How to Shop for Cheap Life Insurance at 29 Years Old
What We'll Cover
- How to Shop for Cheap Life Insurance at 29 Years Old
- What to Look for While Shopping for the Best Cheap Life Insurance for 29-Year-Olds
- Benefits When Buying Life Insurance Before 30
- What is Term Life Insurance vs Whole Life Insurance?
- 6 of the Best Cheap Life Insurance Providers for 29 Years Old (Males & Females)
- Find the Best Cheap Insurance Providers for 29-Year-Olds
At 29 years old, life insurance is probably not at the top of your list of priorities. But it can be advantageous for you to purchase a life insurance plan in your younger years. As you transition out of your 20s and into your 30s, you may have a partner or dependent children. Or may be contemplating growing your family and need to make sure those you care for are protected in the event you are no longer there.
Twenty-nine is a great time to shop for life insurance. You are younger and are likely to find competitive rates for various types of policies. With just some time and research online and a few clicks, you can find a wide range of life insurance products that cater to your needs. And, in most instances, 29-year-olds can purchase a policy in a matter of minutes. How do you find the best life insurance providers for 29 years old adults?
What to Look for While Shopping for the Best Cheap Life Insurance for 29-Year-Olds
Before you buy a life insurance policy, you must think about your current finances as a whole and the direction your life is heading. Factors to consider include whether you have a mortgage or other large debts, as well as your plans for any big purchases in the near future. Also think about your current income. These factors can influence the amount of coverage you are looking for.
Take the time to look at what each company offers. While lower payments are always appealing, you must also reflect on the value you are getting for your monthly premium payment. Try to find the best value for your money. It may work out that a few dollars more can result in significantly higher coverage, depending on the company and terms of your policy.
There are various factors that influence how much you will pay for life insurance. Your age, gender, weight, height, lifestyle choices, smoking, and nutritional habits are all often part of the evaluation by an insurance provider. Your career, medical history, and overall health can also be part of the consideration for coverage and your premium. While some life insurance providers can give coverage based on a series of questions, others may require medical tests and blood draws to determine whether they will grant you coverage.
Benefits When Buying Life Insurance Before 30
There are many benefits to searching for the best life insurance providers at 29-years-old. Oftentimes, people of this age will have more favorable rates due to their younger age. In many cases, they have better health than those seeking a policy at a more advanced age. Another benefit of purchasing life insurance at age 29 is that can choose terms ranging anywhere from 10 to 30 years for term life insurance or for your lifetime, if choosing a whole life insurance policy. The reality is that no one knows what the future holds. In the coming years, you could face illness or other health challenges that could make obtaining life insurance difficult or expensive. By making the choice to purchase a policy when you are younger and healthier, you will have more low-cost options that can secure your coverage even if uncertain times are ahead.
What is Term Life Insurance vs Whole Life Insurance?
As you review life insurance options and coverage, you will come across the language referring to types of policies as “whole life insurance” or “term life insurance.” While both of these options provide benefits upon your death, the costs of each are vastly different.
Term life insurance provides a death benefit for a pre-set period of time that you choose when you purchase your policy. There are different terms for these policies, but many range in five to 10-year increments, from 10 to 30 years long. Basically, as long as you make your monthly premium payments throughout the term, your insurance covers your death at any point throughout the coverage period. Once your term is up, you no longer have coverage and will need to purchase a new policy. On average, term life insurance policies for a 29-year-old can be under $50 per month, with some plans reaching closer to $10 a month for the lowest coverage options.
On the other hand, whole life insurance is a benefit that will last your lifetime without a pre-set end date. The coverage for this policy continues throughout your life as long as your premiums are maintained. Whole life insurance premiums, unlike term life insurance, are quite a monthly investment. For many people, a whole life insurance policy can cost hundreds of dollars each month, depending on the amount of coverage and your age at the time of purchase.
If you are looking to get life insurance coverage for minimal costs, your best option will likely be a term life insurance policy. However, if you have extra money to invest in your coverage, a whole life insurance policy may benefit you. Unlike term life insurance, your whole life insurance policy maintains its value and will continue to grow throughout your lifetime. Conversely, a term insurance policy has no value outside the death benefit to your beneficiaries during the specified time period.
6 of the Best Cheap Life Insurance Providers for 29 Years Old (Males & Females)
The company Sproutt does not offer insurance directly, but rather provides an in-depth tool and analysis to give you the best possible options for life insurance policy depending on your preferences and answers to their questions about you. Unlike other quote tools, this site does ask more questions about your health and lifestyle. It separates options from policies that do not require medical exams from those that do. There are so many factors and questions that it is hard to pinpoint exactly what each individual's quotes and offers will be, but these are some examples of quotes received by their tool.
Sproutt quote examples:
29-year-old female with average health and no medical exam will pay an estimate of:
- $16 per month for $250,000 coverage 20-year term life insurance with SBLI
- $24 per month for $500,000 coverage 20-year term life insurance with SBLI
- $34 per month for $750,000 coverage 20-year term life insurance with SBLI
29-year-old male with average health and no medical exam will pay an estimate of:
- $19 per month for $250,000 coverage 20-year term life insurance with SBLI
- $31 per month for $500,000 coverage 20-year term life insurance with SBLI
- $45 per month for $750,000 coverage 20-year term life insurance with SBLI
This cheap life insurance provider makes it easy and straightforward to tailor a term life insurance plan that works for you and your budget. Answer just a handful of questions related to your age, location, gender, health, and whether you are a nicotine user. Their easy slider options allow you to see what the different terms and policy coverage options are. You can easily compare different term lengths and amounts to see what falls within your budget. The instant quote tool provides you with a range of what your monthly premium will be.
Ethos quotes examples:
29-year-old female with average health can expect:
- $100,000 policy for a 30-year term quotes for $12 to $18 per month
- $1,000,000 policy for a 10-year term quotes for $19 to $41 per month
- $2,000,000 policy for a 20-year term quotes for $51 to $107 per month
29-year-old male with average health can expect:
- $100,000 policy for a 30-year term quotes for $13 to $21 per month
- $1,000,000 policy for a 10-year term quotes for $32 to $56 per month
- $2,000,000 policy for a 20-year term quotes for $73 to $138 per month
As a life insurance broker, this company offers life insurance savings for both term life insurance and permanent life insurance policies. They work with some of the most well-known life insurance underwriters in the industry to find a plan that works within your budget and needs.
Their website offers a variety of tools to calculate your best life insurance options and just how much life insurance you should get based on your personal situation.
You will complete a short series of quotes and then receive an email with various quotes or a call back from a life insurance agent to further discuss your options. Due to their various offerings and options, an agent will personally review your information to provide you with the most relevant choices and offers. You will not get an instant online quote, but rather an email with various quote options or a phone call from an agent to talk more in-depth about what you are looking for.
If you are looking for term life insurance with no medical exams, Lemonade offers several plans. They range from as low as $50,000 in coverage up to $1.5 million. This provider offers term lengths beginning at 10 years and increasing at increments of five years up to a 30-year term.
Their quote builder gives you flexibility as to the amount of coverage and term with easy comparison through their slider options. Lemonade also offers a number of other types of insurance online, such as renter’s, homeowner’s, vehicle, and pet insurance.
Quote examples with Lemonade:
29-year-old females can expect quotes for:
- $7.50 per month $50,000 policy for a 10-year term
- $13.25 per month $300,000 policy for a 20-year term
- $72.25 per month $1,500,000 policy for a 30-year term
29-year-old male can expect quotes for:
- $9.21 per month $50,000 policy for a 10-year term
- $20.25 per month $300,000 policy for a 20-year term
- $118.50 per month $1,500,000 policy for a 30-year term
With Guardian, you can purchase various insurance options, including term or whole life insurance with coverage options beginning at $250,000 to $5 million. The company offers traditional term life insurance options of 10-, 15-, 20- or 30-year terms through an easy-to-use online tool and the ability to purchase quickly.
With a few answers such as your age, location, and nicotine use status, you can see what your rates will be with their instant quote tool for term life policies. While the company offers whole life insurance options, it does require that you consult with a financial advisor to discuss the best possible options available to you.
For a term life insurance with Guardian:
29-year-old females can expect:
- $14 per month $250,000 policy for a 10-year term quotes
- $48 per month $1,000,000 policy for a 20-year term quotes
- $446 per month $5,000,000 policy for a 30-year term quotes
29-year-old male can expect:
- $17 per month for a $250,000 policy for a 10-year term quotes
- $60 per month for a $1,000,000 policy for a 20-year term quotes
- $571 per month $5,000,000 policy for a 30-year term quotes
New York Life Insurance
If you are looking for a well-known life insurance company with an excellent reputation, then New York Life Insurance is an option worth your time to research. This company offers many options for life insurance including term, whole and universal life insurance options for individuals looking to get protection for their loved one’s future.
One downside to New York Life is that they do not offer instantaneous quotes or the ability to get a ballpark estimate through their website. Their business model and approach require individuals to contact them directly through the telephone or an in-person life insurance representative to discuss what options are available to you. It is also worth noting that, depending on your age and health risks, medical exams can be required as part of the life insurance application process.
Find the Best Cheap Insurance Providers for 29-Year-Olds
Shopping for life insurance does not need to be difficult or a hassle. In fact, with so many online options available, anyone can find the right fit for them. With a little time and effort in researching, the availability of policies and premiums for you are numerous. As a 29-year-old, there is no better time to prepare for your future and plan ahead to protect those you love with a life insurance policy. Start your search now for the best cheap life insurance providers for 29-year-olds.