For many, life insurance policies are a way to support their family's future in the event of their death. That is why it makes sense that individuals want to find the best coverage on the market and obtain this coverage at the best possible price, especially when they are in their mid-thirties and still have a lot of life to live. 

However, finding the best and most affordable life insurance is not always as easy as you may think it is, especially with the numerous options on the market today. That is why we will go over everything you need to know about purchasing life insurance as a 34-year-old, including factors that can impact your premiums and how to find the best life insurance company for your individual needs.

Why Purchasing Life Insurance at 34 Years Is Beneficial for Your Future

When it comes to buying life insurance, the younger you are when you purchase it, the more benefits you can receive. For example, the average cost of a 20-year level term policy with a $250,000 face amount is around $214 per year for a 30-year-old healthy male. In comparison, the annual premium for a 40-year-old healthy male is about $486. This means that if you delay purchasing a life insurance policy for ten years, you will end up spending thousands more over the life of the policy. 

In addition, waiting to purchase life insurance later in life can also significantly impact your ability to buy a policy. Generally, as you get older, you become more prone to certain medical conditions that younger, 34-year-olds do not have to deal with. As a result, if an older individual with a severe medical condition wants to purchase life insurance, not only can it lead to them paying higher premiums, but it can also result in them getting their application for coverage denied. Keep this in mind when shopping around and looking at cheap life insurance providers for 34-year-olds.

Purchasing Life Insurance: How Life Insurance Rates Are Determined

In general, life insurance premiums are based primarily on a person's life expectancy. Consequently, the healthier and younger you are, the cheaper your premiums will be. However, each insurance company will have its own evaluation process and weigh certain factors differently. That is why it is always a good idea to understand these unique factors and how they can impact your life insurance rates. 

For instance, consider the following:

Age

As mentioned above, the younger you are when you buy life insurance, the less you will have to pay for it. This is because as you get older, the shorter your life expectancy becomes and the likelihood of your insurance company having to pay out your policy goes up. As a result, it will be more beneficial for you to purchase life insurance as a 34-year-old than wait until you're 50

Gender

Women tend to live longer than men. So women will generally pay less than men of the same age and health when purchasing life insurance.

Smoking Status

If individuals smoke, they are at a higher risk of developing significant health issues such as lung cancer or other respiratory diseases. For these reasons, insurance companies will often charge higher rates to those who smoke. 

Family History

Insurance companies may look into your family's medical history for any serious health complications. This can include diabetes, heart disease, or cancer. 

Overall Health

Your overall health will often play a significant role in determining the costs related to your life insurance policy. This includes information regarding your cholesterol levels, blood pressure, and any pre-existing conditions. These insurance companies may even consider your height and weight when coming up with a final price. 

Driving Record

If you have a lot of DWIs, DUIs, and other major traffic violations on your record, the insurance company may consider you a high-risk applicant. AS a result, they may charge you more for life insurance.

Lifestyle and Occupation

If your job is deemed dangerous or high risk, such as that of a police officer, you will typically end up paying more for life insurance than someone with a desk job. In addition, if you participate in risky activities, such as skydiving, the life insurance company may also charge you higher premiums. 

How Can the Type of Life Insurance You Choose Affect Your Rates?

In addition to the above factors, the type of life insurance you choose can also affect your rate. For instance:

  • Term life insurance tends to be the least expensive option. It only lasts a set number of years, and all you are getting is the insurance.
  • Permanent life insurance, on the other hand, lasts a lifetime. It includes an investment portion that can also be used later in life. However, because of these added benefits, this type of life insurance is often much more expensive than term life insurance policies. 

Finally, adding riders to your policy can also increase your costs, sometimes by up to $50 to $75 per month, depending on the rider. 

Get the Best Rate by Comparing Cheap Life Insurance Providers for 34-Year-Olds

If you are 34 years old and considering purchasing life insurance, the best way to get the best rate is to click here and compare prices from different cheap life insurance providers for 34-year-olds. However, to provide you with some comparisons, we have compiled the following list for you:

Top 6 Cheapest Life Insurance Providers for 34-years-old Women and Men

Sproutt Life Insurance

Sproutt

Sproutt Life Insurance is known for connecting healthy 30- to 45-year-olds with affordable life insurance options using unique tools to get them the coverage they need. For instance, Sproutt will ask you questions about your life and hopes. Then it will provide you with one plan option that may be an ideal match for your preferences, lifestyle, and budget. But they will also offer a button for viewing additional options. 

Sproutt Life Insurance also provides coverage amounts ranging from $50,000 to $3 million, with monthly premiums ranging from $10 to $90 depending on three factors:

  1. Your lifestyle and pre-conditions
  2. The coverage amount
  3. Your term, or length of coverage 
Policy type Coverage Average Cost
10-year-term $500K Average cost of a Life Insurance policy for a 34-yr-old is $14.67/month for males and $12.77/ month for females

Bestow Life Insurance

Bestow

Bestow Life Insurance is the only 100% no medical exam term life insurance on the market. This life insurance is designed for those individuals between the ages of 18 and 60 looking for coverage ranging from $50,000 to $1.5 million. Rates for this life insurance will typically start at just $10 per month. But the cost will often depend on certain factors including, gender, age, and preliminary health data. 

Policy type Coverage Average Cost
20-year-term $500K 34-year-old healthy man would pay monthly premiums of $26.89 and a 31-year-old healthy woman would pay $23.

SelectQuote Life Insurance

SelectQuote

Founded in 1985, SelectQuote is an insurance sales agency that helps consumers find the best rates on life insurance policies. With this company, you can get quotes for whole life policies and term life policies. You can also purchase up to $5 million in coverage. 

However, SelectQuote does not sell guaranteed issue policies or universal policies. So if you are looking for either of those options, you will need to check out other life insurance companies. 

Policy type Coverage Average Cost
10-year-term $500K Average cost of a Life Insurance policy for a 34-yr-old is $16.66/month for males and $13.45/ month for females

If you want to get whole life coverage, this cost can be substantially higher. The policy lasts for a lifetime rather than a set term. In addition, SelectQuote also requires you to select your gender when submitting your information for a quote, as this can impact your cost.

Protective Life Insurance Company

Protective

Protective Life Insurance Company is a major insurance company based in Alabama. It not only holds an A+ financial strength rating, but it also provides multiple types of life insurance policies, including:

  • Whole life
  • Child life
  • Universal life
  • Term life

Generally, classic choice term policies are available from $100,000 to $50,000,000, with term periods ranging from ten to forty years.

Term Coverage Average Cost
10 Years $100K For a healthy 34-year-old male, you pay an average monthly premium of $8.10 and $7.79 a healthy female 

As a result, a healthy, 34-year-old adult looking to get $100,000 in coverage for ten years may need to pay around $7.82 per month. However, in general, the cost of their life insurance policies will depend on numerous factors. These factors include age, health, and the policy you buy. 

Prudential Financial

Prudential

Prudential offers term life insurance coverage, indexed universal life insurance, universal life insurance, and variable universal life insurance coverage. However, more importantly, it also allows you to add riders to your policy. Options include a living needs benefit, a children's protection rider, and an accidental death benefit. 

Prudential tends to be most appealing to customers who need high coverage limits that are customizable. However, one thing you will not find at Prudential is whole life insurance. The company only offers term and universal life policies.

When it comes to costs, Prudential’s life insurance premiums will depend on your age, gender, and overall health. For instance, a healthy 34-year-old female can purchase $250,000 in coverage and a 10-year term for $15.53 a month. But a healthy 34-year-old man can buy this same insurance for $19.25.

Pacific Life Insurance Company

Pacific Life

Pacific Life Insurance Company has over 150 years of experience in life insurance solutions. It has become a good option for those with sleep apnea, heavier builds, anxiety, and depression looking for affordable term life plans.

However, the company also sells term life insurance and a broad selection of other policies, including life insurance with long-term care benefits.

Policies generally start around $30 per month and go up from there. The price depends on which plan you choose, your age, driving record, health, gender, and family medical history. In addition, the company does not offer any kind of online quoting system. You need to contact the toll-free hotline to get a life insurance quote. 

Top States with the Cheapest Life Insurance premiums for People at Age 34

For a 10-year term policy, $500K coverage:

State Average Monthly Cost
Ohio The average Life Insurance cost for 34 yr olds in Ohio is $16.73 per month for male and $13.50 per month for a female.
Kentucky The average Life Insurance monthly premium for 34 years olds in Kentucky is  $13.55 for females and $16.10 for males.
Florida The average Life Insurance premium in Florida for a 34 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 34 yr-olds in Illinois is $12.50/month females and $14.81 males
Minnesota The average Life Insurance rate in the state of Minnesota for a 34 years-old is $16 monthly for a female and $19 monthly for a male
Michigan The average Life Insurance cost for 34 yr olds in Michigan is $22 per month for male and $19 per month for a female.
Massachusetts The average Life Insurance premium in Massachusetts for a 34 years old is $19.61 per month for a female and $20.79 per month for a male.

Shop Around and Get the Best Cheap Life Insurance to Meet Your Needs

At the end of the day, as a 34-year-old, you will have many options when it comes to life insurance. However, when you are looking for the best fit for your budget, you also want to remember to find the policy that protects your family and your assets best should you pass away. For these reasons, it is so important to shop around; check out numerous companies to find the best life insurance for your needs.

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