What is the best life insurance for 30 a year old?

Life insurance is a critical component of financial planning at any age. The lump sum funds payable upon the policyholder’s death can provide financial support and relief to your family. At any age, if you have dependents or debt, life insurance can help your family through the loss of you. Enter your zip code in our FREE tool above to start comparing life insurance rates now!

What is the purpose of life insurance?

Life insurance, like any other type of insurance, is an agreement between the policyholder and the insurance company which will help relieve financial burden in the event of the death of the policyholder.

Coverage provides funds to cover funeral expenses and/or outstanding debt so that your family is not tasked with covering your bills.

Any amount of coverage above funeral expenses and debt can help your family have some financial security into the future. If you are married with children, Life insurance is vital to helping your family. If you are single, now is the best time for you to research coverage available and purchase a policy that is right for you.

Why should I buy coverage now?

Life insurance premiums increase as people age. Underwriters consider your health when reviewing your application for a policy. Any kind of critical illness, disease, or injury can impact your coverage level and premium amount. As you go through life, the likelihood of encountering some sort of health concern increases. Now is the best time regardless of your family status to secure a policy for yourself.

What types of coverage are available?

Everyone has different life circumstances and financial needs. With personal circumstances in mind, shopping around to find the best policy for you is the first step in obtaining coverage. When shopping for a Life insurance policy, you can select from Term or Whole (universal) coverage.

• Term Life Coverage: a policy written for a particular amount of time. Policies are often written in increments of ten years. If you pass away during the time of the policy, your policy will be paid out to your beneficiary. If you live beyond the term of the coverage, you will have the option to renew your coverage at the same or a different level.
• Whole Life Coverage: is considered a permanent policy. This type of coverage remains in effect as long as you continue to pay your premiums. Often Whole Life policies have an investment portion which will allow the total value to increase if the stock market does well. However, the coverage and premium amounts are locked in when you purchase the policy.

Some insurance carriers provide additional types of Life insurance which makes researching the coverage available critical. Understanding the differences between policies will help you make the correct decision for your beneficiaries.

How much coverage is enough?

Life insurance is designed to cover your funeral expenses, any outstanding debts you may have, and provide your family with funding to cover their loss of your income. You should consider the following:

• What kind of funeral you would like to have. Even basic cremation or burial can cost several thousand dollars.
• Your total outstanding debt including your car payments, mortgage, student loans, and unsecured debt.
• If you are married, calculate at least three years of your income to provide to your spouse.
• If you have children, you may want to include future education expenses, potential wedding costs, and several years of typical needs per child.

The most important part of purchasing an insurance policy is to have it before you need it. You should think of Life coverage just as you do car insurance, coverage for your home, or even health insurance. The best time to purchase a policy is when you are healthy, safe, and can easily include premium amounts into your monthly budget. Whatever your age, Life insurance coverage is an important part of your financial plan.

Like any other insurance policy, Life insurance helps you have comfort in the knowledge that your family is protected in the event of any unexpected life changes.

Take the time now to review available policies, related premiums, and how you’d like to leave your loved ones with financial support even after you are gone. Take the time to utilize comparison tools to help you plan for the future. Start comparing life insurance rates now by using our FREE tool below!