Choosing a life insurance policy can be difficult and confusing, especially when you’re in your early 30s. Which company should you go with? What type of policy is best? How do you know you’ve made the right choice and that your loved one or family is set if something were to ever happen to you? Of course, if you’re around the age where you’re just getting started in your career, one of the first questions you may have is whether a life insurance policy is affordable. 

With that said, let’s take a look at some of the cheapest life insurance companies and their policies available that are ideal for those in their early 30s. We’ll also include examples of quotes for life insurance for the average healthy 32-year-old female—with or is planning to have children—and 32-year-old non-smoking male, so you have a general idea of what to expect in costs. 

Best Cheap Life Insurance Companies for 32-Year-Olds

Deciding to get life insurance is a responsible and very important decision for anyone. It will help your family financially in case of an unfortunate accident or set them up for funeral costs and financial loose ends after your passing.

Here are the top companies we would recommend to anyone in their early 30s looking to get inexpensive coverage for their future.

Banner Life & William Penn

Banner Life & William Penn has multiple life insurance policies available for all ages and is one of the best and most affordable for anyone just entering their 30s. The plans offered by this company include term-life and universal life policies. They also offer information on retirement and how to save.

32-Year-Old Female 32-Year-Old Male
Policy Type Term Life Insurance Term
Term 30 years 30 years
Monthly Cost $26.56 $39.40
Coverage $500,000 $500,000
Benefits Accelerated Death Rider Child Rider (At additional cost)Convert to Permanent Policy IncludedAccelerated Death Benefits Ride Included Child Rider (At an additional cost)Premium Waiver for Disability (At an additional cost)Accelerated Death Benefit Rider (Included)Convert to Permanent Policy (Included)

Haven Life

Haven Life

Haven Life makes obtaining life insurance easy. You can get a term life insurance policy with a medical exam, or you can opt for their Haven Simple plan, where you can avoid the medical exam and obtain your policy right online.

Haven Life also offers its customers an AgeUp program that guarantees income to anyone over 90 years of age. This policy starts at $25 a month.

32-Year-Old Female 32-Year-Old Male
Policy Type Term Term
Term 30 Years 30 Years
Monthly Cost $27.69 $41.92
Coverage $500,000 $500,000
Benefits Premium Waiver for DisabilityAvailable for Additional CostAccelerated Death Benefit Rider IncludedHaven Life Plus Included Premium Waiver for Disability (At an additional cost)Accelerated Death Benefit Rider (Included)Haven Life Plus Included

US Life (AIG Life Insurance)

US Life (AIG Life Insurance)

US Life/AIG life insurance is a large insurance company that offers many different insurance options for individuals and businesses.

This insurance company offers many different tools to help you pick the right policy for you, including a life insurance calculator that asks you questions regarding your current and future situations to help you determine how much coverage you should be asking for. The policies they provide are term insurance, universal life insurance, and guaranteed-issue whole life insurance.

32-Year-Old Female 32-Year-Old Male
Policy Type Term Term
Term 30 Years 30 Years
Monthly Cost $30.28 $32.22
Coverage $500,000 $500,000
Benefits Child Rider (Available at an additional cost)Premium Waiver for Disability (Available at an additional cost)Accelerated Death Benefit Rider (Included)Accidental Death Benefit Rider (Available at an Additional Cost)Convert to Permanent Policy (Included) Child Rider (At an additional cost)Premium Waiver (At an additional cost)Accelerated Death Benefit Rider (Included)Accidental Death Benefit Rider (At an additional cost)Convert to Permanent Policy (Included)

Prudential

Prudential

Prudential offers an array of policies designed to cover health issues and work for all budget types. Policies available through Prudential include Term, Universal, Indexed Universal, Survivor Universal, Variable Universal Life, and Survivorship Variable Universal Life. 

This company offers many resources to help you decide which policy would best fit your lifestyle by looking at your age, health, financial situation, length of time you need, etc.

32-Year-Old Female 32-Year-Old Male
Policy Type Term Term
Term 30 Year 30 Years
Monthly Cost 39.81 $44.63
Coverage $500,000 $500,000
Benefits Child Rider (At an additional cost)Premium Waiver for Disability (At an additional cost)Accelerated Death Benefit Rider (Included)Accidental Death Benefit Rider (At an additional cost)Convert to Permanent Policy (Included) Child Rider Additional CostPremium Waiver for Disability (At an additional cost)Accelerated Death Benefit Rider (Included)Accidental Death Benefit Rider (At an additional cost)Convert to Permanent Policy (Included)

State Farm

State Farm

State Farm is a very well-known insurance company that offers multiple forms of coverage and can combine coverages to save you money. For example, you can obtain life insurance and homeowners insurance in a bundle to reduce your premium payments.

At State Farm, they do not just offer you quotes and provide you with the insurance benefits you sign up for. They also provide their customers with an array of information and tools to help you decide which policy is right for you.

32-Year-Old Female 32-Year-Old Male
Policy Type Term Term
Term 30 years 30 Years
Monthly Cost $37.84 $43.49
Coverage $500,000 $500,000
Benefits Extra Coverage for Spouse (For additional cost)Extra Coverage for Child (For additional cost)$3.50 Extra for a Disability Premium Extra Coverage for Spouse (For additional cost)Extra Coverage for Child (For additional cost)$3.50 Extra for a Disability Premium

Mutual of Omaha

Mutual of Omaha

Mutual of Omaha is known for great rates and does not require you to obtain any physical exams to sign up for their life insurance policies. This company offers you online tools that will help you get through the quote process and offer you options that will best suit your current situation.

Mutual of Omaha Provides term and permanent life insurance policies and is also one of the top companies chosen by employers to provide policies to their employees. 

32-Year-Old Female 32-Year-Old Male
Policy Type Term Term
Term 30 years 30 Years
Monthly Cost $35.88 $43.44
Coverage $500,000 $500,000
Benefits Fixed Death Benefit PayoutConvert to PermanentConvert Coverage to Cash ValueNo Physical Required Fixed Death Benefit PayoutConvert to PermanentConvert Coverage to Cash ValueGuaranteed Accidental Death BenefitsNo Physical Required

Why Get Life Insurance at 32?

There are many reasons that you should consider obtaining a life insurance policy when you are in your early 30s. Besides the fact that it is a good long-term investment for anyone, here are the top five reasons you should consider a life insurance policy at 32: 

Long-Term Support for a Family

Around 32, people start to settle down, have families, and make important purchases, such as a home. When you have a house or spouse, you start to accrue more bills than before, and when you have kids, you have to make sure you cover the cost of raising them. 

According to studies, middle-income families will spend on average $233,610 to raise children from birth until they reach the age of 18. Some of these costs include:

  • House payments
  • Cost of child care
  • Groceries and home essentials
  • Utilities
  • Transportation
  • Medical bills and medications

All of these things add up; if something ever happened to you, these are going to be expenses that still need to be paid but now without your income. Having life insurance will help cover the cost of all these things even after you’re gone.

Debts Are Taken Care Of

Besides having recurring bills, there is also the financial burden of money that you owe out occurring interest, such as credit cards, student loans, car loans, etc. After you pass away, your family will have to take those debts on. 

The right insurance policy can cover any outstanding balances, so your family won’t have to bear the burden of paying it off.

Premiums Are Lower

If you choose to obtain a life insurance policy when you are younger, you will pay less of a premium than when you get older. 

Here is a chart for premium payments by age according to Haven Life:

Age  Coverage $250,000 $500,000 $750,000 $1,000,000
25 Male $13.61 $19.76 $22.64 $33.52
25 Female $12.07 $16.95 $22.42 $27.90
30 Male $13.82 $20.19 $27.28 $34.37
30 Female $12.50 $17.82 $23.72 $29.63
35 Male $14.93 $22.34 $30.51 $38.67
35 Female $13.39 $19.33 $25.99 $32.66
40 Male $21.32 $34.59 $48.88 $63.17
40 Female $18.01 $28.27 $39.41 $50.54

(Source: Haven Life)

Every year you choose to hold off on purchasing a life insurance policy, you will pay 8%-10% more than you would have the previous year.

Pay for Your Own Funeral Expenses

Funeral expenses are becoming extremely pricey these days, with the national average hovering just below $8,000. That can put a large burden on your family and can even put them into debt. Making sure you have enough life insurance coverage can pay for your funeral and more. 

When you obtain your policy at a young age, you have a longer amount of time to put into your insurance as well.

Less Stress Later On

Planning for the end of life is emotional and stressful and can cause anxiety and even depression as you age. If you obtain a life insurance policy when you are younger, then you will have all of your plans in place and won’t have to worry about it later on. 

What to Look for in Life Insurance in Your 30s

There are different things to consider at every stage of life when you are looking to get a life insurance policy. When you are in your 30s, there are a few important things you should make sure your policy will include:

Coverage to Pay for Large Expenses 

When you start to get quotes for life insurance policies, make sure you choose one that offers enough coverage to pay off large debts or expenses. 

Consider these expenses when looking for life insurance:

  • Funeral expenses
  • College expenses
  • Loss wages (7 years of income)
  • Child care
  • Unpaid medical bills
  • Credit card debt

Coverage with the Right Length

Many people will want to take out a term life insurance policy that covers bills and child care that will keep the family sustained until the children move out. Once you eliminate the cost of supporting an entire family, you can obtain a different life insurance plan that better fits your situation.

Coverage with the Right Amount of Protection

You always want to make sure you are prepared for the future of your health and your family. However, there is such thing as too much insurance, just as there is such thing as too little. 

Most people do not actually need an absurd amount of life insurance to make end-of-life finances affordable for their loved ones. Many people are convinced to buy large amounts of life insurance that they do not need and end up paying premiums they have a hard time affording.

Life Insurance Benefits

Many of the benefits offered through life insurance policies can seem a little bit confusing; here are a few of the benefit options we’ve mentioned above and what they mean:

  • Child Rider: A child rider is an option to add a child to your insurance plan that will pay out a smaller amount of money if that child were to pass away.
  • Premium Waiver for Disability: A premium waiver is the option to waive the premium fees if the policyholder becomes extremely ill, badly injured, or fully disabled.
  • Accelerated Death Benefit Rider: This is a benefit that can be added to your life insurance policy that allows a policyholder to take out a large lump sum of their money if diagnosed with a terminal illness to help cover medical costs and end of life care.
  • Convert to Permanent Policy: This allows the policyholder of a term insurance plan to change their plan to a permanent policy once their terms are up or the policy’s stipulations have been met.
  • Accidental Death Benefit Rider: This allows your beneficiaries to access a larger sum of money in the case of accidental death. Some policies will also use this benefit to help cover the cost of bills if you are seriously injured in an accident but survived.

Term Life Insurance Policies

There are two main types of life insurance offered through insurance companies:

  • Term: Term life insurance is an insurance policy that has a fixed rate for a specific period. Most policies offer 10,20, and 30-year policies, and many of them offer the option to switch to permanent at the end of your term.
  • Permanent: A permanent life insurance policy is a set cash value given to your family once you pass. It is a set amount that lasts your entire life and does not change.

In your early 30s, it is best to purchase a term life insurance policy. This way, you can change the terms after the most important milestones in your life are over. Once your children have grown up and moved out, or your home is paid off, you will likely want to obtain a different policy at a better price. Having term insurance allows you to do this easily.

Final Tips for Looking for Life Insurance in Your 30s

When you have committed yourself to finally looking for the perfect life insurance plan, there are a few more things to consider before making your decision. Here are a few final tips to help you decide which life insurance policy would be right for you:

  • Factor in Health Conditions: When you are 32, your health is more than likely in a better place than it will be when you are 50 or 60 years old. Searching for a life insurance policy that won’t change based on your health after obtaining the plan is an important detail you will want to keep in mind.
  • Shop Around: Just like pretty much everything else you can buy, life insurance policy rates will be different depending on which company you go through. You can save $50 a year or $50 a month; you never know.
  • Consider Health Exams: Many health insurance companies will require you to get a medical exam before they lock in a price for your policy. However, not all of them require this to be done. If you would prefer a company that doesn’t put you through tobacco testing, blood work, and weigh-ins, you can opt for those who offer 100% online applications or stress-free sign-up policies. 

Conclusion

Although it may seem very scary or complicated to consider choosing a life insurance policy at such a young age, there is no better time than now to do so. You will be saving yourself money, time, and stress, and help your family out in the future. 

When choosing the right life insurance policy for you, make sure you consider your current situation along with your plans for the future and factor it all into your policy details so you can create a plan that is a perfect fit for you.

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