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Should I get life insurance in my 20s?
8 min
Securing life insurance in your 20s could potentially save…
Therefore, as your priorities change, you may begin to think about the financial implications of your passing. Especially if you have dependents who rely on your income.
It’s for this reason that many people over 30 look to buy life insurance.
Taking out a policy during this stage of your life can offer peace of mind and a financial safety net for your loved ones should the worst happen to you.
You’ll also be able to lock in your lowest possible monthly premium, as prices are often cheaper the younger you are.
Compare over 30s life insurance through Reassured over the phone or by using our online comparison service. It takes just minutes to get your free quotes.
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Life insurance is a type of policy that provides your family with financial protection should the unexpected happen to you.
It usually lasts for a specified term and pays out a lump sum if you pass away (or are diagnosed with a terminal illness) during the term.
You can choose a policy term and cover amount to suit your needs and budget, ensuring that your family are adequately protected in the event of your death.
We outline the different types of life insurance for over 30s below.
Over 40? Why not visit our dedicated life insurance for over 40s guide »
Whether you should get life insurance in your 30s will depend on your personal circumstances.
People over 30 are more likely to own a home with a mortgage and have a young family, which increases the need for life insurance during this stage of life.
The average age of a first-time home buyer in the UK is 33 years[8], and the average age of first-time parents is now over 30[9].
Therefore, life insurance is often suitable if you have:
You may also wish to take out a policy to help cover your funeral costs and/or provide a cash gift for your family in the future.
Life insurance premiums are cheaper while you’re young and in good health, so if you need to arrange a policy, it’s sensible to do this sooner rather than later.
This will allow you to lock in your best possible premium for the duration of your policy.
Life insurance premiums for those in their 30s start from just £5 a month through Reassured.
£5 a month is based on a healthy 30-year-old non-smoker taking out £124,000 of term life insurance over 20 years. Or, for just £10 a month, a healthy 30-year-old non-smoker could take out £300,000 of cover over 20 years.
In the tables below, we’ve provided some pricing examples for over 30s life insurance policies.
Table 1: Example monthly premiums are based on a non-smoker, in good health, taking out £200,000 of cover over 20 years:
Age | Level term life insurance (over 20 years) | Decreasing term life insurance (over 20 years) |
---|---|---|
30 | £6.85 | £5.56 |
31 | £7.42 | £5.68 |
32 | £8.15 | £5.84 |
33 | £8.68 | £6.04 |
34 | £9.26 | £6.31 |
35 | £9.92 | £6.65 |
36 | £10.69 | £7.08 |
37 | £11.49 | £7.58 |
38 | £12.25 | £8.15 |
39 | £13.00 | £8.71 |
Table 2: Example monthly premiums are based on a non-smoker, in good health, taking out £100,000 of cover over 30 years:
Age | Level term life insurance (over 30 years) | Decreasing term life insurance (over 30 years) |
---|---|---|
30 | £5.56 | £4.55 |
31 | £5.88 | £4.68 |
32 | £6.22 | £4.80 |
33 | £6.58 | £5.01 |
34 | £6.97 | £5.20 |
35 | £7.43 | £5.38 |
36 | £7.98 | £5.64 |
37 | £8.57 | £5.93 |
38 | £9.21 | £6.28 |
39 | £9.90 | £6.62 |
Table 3: Shows a comparison of example monthly premiums from leading insurers. Premiums are based on a non-smoker, in good health, taking out £250,000 of level term cover over 20 years:
Age |
|
|
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---|---|---|---|
30 | £8.70 | £8.88 | £10.42 |
31 | £9.31 | £9.37 | £10.72 |
32 | £9.92 | £9.94 | £11.51 |
33 | £10.53 | £10.58 | £12.10 |
34 | £11.15 | £11.30 | £12.73 |
35 | £12.01 | £12.10 | £13.66 |
36 | £12.96 | £13.01 | £14.72 |
37 | £13.90 | £14.00 | £15.89 |
38 | £14.85 | £15.10 | £17.15 |
39 | £15.79 | £16.29 | £18.54 |
In any circumstance, the exact cost of your life insurance will depend on the information you provide during the application process (and the likelihood of you making a claim on your policy).
It will also depend on the insurer, as each insurer uses their own criteria to assess your level of risk.
At Reassured, we provide free and personalised over 30s life insurance quotes from a panel of top UK insurers to help you find our best deals.
Simply click through to our online form and make the most of our award-winning service.
The cost of life insurance will be impacted by your age at the point of application, as well as your:
Term life insurance tends to be the best and most popular type of life insurance for young adults.
This is because it’s designed to help protect your family and home if you were to pass away unexpectedly during a set term. You can choose between level term and decreasing term life insurance policy options:
Term life insurance arranged through Reassured comes with free terminal illness cover.
This means you can make an early claim on your policy if you’re diagnosed with a terminal illness during the policy term.
Compare term life insurance quotes from multiple leading insurers using our award-winning broker service. Quotes start from just £5 a month.
This policy offers lifelong protection and guarantees to pay out when you pass away, no matter when that happens.
Premiums tend to be more expensive than for term-based cover, due to the guaranteed pay out.
There’s also a risk that you could pay more into the policy than what pays out depending on how long you live.
This policy is similar to term life insurance, except that it pays out in monthly payments (instead of a lump sum) if you pass away during the set term.
The payments continue until the end of the term, helping your loved ones to cover essential everyday costs.
This type of policy is designed to help to replace your income in the event you’re unable to work due to an illness or injury.
It pays out in monthly payments until you’re able to return to work.
You can choose from short-term and long-term cover options to suit your circumstances.
This policy provides a lump sum pay out if you pass away or are diagnosed with a critical illness during a set term.
It typically covers up to 30 illnesses, including cancer, stroke and heart attack.
You could use the pay out to help replace your income and cover medical costs while you’re unwell.
Compare quotes with Reassured and find your ideal policy at the right price.
If you’re in a couple, then you may consider taking out life insurance on a joint basis with your partner.
In the table below, we’ve compared the cost of taking out joint life insurance vs taking out two single life insurance policies for applicants in their 30s.
The example monthly premiums are based on two non-smokers in good health, taking out £150,000 of level term cover over 20 years:
Age | Joint policy monthly premium | Two single policies monthly premium |
---|---|---|
30 | £10.72 | £11.44 |
31 | £11.41 | £12.22 |
32 | £12.09 | £12.84 |
33 | £12.81 | £14.16 |
34 | £13.46 | £15.10 |
35 | £14.43 | £16.14 |
36 | £15.58 | £17.28 |
37 | £16.75 | £18.54 |
38 | £17.94 | £19.90 |
39 | £19.15 | £21.22 |
Find out if joint life insurance is the right option for you by comparing quotes using our award-winning service.
The length of your life insurance policy term will depend on your reasons for taking out cover.
Reason for taking out a policy | How long your cover should last |
---|---|
To help protect a mortgage | Your policy term should last until your mortgage debt is paid off. The average length of a policy is 20 to 30 years, as the average mortgage length is 25 years. |
To help protect dependents | Your policy term could last until your children are likely to be financially independent. For example, your policy could end when they turn 18, or when they turn 21 and finish university. |
To help cover funeral costs and/or cover inheritance tax | You may need to take out a whole of life policy to guarantee that your family receive a pay out when you pass away. |
How long your life insurance lasts will also depend on your budget, as the longer you’re covered for, the higher your monthly premium will be.
With life insurance often lasting for 20, 25 and 30 years, it’s possible that your circumstances will change during this period.
The good news is that most policies can also evolve if needed, allowing you to make sure that adequate protection is always in place.
For example, if your policy includes the special events option (also known as the guaranteed insurability option) you can increase your cover amount at certain life events without providing any new medical information.
These life events include:
Increasing your cover isn’t the only change you can make to your life insurance policy. Depending on the policy you take out, it’s often possible to:
Please note, not all these options are available with every insurer. It’s important to understand the terms of your policy before buying.
Amending your life insurance will affect the cost of your monthly premium.
At Reassured, we offer a specialist impaired risk service to support applicants over 30 with pre-existing health conditions, high-risk occupations or dangerous lifestyles.
Our impaired life insurance team have an excellent track record of finding some form of cover for those who may have found it difficult to secure cover in the past.
We can offer personalised quotes from mainstream insurers as well as smaller specialists, allowing us to help identify options that could be available to you.
See our life insurance with pre-existing conditions article for more information »
Reassured can compare over 30s life insurance quotes from a panel of leading UK insurers, to help you find our best available deals.
As mentioned, it’s possible to either:
We’re an award-winning, FCA-regulated broker with more than 14 years industry experience. Our service is committed to helping you secure affordable cover to protect your loved ones.
Fill in our short and simple online form to start your life insurance journey today.
[1] https://www.finder.com/uk/mortgages/mortgage-statistics
[2] https://www.zoopla.co.uk/discover/property-news/average-rent-uk/
[3]https://www.daynurseries.co.uk/advice/childcare-costs-how-much-do-you-pay-in-the-uk
[4] https://cpag.org.uk/policy-and-research/findings-our-projects/cost-child-reports
[5] https://www.nimblefins.co.uk/average-uk-household-budget
[6] https://www.sunlife.co.uk/funeral-costs/
[7] https://themoneycharity.org.uk/money-statistics/
[8]] https://www.money.co.uk/mortgages/first-time-buyer-mortgages
[9] https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/livebirths/bulletins/birthcharacteristicsinenglandandwales/2021
[10] https://www.money.co.uk/savings-accounts/savings-statistics
[11] https://www.ftadviser.com/life-insurance/2023/08/02/nearly-half-of-uk-adults-do-not-have-life-insurance/
[12] https://www.which.co.uk/news/article/two-thirds-of-adults-in-their-30s-dont-have-enough-life-insurance-aveY96v8Fkof
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