Working moms

6 reasons why you probably need life insurance in your 30’s

You don’t need life insurance if you’re in your late 20s or early 30s! This is a big fat lie! The actual truth is getting life insurance at this age is one of the best financial decisions you can make. You are at the prime of your life and health and have a lot more to gain than just safeguarding against death.

Here are some of the reasons why you need that life insurance:

To avoid late life medical burdens

medical history

The best time to take out life insurance is when you’re still young and healthy. This is because insurers deem those who are in good health to be less risky, hence charge them lower premiums. This also means you might qualify for life insurance coverage without needing to undergo a medical exam if you’re in your 30s and in good health.

The longer you wait to apply for coverage, the more your chances of developing health problems that would increase the cost of your premiums or make it more difficult for you to obtain coverage altogether.

To pay off debts

Pay off Debts

If you are like most people in their 30s, chances are you likely have a form of loan or debt under your name. This could be credit card debt, student loan debt, or a mortgage.

Have you given any thought to what would transpire if you sustained an illness or career-threatening injury that results in a loss of income? What if you lost your life or became permanently disabled?

As you can’t predict what life throws at you, you need a hedge against such risks especially if you have debts to take care of. Taking out life policy or just critical care cover is enough to safeguard your family’s financial security and even your own.

You have more responsibilities

In your 30s, you might have a lot of financial obligations, including supporting those who depend on you. It’s even more important if your loved ones won’t be able to pay the expenses without your income if you were to pass away.

Studies show that 4 out of 10 households without life insurance would have difficulties covering their living expenses if the main breadwinner passed away.

By taking out life insurance, you are guaranteed that your family and loved ones will be taken care of financially in the event of your passing. For example, they could use the policy’s payout to cater for various expenses, such as child care, medical bills and mortgage repayment.

To protect your business

business woman

Life insurance might be crucial for succession planning if you run a family business or one that involves stakeholders. You and your business partners can take out a life insurance policy like stakeholder protection for when a stakeholder passes away.

This kind of life insurance enables the surviving business partners to continue managing the company without having to deal with succession-related issues.

How the policy works is that the surviving stakeholders are able to pay off the beneficiaries of the departed member. This is vital in two ways; their family gets much-needed financial support during the difficult period when they’re dealing with the loss of their loved one.

On the other hand, the remaining partners do not have to deal with a new member coming in to run a business they probably know very little about. Win-win situation for everyone.

To pay for your child’s education

Take An Interest In Your Child’s Schooling

They say one of the best gifts you can give your child is good education, but what happens if you depart without having educated them properly? This is where life insurance comes in. The policy guarantees that your children are cared for (including having their education paid for) if the unthinkable happens.

Remember, with the soaring tuition costs, your savings might just not be sufficient to pay for their education especially now that you haven’t been working for long enough. The good news is your children’s education could be financed in part by the payouts from your life policy.

Life insurance is cheaper

Age is one of key variables that life providers take into account when determining premiums. By taking out life insurance when you’re still young, you save yourself a lot of money while also increasing the number of policy options available to you.


Don’t wait until you have gray hair to get life insurance. The 30s is an excellent time to take out a plan as it is cheaper, helps safeguard your child’s education, and your family can use the payouts to clear any loans that could cripple them.

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One thought on “6 reasons why you probably need life insurance in your 30’s

  1. You are probably right, I might should be looking over some insurance policy by now, I never have thought of if on this previous years, thanks for remind me.

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