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Do I Need Life Insurance in My 30s?

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April 28, 2022

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When you’re in your 30s, you may not feel that life insurance is necessary. After all, life insurance revolves around what happens when you pass away, and these thoughts may not come into consideration until you’re much closer to the end of your life expectancy. However, now is the best time to examine the question, “Do I need life insurance in my 30s?. 

What Does Life Insurance Do?

Life insurance policies allow you to provide for your loved ones after you’ve passed away. The size of the policy is based on the death benefit, which is the dollar amount that will be disbursed to your loved ones. Death benefits aren’t subject to income tax and can be used for any purpose. It’s disbursed as a lump sum payment, and it allows you to provide beyond your financial limitations.

Related Post: How Much Life Insurance Do I Need?

Why Is It the Best Time?

Your 30s are arguably the best time to buy life insurance. The reason why youth holds such an advantage is because of how you look on paper. Insurance companies assess insurability risk and set premium costs accordingly. The younger you are, the longer you’re expected to live, and the more premiums you’ll be able to pay.

If you get a policy now, your monthly rates will be substantially lower, and the insurance company will be more willing to assign a policy with a higher death benefit. You may even be able to get one with a 7-figure payout.

You’re also at an age where the selection is broader. When you’re older, the choices are narrower due to the greater likelihood of being rejected by insurers.

How Can It Be More Beneficial For Me?

Purchasing life insurance is an act of altruism because you are using your own money for the financial benefit of those closest to you. However, financial situations can take unpredictable turns, and adversity may tempt you to surrender your policy. When you surrender a policy, you don’t get refunds on your premium payments, no matter how long you’ve made them.

However, you can purchase a policy with an accruing cash value. Life insurance policies such as indexed universal whole life will do this. Your 30s are a perfect time to buy a policy like this because eventually, you will have earned enough to the point where the premiums will pay for themselves.

Get Started Today

Magnolia Insurance Agency is here to help you find a life insurance policy that works for you. You deserve the ability to provide for your loved ones, and we’re proud to provide you with such an opportunity. Call us today at 770-213-5171 to find out more about how you can get the best policy for your needs!

Life Insurance / By Magnolia Insurance Agency

Contact Us Today – 770-213-5171

Stephen Dufour
Owner, Magnolia Insurance Agency
Office: 770-213-5171
Fax: 770-338-6932

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