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If you are between the ages of 30 and 39, you may have thought about purchasing a life insurance policy and have questions…
- Why would I need life insurance?
- How much life insurance do I need?
- How much does life insurance cost for 30 to 39 year olds?
- What type of policy should I buy?
Well, you have come to the right place because we can answer all of your questions regarding life insurance for anyone in their 30’s.
The first step is determining why you are wanting to purchase a life insurance policy. Everybody is in a different situation so the reasons why you may be considering life insurance could be completely different then another person.
We typically see most people in their 30’s purchasing life insurance because of mortgage debt, providing for a spouse and/or young children in the event of death, covering outstanding short term debt (credit cards, student debt, line of credit, auto loan, etc.) or just purchasing for peace of mind.
The good news is that term life insurance is very affordable when you are in your 30’s. Life insurance is cheaper to purchase when you are young. As your age increases, as will the premiums for a life insurance policy. It is best to apply for life insurance when you are young and healthy so that you can qualify for the best types of life insurance policies at the lowest rates.
See the below charts for rates for $100,000, $250,000, $500,000 and $1,000,000 of life insurance for 30 to 39 year olds in Canada.
Monthly Rates for 30 – 39 Years Old Female, Non Smoker
|
Age | $100,000 | $250,000 | $500,000 | $1,000,000 |
|
30 | $7.02 | $10.58 | $15.30 | $24.30 |
|
31 | $7.11 | $11.03 | $15.75 | $25.20 |
|
32 | $7.20 | $11.03 | $16.20 | $26.10 |
|
33 | $7.38 | $11.03 | $16.65 | $26.10 |
|
34 | $7.47 | $11.03 | $16.65 | $26.10 |
|
35 | $7.56 | $11.03 | $16.65 | $27.00 |
| 36 | $7.74 | $11.70 | $17.55 | $28.80 |
| 37 | $8.01 | $12.15 | $18.00 | $29.70 |
|
38 | $8.28 | $12.83 | $18.90 | $31.50 |
| 39 | $8.46 | $13.05 | $19.35 | $33.30 |
*Based on 10 year term, female, standard, non smoking rates quoted in March 2022
Monthly Rates for 30 – 39 Years Old Male, Non Smoker
| Age | $100,000 | $250,000 | $500,000 |
$1,000,000 |
| 30 | $9.18 | $13.95 | $22.32 | $36.90 |
|
31 | $9.27 | $13.95 | $22.41 | $36.90 |
|
32 | $9.27 | $13.95 | $22.50 | $36.90 |
|
33 | $9.27 | $14.18 | $22.59 | $36.90 |
|
34 | $9.27 | $14.18 | $22.68 | $36.90 |
|
35 | $9.27 | $14.18 | $22.68 | $36.90 |
|
36 | $9.36 | $14.85 | $23.40 | $36.90 |
|
37 | $9.54 | $15.53 | $24.30 | $41.40 |
|
38 | $9.72 | $15.98 | $25.65 | $44.10 |
|
39 | $9.90 | $16.43 | $27.00 | $46.80 |
*Based on 10 year term, male, standard, non smoking rates quoted in March 2022.
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Need help finding out how much life insurance you need or which term/policy is right for you? Let us help, reach out to us today or book a call with one of our life insurance specialists.
