For most people, life insurance is all about securing their loved one's financial future in the event of their death. At 31, you are already an adult, and it is high time to get life insurance whether you have a family that depends on you or you are planning to have one. Typically, life insurance plays a critical role in easing the financial burden on your family and loved ones in case of an accident, surprise illness, or death. Start by researching cheap life insurance providers for 31-year-olds to find the right option for you.
What We'll Cover
- Why Do You Need Life Insurance at 31?
- You Have a Family
- You Make More Money
- You Want to Save Money
- Avoid Medical Hurdles
- You’re Planning to Cover Your Funeral Expenses
- The 6 Best Cheap Life Insurance Providers for 31-Year-Olds
- Cheapest Life Insurance Rates for 31-Year-Old Male and Female by State
- The Bottom Line on Cheap Life Insurance Providers for 31-Year-Olds
Several life insurance companies offer the best premiums for 31-year-old adults looking to secure their future. These companies offer competitive rates, helpful customer service, and multiple policies to suit your budget. They factor in family health history, type of policy, lifestyle choices, gender, health status, and profession when determining your life insurance costs, including your premiums.
Why Do You Need Life Insurance at 31?
Buying your life insurance policy at 31 is one of the most practical, affordable, and impactful ways to financially protect your loved ones. Essentially, 31 is the best age to get affordable coverage with a term life insurance policy, especially when in good health. That said, here are reasons why you should purchase a life insurance policy at 31.
You Have a Family
Most people have families in their 30s, and when you reach 31, you either have one or plan to start a family. Besides, you might buy a house or likely have more people depend on you financially. This means you have plenty of responsibilities, and buying a life insurance policy can help protect your family financially.
You Make More Money
At 31, you are likely to make more money than in your 20s. If something happens to you, and you have people depending on you, it would be difficult for them to earn or get such an amount of money. Purchasing life insurance helps replace the lost income, mainly when you buy cerage with a death benefit equal to five to ten times your annual salary.
You Want to Save Money
Purchasing life insurance at 31 provides financial protection for your loved ones, making it worth the cost. It enables you to get a policy at a lower insurance premium while still young and healthy. For example, a 31-year-old woman in excellent health can buy a 30-year term life insurance policy with a $500,000 death benefit for $34 per month. But if she waits until 40, the starting monthly premium would be higher at $53.
Avoid Medical Hurdles
Physical health plays a critical role in getting your life insurance coverage. It can affect the monthly or annual premiums you will pay. Generally, healthier 31-year-olds tend to pay lower rates; they are less risky for the insurer than those with certain medical conditions. At 31, most people are healthy, and this helps cut down monthly or annual rates payable to the insurer.
You’re Planning to Cover Your Funeral Expenses
Your family will have a hard time in the event of your death. But you can avoid making a bad situation worse by buying a life insurance policy. This enables you to cover your funeral costs; your family can access funds to settle these costs. According to the National Funeral Directors Association, cremation or burial with a memorial marker can cost up to $8,000. With life insurance, it is easier to settle your funeral expenses.
The 6 Best Cheap Life Insurance Providers for 31-Year-Olds
Whether you are a man or woman, you can choose the best cheap life insurance provider for 31-year-olds to buy coverage, get your death benefit, and protect your loved ones financially. Although there are several insurance companies out there, here are the top providers ideal for 31-year-olds.
Prudential is a financial services provider founded in 1875, providing a range of products like life insurance, investment options, and health insurance. It is ranked by Direct Premiums Written among the largest life insurance companies in the country that provides both term life and universal life insurance policies. Prudential offers these options whether you are looking for coverage to protect your family when you pass away or need a plan that fosters your business after your death.
As the oldest affordable life insurance provider for 31-year-old adults, Prudential Life Insurance offers higher and customized coverage limits based on factors such as age, lifestyle, gender, customer's health, and policy terms. Suppose you buy a 20-year term essentials policy for a $500,000 life insurance. A healthy, non-smoking man age 31 will make a monthly premium payment of $19.06 per month. At the same time, a healthy, non-smoking woman age 31 pays $17.44 every month.
Established in 1907, Protective offers term life, whole life, child life, and universal life insurance policies. Their services also include annuities to grow and secure your retirement income. The company's term life insurance is up to 48% less than most competitors' policies. That makes it the cheapest option for 31-year-old cost-conscious customers. Protective allows customers to buy policies with 40-year terms, besides offering multiple life policies.
You can purchase coverage of up to $50 million to provide long-term well-being for your loved ones with Protective life insurance. The Classic Choice Term policy starts from $100,000 to $50,000,000 with a term ranging from 10 to 40 years.
For a healthy 31-year-old male, you pay an average monthly premium of $7.99 and $7.65 a healthy female when looking for a $100,000 cover for ten years
However, the monthly rates will vary depending on various factors, including your preferred policy, health, and age. Other benefits offered by Protective Life include online applications, competitive prices, excellent financial health ratings, and online term quotes.
Sproutt is among the most affordable life insurance providers, ideal for a 31-year-old looking to purchase coverage. The company has one of the simplest methods of buying a life insurance policy. Also, it offers a minimum of $50,000 coverage and a maximum of $4,000,000 for terms of 10, 15, 20, 25, or 30 years. Some policies offered at Sproutt include term life, variable life, graded death benefit, final expense cover, whole life, simplified issue, and guaranteed issue life cover.
Unlike most insurance companies, Sproutt does not require its customers to undergo a medical exam when purchasing life insurance. Its monthly life insurance premiums range from $10 to $90 depending on factors such as coverage amount, lifestyle choices, and term length. For a healthy man age 31 purchasing a 20-year term life policy of $500,000, the monthly premium will be $21.73. But a healthy 31-year-old woman would pay $20.16.
SelectQuote is an insurance sales company that lets customers find the best and most affordable life insurance policies. Founded in 1985, the company offers free quotes from top life insurers such as Protective Life and United of Omaha. You can get quotes for whole life and term life and get up to $5 million in coverage. Through SelectQuote, you can access high coverage amounts, convert term policies to permanent coverage, and renew your policy.
Considering SelectQuote when buying your life insurance policy lets you get between $5,000 to $5,000,000 cover for term lengths ranging from 10 to 30 years. However, the coverage amounts and term length depend on your age, health, gender, and tobacco use. Most term policies require medical exams. But some SelectQuote partners may not require it for healthy customers.
|Policy type||Coverage||Average Cost|
|10-year-term||$500K||Average cost of a Life Insurance policy for a 31-yr-old is $15/month for males and $13/ month for females|
Bestow is a life insurance company designed for modern-day 31-year-old buyers. The company offers online applications, a 30-day money-back guarantee, and no annual or cancellation fees. You can purchase coverage of between $50,000 and $1,500,000 for a term of 10 to 30 years. Bestow is a 100% no-medical-required life insurance company. That means you do not have to undergo a medical exam when buying life insurance.
Although Bestow offers a seamless application process and is financially robust, it is limited to term life insurance. Monthly premiums start from $10 depending on numerous factors, like term length, age, gender, and lifestyle choices. For example, a 31-year-old healthy man buying a 20-year term life of $500,000 would pay monthly premiums of $26. But a 31-year-old healthy woman would pay $22.
Ladder is one of the most affordable life insurance companies, offering up to $8 million coverage for 31-year-old adults. Although it has limited policy options, Ladder provides a unique approach to flexible coverage, where your death benefits are decreased or increased if necessary. Let's say you get married, have children, and purchase a new house. You can consult with the company and have your cover increased. The same applies when you need to reduce your cover due to factors like your kids are grown or you have reached retirement age.
Ladder life insurance offers cover of between $100,000 to $8,000,000 for term lengths of 10,15, 20, 25 or 30 years. Although a medical exam is not required, customers with coverage of above $3 million must undergo a medical exam before getting their insurance. With Ladder, you get a swift application and underwriting decisions within minutes without additional fees and an online adjustment coverage solution.
If you are a healthy 31-year-old man looking for $500,000 coverage and a 20-year term life policy, your monthly premium would be $22. Meanwhile, a healthy 31-year-old woman will pay $19 monthly. Premiums will vary depending on factors like your health, lifestyle, term life policy, and gender for other life insurance amounts.
Cheapest Life Insurance Rates for 31-Year-Old Male and Female by State
For a 10-year term and $500,000 in coverage:
|State||Average Monthly Cost|
|Ohio||The average Life Insurance cost for 31 yr olds in Ohio is $16.72 per month for male and $13.47 per month for a female.|
|Kentucky||The average Life Insurance monthly premium for 31 years olds in Kentucky is $13.56 for females and $16.01 for males.|
|Florida||The average Life Insurance premium in Florida for a 31 years old is $17.98 per month for a female and $20 per month for a male.|
|Illinois||The average premium of a Life Insurance for 31 yr-olds in Illinois is $12.56/month females and $14.78 males|
|Minnesota||The average Life Insurance rate in the state of Minnesota for a 31 years-old is $15.99 monthly for a female and $18.98 monthly for a male|
|Michigan||The average Life Insurance cost for 31 yr olds in Michigan is $21.99 per month for male and $18.98 per month for a female.|
|Massachusetts||The average Life Insurance premium in Massachusetts for a 31 years old is $19.57 per month for a female and $20.76 per month for a male.|
The Bottom Line on Cheap Life Insurance Providers for 31-Year-Olds
Shopping for the best cheap life insurance provider as a 31-year-old adult should not be a hassle or time-consuming. Several companies exist offering different policies. But the best way to get the best rates is by comparing prices from different providers by clicking below.