For most people, life insurance is about securing the financial future of their loved one in the event of death. At 31, you are already of legal age, and it is high time to take out life insurance whether you have a family that depends on you or are considering having one. Generally, life insurance plays a vital role in easing the financial burden on your family and loved ones in the event of an accident, surprise illness or death. Start by researching inexpensive 31 year life insurance providers to find the right option for you.
Several life insurance companies offer the best premiums for 31-year-old adults looking to secure their future. These companies offer competitive rates, helpful customer service, and several policies to suit your budget. They take into account family health history, type of policy, lifestyle choices, gender, health status, and occupation when determining your life insurance costs, including including your premiums.
Why do you need life insurance at age 31?
Buying your life insurance policy at age 31 is one of the most convenient, affordable, and effective ways to financially protect your loved ones. Essentially, 31 is the best age to get affordable coverage with a term life insurance policy, especially when you are in good health. With that said, here are the reasons why you should purchase a life insurance policy at age 31.
You have a family
Most people have families in their 30s, and when you turn 31, you have one or you are considering starting a family. Also, you could buy a house or possibly have more people dependent on you financially. This means that you have many responsibilities, and purchasing a life insurance policy can help protect your family financially.
You earn more money
At 31, you will probably make more money than at 20. If something happens to you and you have people who depend on you, it would be difficult for them to earn or get that much money. Buying life insurance replaces lost income, mainly when you buy a cage with a death benefit equal to five to ten times your annual salary.
You want to save money
Buying life insurance at age 31 provides financial protection for your loved ones, which is well worth the cost. It allows you to get a policy at a lower insurance premium while still being young and healthy. For example, a 31 year old woman in excellent health can purchase a 30 year term life insurance policy with a death benefit of $ 500,000 for $ 34 per month. But if she waited until she was 40, the monthly starting bonus would be higher at $ 53.
Avoid medical obstacles
Physical health plays a vital role in obtaining your life insurance coverage. This can affect the monthly or annual premiums you will pay. Generally, the healthier 31-year-olds tend to pay lower rates; they are less risky for the insurer than those who suffer from certain medical conditions. By age 31, most people are in good health, reducing the monthly or annual rates payable to the insurer.
You plan to cover your funeral costs
Your family will be hard pressed in the event of death. But you can avoid making a bad situation worse by purchasing a life insurance policy. This allows you to cover your funeral costs; your family can access funds to pay for these costs. According to National Association of Funeral Directors, cremation or burial with a commemorative marker can cost up to $ 8,000. With life insurance, it’s easier to pay for your funeral expenses.
The 6 Best Cheap Life Insurance Providers for 31-Year-Olds
Whether you are male or female, you can choose the best cheap life insurance provider for 31 year olds to purchase coverage, get your death benefit, and financially protect your loved ones. Although there are several insurance companies, here are the best providers for the 31 year old.
Founded in 1907, Protective offers term life, whole life, children’s life and universal life insurance policies. Their services also include annuities to grow and secure your retirement income. The company’s term life insurance is up to 48% less than most competitor policies. This makes it the cheapest option for cost-conscious 31-year-old customers. The protection allows clients to purchase policies with a term of 40 years, in addition to offering several life insurance policies.
You can purchase up to $ 50 million in coverage to ensure the long-term well-being of your loved ones with protective life insurance. The Classic Choice Term policy starts between $ 100,000 and $ 50,000,000 with a term ranging from 10 to 40 years.
For a healthy 31 year old Male, you pay an average monthly premium of $ 7.99 and $ 7.65 for a female looking for $ 100,000 coverage for ten years
However, monthly rates will vary based on a variety of factors including your preferred policy, medical condition, and age. Other benefits offered by Protective Life include online applications, competitive pricing, excellent financial health ratings, and online term quotes.
Sproutt is one of the more affordable life insurance providers, ideal for a 31 year old looking to purchase coverage. The company has one of the easiest methods to buy a life insurance policy. In addition, it offers a minimum coverage of $ 50,000 and a maximum of $ 4,000,000 for terms of 10, 15, 20, 25 or 30 years. Some policies offered at Sproutt include term life insurance, variable life insurance, progressive death benefit, final expense coverage, whole life insurance, simplified issue and guaranteed issue life insurance.
Unlike most insurance companies, Sproutt does not require its customers to undergo a medical examination when purchasing life insurance. His monthly life insurance premiums range from $ 10 to $ 90 depending on factors such as amount of coverage, lifestyle choices and length of contract. For health man 31 years with the purchase of a term life insurance policy of $ 500,000 over 20 years, the monthly premium will be $ 21.73. But a healthy 31 year old woman would pay $ 20.16.
Select a quote
SelectQuote is an insurance sales company that helps customers find the best, most affordable life insurance policies. Founded in 1985, the company offers free quotes from top life insurers such as Protective Life and United of Omaha. You can get quotes for whole and term life and get up to $ 5 million in coverage. With SelectQuote, you can access high amounts of coverage, convert term policies to permanent coverage, and renew your policy.
Considering SelectQuote when purchasing your life insurance policy allows you to obtain coverage from $ 5,000 to $ 5,000,000 for terms ranging from 10 to 30 years. However, the amounts of coverage and the length of the term depend on your age, health, gender and tobacco use. Most term policies require medical examinations. But some SelectQuote partners may not require it for healthy customers.
|Policy type||Blanket||Average cost|
|10 year term||$ 500,000||Average cost of a life insurance policy for a 31 years is $ 15 / month for males and $ 13 / month for females|
Bestow is a life insurance company designed for modern 31-year-old buyers. The company offers online apps, a 30-day money-back guarantee, and no annual or cancellation fees. You can purchase coverage from $ 50,000 to $ 1,500,000 for 10 to 30 years. Bestow is a 100% non-medical life insurance company. This means that you do not have to undergo a medical examination when purchasing life insurance.
Although Bestow offers a transparent application process and is financially sound, it is limited to term life insurance. Monthly premiums start from $ 10 depending on many factors, such as contract length, age, gender, and lifestyle choices. For example, a 31 year old healthy man purchasing $ 500,000 term life insurance over 20 years would pay monthly premiums of $ 26. But one 31 year old healthy woman would pay $ 22.
Prudential is a financial services provider founded in 1875, which offers a range of products such as life insurance, investment options and health insurance. It is ranked by Direct Primes Written among the nation’s largest life insurance companies that offer both term and universal life insurance policies. Prudential offers these options, whether you are looking for coverage to protect your family when you die, or need a plan that promotes your business after you die.
As the oldest provider of affordable life insurance for adults aged 31, Prudential Life Insurance offers higher and personalized coverage limits based on factors such as age, lifestyle, gender, client health and policy conditions. Suppose you buy a 20-year term insurance policy for $ 500,000 life insurance. A healthy and non-smoker 31 year old man will pay a monthly premium of $ 19.06 per month. At the same time, a healthy and non-smoker person 31 year old woman pays $ 17.44 per month.
Ladder is one of the most affordable life insurance companies, offering up to $ 8 million in coverage for adults aged 31. Although it has limited policy options, Ladder offers a unique approach to flexible coverage, where your death benefits are decreased or increased as needed. Let’s say you get married, have kids, and buy a new home. You can consult the company and increase your coverage. The same is true when you need to reduce your coverage due to factors such as your children are old or you have reached retirement age.
Ladder life insurance offers coverage from $ 100,000 to $ 8,000,000 for terms of 10, 15, 20, 25 or 30 years. While a medical exam is not required, clients with coverage over $ 3 million should undergo a medical exam before purchasing insurance. With Ladder, you get fast application and underwriting decisions in minutes at no additional cost and an online fit coverage solution.
If you are in good health 31 year old man Looking for $ 500,000 in coverage and a 20 year term life insurance policy, your monthly premium would be $ 22. Meanwhile, good health 31 year old woman will pay $ 19 per month. Premiums will vary based on factors such as your medical condition, lifestyle, term life insurance policy, and gender for other amounts of life insurance.
The Basics on Cheap Life Insurance Providers for 31 Year Olds
Buying the best cheap life insurance provider as a 31 year old adult shouldn’t be a hassle or take a lot of time. There are several companies offering different policies. But the best way to get the best rates is to compare the prices of different providers by clicking below.
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