection, term, premiums and coverage as your needs change over time.
Policy Types Offered:
- Term life insurance
- Universal life insurance
- Whole life insurance
- Variable universal life insurance
- Index universal life insurance
Best Value for the Money: Transamerica
pros
Cheap premiums with multiple payment options
Life insurance without medical exam available up to age 55
Policy conversion option
Offers term insurance policy with living benefits
Insurance available for foreign nationals
cons
No online quote tool
Low J.D. Power ratings
COMPANY HIGHLIGHTS
MoneyGeek Score: 80
J.D. Power (out of 1,000): 736.4
AM Best Rating: A
NAIC Complaint Index: 1.3
MoneyGeek's Take: MoneyGeek found that Transamerica's quotes provide the best value per dollar for 30-year-olds in the United States due to its low costs and solid coverage options. However, Transamerica has a lower J.D. Power rating than many competitors.
Transamerica offers competitively priced term and permanent (whole and universal) life insurance products. Their term life insurance coverage is available for as little as $25,000 and as much as $10 million, with term lengths ranging between 10 and 30 years with five-year increments.
The company allows insurance conversion and offers nonmedical underwriting for all risk classes of individuals aged 18–55 years. Those who only want their policy to pay for funeral expenditures can pick between $1,000 and $50,000 for final expense coverage.
With Transamerica’s policies offering living benefits, policyholders ddiagnosed with a chronic, critical or terminal disease can receive payouts while still alive. Additionally, the company has a variety of optional riders, including income protection, child's benefit and accidental benefit. Its foreign national life insurance solutions are highly noteworthy as well.
Policy Types Offered:
- Term life insurance
- Whole life insurance
- Index universal life insurance
- Final expense life insurance
Best for Complicated Medical History: Mutual of Omaha
pros
Online quote tool available
Policy conversion option
Great solutions for those with disabilities or needing long-term care
Good J.D. Power and AM Best ratings
cons
No dividends offered to policyholders
COMPANY HIGHLIGHTS
MoneyGeek Score: 90.8
J.D. Power (out of 1,000): 783.4
AM Best Rating: A+
NAIC Complaint Index: 1.2
MoneyGeek’s Take: MoneyGeek rated Mutual of Omaha as the best life insurance provider for 30-year-olds with a complicated medical history. With high J.D. Power and AM Best scores, this company offers affordable solutions for those with low health scores.
Mutual of Omaha provides term and permanent (whole and universal) life insurance plans. Their term life insurance policies are available for 10, 15, 20 or 30 years with a minimum coverage of $100,000. The company also offers a range of riders and covers individuals up to 85. While its term and whole life insurance plans have a fixed premium and death benefit, its universal life insurance policies offer premium, term and death benefit adjustment flexibility.
Mutual of Omaha’s score in this category is substantiated by its insurance solutions for individuals in need of long-term care, as well as those with disabilities and serious illnesses. Mutual Income Solutions, the company's disability income insurance, covers a portion of your income if you are unable to work due to illness or injury.
With its cancer, heart attack and stroke insurance, you can get help with the resources needed to keep your affairs in order so your focus can be on your treatment and not your finances. With its long-term care insurance, you won't have to dip into your retirement savings to pay for your personal care as you get older.
Policy Types Offered:
- Term life insurance
- Whole life insurance
- Universal life insurance
- Long-term care insurance
- Mutual Income Solutions
- Critical illness insurance
- Cancer, heart attack and stroke insurance
Best if You Have a High BMI or Smoke: MassMutual
pros
Online quote tool for term insurance
Policy conversion option
Offers a mobile app
Good J.D. Power and AM Best ratings
Very low NAIC complaint score
cons
Most policies require a medical exam
No online quote tool for permanent insurance types
COMPANY HIGHLIGHTS
MoneyGeek Score: 84.5
J.D. Power (out of 1,000): 758.1
AM Best Rating: A++
NAIC Complaint Index: 0.07
MoneyGeek’s Take: For those who have a high BMI or smoke, MassMutual is MoneyGeek’s top choice. The company has good J.D. Power and AM Best scores and offers cheaper premiums than most competitors for smokers and those with a high BMI.
MassMutual offers both term and permanent (whole and universal) life insurance policies. Their term life insurance policies are available for 10, 15, 20, 25 or 30 years, with a $100,000 minimum coverage. The company also offers a variety of additional insurance add-ons or riders so individuals can customize their life insurance plans.
Individuals may still be eligible for non-tobacco rates if their sole tobacco/nicotine usage is cigars. Only those who do not smoke more than 24 cigars per year and have a negative nicotine result in urinalysis will be considered for non-tobacco rates. Additionally, the company's maximum weight for preferred underwriting is higher than most standard insurers. This is one of the reasons why it offers significantly lower prices to people who have a high BMI or smoke.
Policy Types Offered:
- Term life insurance
- Whole life insurance
- Universal life insurance
- Variable universal life insurance
Best for No Medical Exam for 30-Year-Olds: Ethos
pros
Online application process
Online quote tool
No medical exams needed
High coverage amounts
cons
Not many insurance add-ons available
Not rated by the major rating agencies
COMPANY HIGHLIGHTS
MoneyGeek Score: N/A
J.D. Power (out of 1,000): N/A
AM Best Rating: A
NAIC Complaint Index: N/A
MoneyGeek’s Take: MoneyGeek found that Ethos doesn’t subject its policyholders to extensive medical exams. That’s why we rated Ethos as the best life insurance company for 30-year-olds who want to avoid a medical exam when acquiring insurance.
Ethos offers both term and whole life insurance policies. Their term life insurance policies are available for 10, 15, 20 or 30 years, with a minimum of $20,000 coverage and a maximum of $1.5 million. Furthermore, term insurance will be provided to persons up to the age of 65, and whole life insurance is available for individuals up to 85. Its flexible whole life insurance policies are available for amounts between $1,000 and $30,000.
The company has streamlined its application procedure by allowing applicants to apply online without going through health checks or blood testing. Ethos' detailed questionnaire is used in place of invasive medical exams to offer cheap life insurance to 30-year-olds and other eligible age groups. You may also customize your insurance based on your needs.
Policy Types Offered:
- Term life insurance
- Whole life insurance
Best for Whole Life for 30-Year-Olds: Northwestern Mutual
pros
Tax-free death benefit and cash value
Online quote calculator
Insurance premium waiver for disabled policyholders
Multiple payment options for death benefit
Excellent AM Best rating
cons
Not many insurance add-ons available
COMPANY HIGHLIGHTS
MoneyGeek Score: 87.4
J.D. Power (out of 1,000): 772.6
AM Best Rating: A++
NAIC Complaint Index: 0.05
MoneyGeek’s Take: Northwestern Mutual offers a range of product offerings for its whole life insurance policies. Pair these options with their reasonable rates, and you have MoneyGeek’s best-rated company for whole life insurance. It also has an impressive J.D. Power rating and excellent AM Best score, along with a very low complaint index with the NAIC.
Northwestern Mutual’s whole life insurance comes with a minimum coverage amount of $50,000 and offers tax-deferred cash value and tax-free death benefits. The death benefits can be paid out in installments, a lump sum or an investment account. You can also choose a combination of these payment options set up for your death benefit.
The company also provides a one-of-a-kind combination of whole life and term life insurance, with the policyholder deciding how to divide the coverage between the two alternatives. For whole life insurance, policy riders such as an accelerated care benefit and additional purchase benefit are offered. Whole life insurance policyholders will benefit from the waiver of premium rider, which allows them to have their premiums waived if they become totally disabled.
Policy Types Offered:
- Whole life insurance
- Universal life insurance
- Term life insurance
Best for High Coverage ($1,000,000): Transamerica
pros
High coverage amounts
Life insurance without medical exam available up to age 55
Policy conversion option
Insurance for foreign nationals
cons
No online quote tool
Low J.D. Power rating
COMPANY HIGHLIGHTS
MoneyGeek Score: 80.0
J.D. Power (out of 1,000): 736.4
AM Best Rating: A
NAIC Complaint Index: 1.30
MoneyGeek’s Take: Transamerica offers policies with a maximum coverage limit of $10 million at a low cost. MoneyGeek ranked it as the best company for individuals searching for high-coverage policies.
Transamerica offers reasonable rates on term and permanent (whole and universal) life insurance. You can get its term life insurance with a face value of up to $10 million and a term length of 10–30 years.
Notably, the company provides nonmedical underwriting for all risk classes of individuals between 18 and 55. Individuals between 18 and 45 can purchase up to $2 million in term life insurance without medical underwriting, while those between the ages of 46 and 55 can buy up to $1 million in coverage without medical underwriting. This is a unique and valuable offering from an insurance company.
Policy Types Offered:
- Term life insurance
- Whole life insurance
- Index universal life insurance
- Final expense life insurance
Company Comparison Summary: 30-Year-Olds
The table lists the best life insurance companies across various categories, along with their MoneyGeek ratings and the policies they offer.
Company | Overall MG Score | Coverage Options | Policy Types Offered |
|---|---|---|---|
Nationwide Best Overall for | 88.6 | Range of coverage Starting from $100,000 |
|
Transamerica Best Value for | 80.0 | Range of coverage $25,000–$10 million |
|
Mutual of Omaha Best for Complicated | 90.8 | Range of coverage Starting from $100,000 |
|
MassMutual Best if You Have | 84.5 | Range of coverage Starting from $100,000 |
|
Ethos Best for No Medical | N/A | Range of coverage $20,000–$1.5 million |
|
Northwestern Mutual Best for Whole Life | 87.4 | Range of coverage Starting from $50,000 |
|
Transamerica Best for High | 80.0 | Range of coverage $25,000–$10 million |
|
Compare Life Insurance Rates
Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.
Life Insurance Quotes for 30-Year-Olds: How Much Does a Policy Cost?
MoneyGeek analyzed the rates for insurance coverage limits of $250,000, $500,000 and $1 million for 30-year-old male and female policyholders. Because women typically live longer, note that the quotes for women are usually lower than those for men.
In all, Transamerica is the best cheap life insurance company for 30-year-olds, regardless of gender. Healthy 30-year-old male policyholders quote an average of $12.90 per month for a $250,000 policy, $19.78 per month for a $500,000 policy, and $31.82 per month for a $1 million policy. For women, the average $250,000 policy costs $11.40 per month. It also costs $16.77 for a $500,000 policy and $25.80 for a policy covering $1 million, on average.
Life Insurance Quotes for 30-year-old Males
Policy Cost - Males | $250k Coverage | $500k Coverage | $1M Coverage | |
|---|---|---|---|---|
1. | Transamerica | $12.90 | $19.78 | $31.82 |
2. | Mutual of Omaha | $14.84 | $23.87 | $42.32 |
3. | Mass Mutual | $15.23 | $23.50 | $38.72 |
4. | Nationwide | $15.75 | $22.75 | $38.94 |
5. | AAA | $17.60 | $22.88 | $47.52 |
6. | State Farm | $18.72 | $28.29 | $42.59 |
7. | Progressive | $21.97 | $35.24 | $93.53 |
8. | Prudential | $33.78 | $34.82 | $68.14 |
The cost information above was generated from 20-year policy quotes for a 30-year-old male who is 5’10”, 175 pounds, a nonsmoker and in good health.
Life Insurance Quotes for 30-year-old Females
Policy Cost - Males | $250k Coverage | $500k Coverage | $1M Coverage | |
|---|---|---|---|---|
1. | Transamerica | $11.40 | $16.77 | $25.80 |
2. | Mutual of Omaha | $13.33 | $20.43 | $35.44 |
3. | Mass Mutual | $13.71 | $20.02 | $33.50 |
4. | Nationwide | $15.09 | $19.69 | $32.81 |
5. | AAA | $15.84 | $23.32 | $40.48 |
6. | State Farm | $16.09 | $22.19 | $33.09 |
7. | Progressive | $19.14 | $28.71 | $73.52 |
8. | Prudential | $33.99 | $34.82 | $68.14 |
The cost information above was generated from 20-year policy quotes for a 30-year-old female who is 5’4”, 125 pounds, a nonsmoker and in good health.
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. In light of this, it's best to purchase an insurance policy when you're in your 30s.
The table below illustrates how significantly life insurance rates change as you age. The cost of a 20-year term life insurance policy costs an average of $316.70 per year for a 30-year-old healthy individual, whereas the same policy for a 50-year-old has an average annual premium of $1,240.04. That’s a difference of $923.34 per year.
Cost of a $500k Coverage Policy for Different Term Lengths
20-Year Term Policy (30-Year-Old) | 30-Year Term Policy (30-Year-Old) | 20-Year Term Policy (50-Year-Old) | |
|---|---|---|---|
Avg. Cost per Year | $316.70 | $459.51 | $1,240.04 |
Total Cost Over Life of Policy | $6,333.90 | $13,785.30 | $24,800.70 |
The policy cost details above are an average policy cost for 30- and 50-year-old men who are nonsmokers in good health and purchasing 20- or 30-year coverage of $500,000.
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.
Compare Life Insurance Rates
Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.
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.
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.
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.
Life Insurance Quotes in Your 30s if You Smoke or Have a High BMI
Smoking or having a high BMI can increase your risk of developing certain diseases. As a result of the increased mortality risk they represent, even the cheapest life insurance policies for smokers can cost three to four times what a nonsmoker would pay.
The table below depicts how the rate for an average life insurance policy changes based on your health history. For a healthy 30-year-old individual, the annual cost for a $500,000 coverage is around $237.63 compared to a smoker’s average quote of $544.94. Individuals with high BMIs have also been found to receive a slightly higher average quote of $261.60.
Quotes for Healthy, Smoking and High-BMI 30-Year-Old Males
Healthy Individual | Smoker | High-BMI | |
|---|---|---|---|
Avg Cost per Year | $237.63 | $544.94 | $261.60 |
The costs of the policies shown above ($500,000 coverage) were generated using three profiles:
- A healthy, nonsmoking 30-year-old male, who is 5’11” and 175 pounds
- A male who smokes but is in otherwise good health, who is 5’11” and 175 pounds
- A healthy, nonsmoking 30-year-old male, who is 5’11” and 250 pounds
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 who is older However, if you haven't purchased insurance yet 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 gives you the peace of mind that your loved ones will be covered in your absence. Besides, life insurance is more affordable when you purchase it early in life and are in good health.
2
Consider making healthy changes.
If you smoke, insurance firms view you as a high-risk customer and may charge you exorbitantly high premiums. To avoid this and get better insurance rates, it’s best to give up smoking. Individuals with high BMIs might also be charged high rates; making healthy changes and lowering your BMI can help you secure lower rates.
3
Shop around.
Each insurer quotes differently. You may be able to obtain lower rates by comparing quotes from several different insurers.
Compare Life Insurance Rates
Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.
FAQs 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.
Methodology
We go the extra mile to ensure that you have confidence in MoneyGeek's life insurance content. Our best life insurance for 30-year-olds ranking incorporates a significant amount of data points from insurance industry research companies and our own research, such as real policy quotations for 30-year-olds and policy detail analysis. For more details, see our methodology page.
Life Insurance
About Mark Fitzpatrick
