At 38 years old, you likely have a lot on your plate. You may be focusing on your career, buying a house, or expanding your family. Life insurance might not be high on your list of priorities.
What We'll Cover
- Tips for Buying Life Insurance
- Buying when you're younger helps you save
- Consider the amount of coverage
- Be open when applying for life insurance
- Comparison shopping can help
- Which Type of Life Insurance is Right for a 38-Year-Old?
- Cheapest Life Insurance Providers for 38 yr old Females and Males
- States With The Cheapest Policy Rates for 38-yr-old People
However, there is no time like the present to buy life insurance, and buying life insurance when you're 38 can be very beneficial. It may seem like having life insurance would be unnecessary at a young age like 38, but there are several reasons to shop for life insurance now.
Because life can be so busy, one thing that holds many back from shopping for life insurance is that they worry that will be unable to pay for it. Thankfully, there are ways to save money on life insurance. The following are tips for finding the best cheap life insurance providers for 38-year-olds.
Tips for Buying Life Insurance
Buying when you're younger helps you save
With this in mind, shopping for insurance as a 38-year-old is a great idea. Age and health are both factors that affect life insurance costs, and people who are 38 years old are still young and healthy, so they can benefit from lower insurance rates.
Consider the amount of coverage
Life insurance is meant to cover a variety of expenses, including a funeral, mortgage, retirement income for loved ones, and more. All of these expenses can add up, and getting an accurate estimate can be difficult. There are sometimes issues with people not realizing how much life insurance they need.
As a 38-year-old looking for cheap life insurance providers, knowing how much coverage you'll need can be a challenge. However, estimating how much your dependents would need can help you find the right life insurance plan.
Be open when applying for life insurance
Buying life insurance can be intimidating because it may involve an application process that feels long and sometimes even intrusive. This application process goes over details like your medical history, family medical history, age, weight, and more. You may get a quote on a life insurance rate, but you still may have to go through an application process with questions like this.
When applying, it is important, to tell the truth for every question. You may have to submit a medical exam or allow an insurer to have access to your medical records, so they can find information about you. Because people who are 38 years old are younger in terms of life insurance rates, you should not have to worry about how factors like this will affect your rates.
Comparison shopping can help
You have options when shopping for cheap life insurance providers for 38-year-olds; you don't have to choose the first option that you see. Different companies may charge different rates for similar coverage. Through comparison shopping, you can get quotes from different companies to see which insurer gives you the best value.
This price comparison service can help take care of the hard part of comparison shopping for you.
Which Type of Life Insurance is Right for a 38-Year-Old?
The first decision that you'll have to make when shopping for life insurance is whether you want a term or permanent life insurance policy. Neither is necessarily better than the other. Instead, they serve different purposes and have different pros and cons.
Term life insurance
Term life insurance policies last a certain period, often 10, 20, or 30 years. Often, people will buy term life insurance if they have things like a mortgage that would need to be covered in the event of an unexpected death. Being able to select the period to fit your needs is a benefit of a term life insurance policy.
This can be especially beneficial for someone who is 38 years old or around that age. They may have something like a mortgage or children that they would like to be covered for a certain term.
Another benefit to term life insurance is that it is often cheaper than permanent life insurance.
Permanent life insurance
Just like the name indicates, permanent life insurance covers you for life. There are no terms with permanent life insurance, so regardless of when a person dies, a permanent plan would provide money to their loved ones.
Another major benefit to permanent life insurance is that it can build value over time. This adds to its long-term benefits.
However, even though there are a lot of pros to permanent life insurance, it does come at a price. Permanent life insurance plans usually cost more.
Both types of coverage come with pros and cons, so it comes down to what you want from life insurance. Every plan is different, so this makes comparison shopping even more important. For example, some term life insurance plans can be converted into permanent coverage.
Cheapest Life Insurance Providers for 38 yr old Females and Males
Choosing from all the insurance companies out there can be a difficult task, but SelectQuote hopes to be the only service that a customer needs. What makes SelectQuote different from a standard cheap insurance provider for 38-year-olds is that instead of being an insurer by itself, SelectQuote shops for insurance from other providers.
With SelectQuote, a customer signs up, and SelectQuote then compares quotes from top insurance providers to find the best life insurance coverage for the customer. This can eliminate the stress of comparing quotes by yourself. 38-year-olds looking for cheap insurance may be busy, so SelectQuote takes care of the research for them.
the Average cost of a Life Insurance policy for a 38-yr-old is $17/month for males and $14/ month for females when buying a 10 year term $500K coverage
Banner Life Insurance Company
Owned by Legal & General America, Banner Life Insurance offers term and universal life insurance, a form of permanent life insurance. Banner Life is known for its flexibility in its term life insurance policies. Customers can purchase policies for a term of up to 40 years, whereas many other companies have a maximum term of 30 years.
While Banner Life Insurance is known for its affordable pricing, there are downsides to it. Unlike some other insurance companies, Banner Life only allows customers to buy insurance through an agent. This could be a problem for those who would prefer to shop for cheap life insurance providers for 38-year-olds online.
|Policy Type||Coverage||Average Cost|
|30 Years||$500,000||An estimated cost of a life insurance premium for a 38-years-old female is $27.48/mo and $40.99/mon for a male|
Sproutt is a unique life insurance service that caters to younger life insurance customers, making it a choice fit for those who are 38 years old. Sproutt offers term coverage for 10, 20, and 30 years. They also offer whole life insurance coverage. As a service designed with younger customers in mind, Sproutt life insurance can be purchased online.
An interesting feature of Sproutt is that it offers lower rates and other rewards for healthy lifestyles. Their Quality of Life Index measures five areas of health including movement, sleep, emotional health, nutrition, and balance.
A 38-yr-old male can expect to pay an average of $14.67/month and a 38-yr-old female can expect $12.77/ month for a 10 year policy term with $500,000 coverage
Principal Financial Group offers a variety of financial services, including life insurance. They offer both term and permanent life insurance coverage, and they also offer survivorship life insurance. This is a type of permanent coverage that covers both spouses under a single plan.
Those with term life policies with principals can convert their plans into permanent plans. This can be helpful for a 38-year-old who buys a term life plan and decides to make it permanent later. However, a downside is that the Principal's terms are limited to 30 years at most.
Mutual of Omaha
One of the most recognizable names in life insurance, Mutual of Omaha offers a variety of plans. These can be even more catered to the needs of the customer, as their life insurance plans are customizable.
However, while this can be a great thing, it can also be an issue for some customers. Mutual Omaha policies may be confusing, and this can be more of an issue because the company offers limited online resources. Additionally, customers have to buy a plan through an agent.
Protective Life Insurance Company is regarded as one of the most affordable life insurance providers on the market. They offer both term and permanent coverage, and their term life insurance coverage offers plans up to 40 years.
Much like some other traditional insurance companies, life insurance from Protective has to be purchased through an agent. Some may find this inconvenient, and it also means that the amount of information a customer can find online could be limited.
|10 Years||$100K||For a healthy 38-year-old male, you pay an average monthly premium of $9 and $8.10 a healthy female|
States With The Cheapest Policy Rates for 38-yr-old People
For a 10-year term policy, $500K coverage:
|State||Average Monthly Cost|
|Ohio||The average Life Insurance cost for 38 yr olds in Ohio is $18.40 per month for male and $15.62 per month for a female.|
|Kentucky||The average Life Insurance monthly premium for 38 years olds in Kentucky is $15.57 for females and $17.78 for males.|
|Florida||The average Life Insurance premium in Florida for a 38 years old is $19.19 per month for a female and $23 per month for a male.|
|Illinois||The average premium of a Life Insurance for 38 yr-olds in Illinois is $14.75/month females and $16.43 males|
|Minnesota||The average Life Insurance rate in the state of Minnesota for a 38 years-old is $17.89 monthly for a female and $20.55 monthly for a male|
|Michigan||The average Life Insurance cost for 38 yr olds in Michigan is $23.89 per month for male and $20.35 per month for a female.|
|Massachusetts||The average Life Insurance premium in Massachusetts for a 38 years old is $21.64 per month for a female and $22.68 per month for a male.|
Life insurance helps provide peace of mind that your loved ones will be financially secure after a death. Choosing a life insurance plan is an important choice, and there are a lot of options and factors to consider. Those who are 38 years old may not have thought about purchasing insurance before, but there are cheap options meant for people of this age. If you are looking for cheap life insurance for 38-year-olds, comparison shopping can help you find insurance rates that fit your budget and your needs.