If you're thirty years old, you may be starting to think about life insurance. After all, it's a good idea to have coverage if something happens to you. But finding the right policy can be tricky, especially if you're on a budget. So, what are the best cheap life insurance providers for 30-year-olds? This post seeks to explore more.

This guide will explore insurance costs, features, what they offer, factors to consider when looking for an affordable provider, and the benefits of taking a life insurance policy at 30. Note that the prices listed are for people in excellent health. If you have any pre-existing conditions, your rates will likely be higher.

What Is a Life Insurance Policy?

A life insurance policy is a contract between you and an insurance company. In exchange for premiums (payments), the company agrees to pay a sum of money either upon your death or, in some cases, if you become terminally ill.

Why Do You Need a Life Insurance Policy at the Age of 30?

Some reasons to start researching cheap life insurance providers for 30-year-olds to find a policy include:

  • Provision of death benefit: The policy pays a predetermined sum of money to your beneficiaries in the event of your death. 
  • Covering final expenses: Funeral costs, medical bills, and other debts can be costly. A life insurance policy can help lessen the financial burden on your loved ones. 
  • Debt settlements: If you have large amounts of debt such as a mortgage, car loans, and credit cards, a life insurance policy can help pay off creditors upon your death. 
  • Provision of income for your loved ones: If you are the primary breadwinner in your family, a life insurance policy can help ensure your loved ones maintain their current lifestyle in the event of your death.
  • Eligibility for a tax break: Depending on how long you want the policy and the type of policy you choose, a portion of your premiums may be tax-deductible.

The Top Cheap Life Insurance Providers for 30-Year-Old Women and Men

Prudential

Prudential

Prudential is a well-known, well-trusted insurance company with a solid financial rating. The company offers a variety of policies to choose from, including whole life, term life, and universal life.

Monthly premiums and coverage: A 20-year plan worth $500,000 for a healthy and non-smoking 30-year-old man will require a monthly premium of approximately $19.05. Females will pay up to $17.40 monthly.

Benefits

  • No suicide exclusion within the first two years 
  • Indefinite policy payout until death 
  • Offers both term life and universal life insurance policies
  • Tax deduction on premiums

Sproutt Life Insurance

Sproutt Life Insurance

Sproutt Life Insurance is a peer-to-peer insurance brokerage rated among the most affordable life insurance companies in the market. With a monthly rate of as low as $10, Sproutt agents can get you a policy that ranges from $50,000 to $3 million. Sproutt's coverage options, however, depend on three factors: coverage amount, lifestyle and pre-existing conditions, and length of coverage. 

Monthly premiums and coverage: A 30-year-old healthy man can get $500,000 for ten years of coverage at a total cost of $14.67. For the females, the same coverage will cost $12.77. 

Benefits

  • Covers pre-existing conditions 
  • All cash value with no withdrawals until age 60 
  • No annual or monthly waiting limit on coverage 
  • No medical exam required

Ladder

Ladder

Ladder is another well-known and trusted insurance company with a solid financial rating. The company has been in the business of providing high-quality life insurance. They offer policies of up to $8 million in coverage for term lengths between 10 and 30 years for adults over 30 years.

Coverage and monthly premiums: A 20-year plan for $500,000 for a healthy and non-smoking 30-year-old male can cost $21.50. For a woman of the same condition, the plan will cost her an estimated $18.60 per month.

Benefits 

  • No suicide exclusion within the first two years 
  • A free look period of 30 days (you can cancel the policy without any penalties within 30 days) 
  • Medical exam not required for covers up to $3 million
  • Covered immediately upon payment
  • Application and underwriting are swift, with no additional fees.

Bestow

Bestow

Bestow is considered the only insurance company offering term life covers for 18-65-year-old adults with no medical exam. Coverage amounts range from $50,000 to $1,500,000, with monthly premiums beginning at as low as $10.

Monthly premiums and coverage: A 30-year-old man will pay $23.72 a month for $500,000 in coverage. A 30-year-old female will pay $20.93 for the same coverage.

Benefits

  • No medical exam required 
  • Swift online application and results in minutes using the app
  • Pays out the total amount of the policy no matter when you die 
  • One year free look period 
  • Tax benefits on premiums paid

SelectQuote Life Insurance

SelectQuote Life Insurance

SelectQuote is an automated life insurance website that helps users find the best and cheapest rates on policies in the market. With SelectQuote, you can compare quotes for whole and term life insurance policies from over 40 providers in minutes. Also, the platform can allow you to purchase covers for up to $5 million.

Monthly premiums and coverage: A 10-year term policy worth $500,000 for a healthy, 30-year-old non-smoking male is about $14.15 a month. A woman's plan will go up to about $11.90 a month.

Benefits

  • No medical exam required 
  • Lifetime renewability offer at the exact cost until age 95 as long as premiums' payments are on time 
  • No hidden fees and a free look period of 30 days 
  • It’s simple to look up quotes, and the quotes are easy to understand.

Protective Life Insurance Company

Protective Life Insurance Company

Protective Life Insurance company is a 110-year-old company with a solid financial rating. They offer term, universal, and whole life policies for 30-year-old adults. Protective's policies with classical coverage are available from $100,000 to $50,000,000 with terms ranging from 10 to 40 years.

Monthly premiums and coverage: A 30-year-old man can get $500,000 for ten years of coverage at a rate of $7.15 a month. A woman can get a similar plan for $6.09 a month.

Benefits

  • A variety of life insurance policies: universal, term, and whole life 
  • No cash value on death benefits 
  • Offers life insurance protection alongside tax-advantaged cash value growth

Pacific Life Insurance

Pacific Life Insurance

Pacific Life Insurance is a large financial institution with over 150 years of experience in life insurance solutions. Policies are available from $25,000 to $1 million for 30-year-olds with no medical exam.

Monthly premiums and coverage: A healthy 30-year-old man can get $500,000 worth of coverage for ten years at a rate of $13.54 a month. A 30-year-old woman can get a similar plan for $12.06 a month.

Benefits

  • No medical exam required 
  • Guaranteed minimum interest with credit interest
  • Flexible premiums
  • Variety of investment options

Ameritas Life Insurance

Ameritas Life Insurance

Ameritas life insurance company is a subsidiary of Ameritas Group and offers whole and term life policies. It's an online life insurance site that offers a variety of policies with rates as low as $12 a month.

Monthly premiums and coverage: A 30-year-old man can get $500,000 for 20 years of coverage at a rate of $16.45 a month. A woman can get a similar plan for $14.71 a month.

Benefits

  • No medical exam required 
  • Life insurance protection for as long as you live 
  • Coverage for accidents, critical illness, and terminal illness 

Lincoln National Life Insurance

Lincoln National Life Insurance

Lincoln National Life Insurance was founded in 1905 and is one of the largest life insurance companies in the United States. It offers a variety of whole, term, and universal life policies for 30-year-olds for a period between 10 and 30 years.

Monthly premiums and coverage: A 30-year-old man can get $500,000 for 20 years of coverage at a rate of $11.50 a month. A 30-year-old woman can get a similar plan for $10.22 a month.

Benefits

  • No medical exam required 
  • Guaranteed minimum interest 
  • Flexible premiums 

Sagicor Life Insurance

Sagicor Life Insurance

Sagicor Life Insurance is a large international insurer with over 160 years of industry experience. It offers term life policies to 30-year-olds with $50,000 to $1 million of coverage for a period of 10, 15, or 20 years. 

Monthly premiums and coverage: A 30-year-old man can get $500,000 for 15 years of coverage at a rate of $17.45 a month. A woman can get a similar plan for $14.85 a month.

Benefits

  • No medical exam required for term life insurance covers up to $500,000
  • You can receive up to 50% of your death benefit if diagnosed with a terminal illness
  • Term policies can be converted to permanent coverage

The Average Premiums by Individual State for a 30-Year Term Policy With $500,000 Coverage

California: The average life insurance cost for a 30-year-old in California is $21.83/month for females and $26.67/month for males.

Texas: The average life insurance cost for a 30-year-old in Texas is $19.08/month for females and $22.92/month for males. 

Florida: The average life insurance cost for a 30-year-old in Florida is $17.98/month for females and $20/month for males.

New York: The average life insurance cost for a 30-year-old in New York is $23.92/month for females and $27.92/month for males.

Pennsylvania: The average life insurance cost for a 30-year-old in Pennsylvania is $14.45/month for females and $17.83/month for males

Kentucky: The average life insurance cost for a 30-year-old in Kentucky is $13.55/month for females and $16.10/month for males.

Ohio: The average life insurance cost for a 30-year-old in Ohio is $13.50/month for females and $16.73/month for males.

Final Thoughts About the Best Cheap Life Insurance Providers for 30-Year-Olds

When shopping for life insurance from cheap life insurance providers for 30-year-olds, ensure you compare different policies and rates to find the best deal. The premiums can vary widely from one insurance company to the other, and you may be able to save significantly by switching providers. Ensure that you also peruse the fine print to understand all the benefits and exclusions of each policy before making a purchase decision.

Cheap Life Insurance Quotes by Age

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