How to Get Super Low-Cost Life Insurance at Age 31
Posted in Life Insurance in Your 30s last updated on May 14, 2020Life insurance rates stand on three main factors, your age, biological sex, and current health. When looking for life insurance at age 31, you’ve done almost as well as you can on the age range for life insurance. There are a few other tricks to saving money. With a quick bit of research, you can make sure you don’t overpay for life insurance.
- How to save money
- Term life rates
- Permanent life insurance
- No-exam life insurance
- Pre-existing medical conditions
How to Save Money on Life Insurance at Age 31
These are easy tips anyone can use and require very little work on your part. (Except prepping for the life insurance medical exam, but that’s worth it.)
Determine How Much You Need with a Life Insurance Needs Calculator
If you do nothing else on this list, make sure you use a life insurance needs calculator. Instead of multiplying your annual income by a number between 3 and 12 (the old way of figuring it out); this lets you look at the exact dollar amount your family needs to stay financially independent.
A needs calculator takes into account things like a mortgage, the number of children who need college funding, and needed monthly income for your household to run smoothly.
It also prevents you from wasting money by buying too much insurance. If you know exactly what you need, why buy more? You can always layer another policy on top at a later date if the need arises.
Understand that Needs Change
Life is funny sometimes. Things that you’re planning on suddenly go awry. Something that should have been set in stone vanishes or new needs appear that you never anticipated. That’s normal.
Don’t over purchase in expectation of something happening in the future. Avoid buying life insurance and cover your planned three children if you only have one. Don’t figure in a $500,000 mortgage if you haven’t purchased the house yet.
These things may seem obvious, but some people over-prepare. This over-buying coupled with life’s weird twists and turns can leave you with a policy that’s difficult to afford.
Have an Independent Agent Run Quotes For You
The benefits of an independent agent boil down to one thing. They can offer policies from multiple companies. Captive agents (the ones you see with the company name over their office door) can only sell products from that one company. Only shopping with one company means their underwriting restrictions bind you.
Each life insurance company collects its own data and has its own statistical models. They use these models to determine the rates they will charge. So if one company thinks that people with a particular job or certain medical conditions need to pay more, then you will pay more if you fall into that category.
An independent agent can narrow your options to the few best companies for your health and lifestyle. That way, you get a policy that doesn’t stress your finances, and someone else does all the work for you.
View INSTANT QUOTES right now by using the INSTANT QUOTES form on this page. The lowest rates from the leading companies will be displayed on the next page.
Spend Two Weeks Prepping for the Life Insurance Medical Exam
When you schedule your life insurance medical exam, they tell you not to eat anything the morning of. What you eat may throw off the results of your blood and urine tests. (We met a lady who had to retake the exam because she’d eaten a poppy seed bagel that morning which showed up as a positive for heroin.)
More importantly than not messing up your bloodwork, preparing for the life insurance exam can bump you into a better health class. A better health class can mean lower rates by as much as 25%.
In short, you need to try and exercise three times a week, eat a ton of vegetables with every meal, and drink 64 ounces of water or more each day. Even a week or two of being adequately hydrated and getting all the micro and macronutrients you need can improve your test results.
Plus, since you know it’s only for two weeks, it’s not as daunting as making a lifestyle change. With an end date, it’s much easier to convince yourself to go for a half hour walk in the evening or actually cooking the kale you bought.
Term Quotes for 31 Year Old Men
These are the monthly rates for a man who is reasonably healthy and doesn’t smoke.
| Age 31 – Male | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|
| 10-Year Term | $8 | $11 | $17 | $28 |
| 20-Year Term | $11 | $16 | $27 | $48 |
| 30-Year Term | $14 | $24 | $42 | $76 |
Term Quotes for 31 Year Old Women
The table below reflects monthly rates from a reasonably healthy woman who doesn’t use tobacco products.
| Age 31 – Female | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|
| 10-Year Term | $8 | $10 | $15 | $22 |
| 20-Year Term | $9 | $14 | $21 | $37 |
| 30-Year Term | $12 | $21 | $34 | $61 |
Life insurance rates don’t rise too much from year to year in your early 30s, but you can see the difference in our age 32 article. You can also take a look at rates in your 30s as a whole here.
Permanent Life Insurance at Age 31
Permanent life insurance lasts (as it sounds) for your entire life. However, there is usually a clause limiting this lifetime to age 121.
Permanent life insurance comes as either Whole Life or Universal Life. They have slightly different benefits, but both include a cash value accumulation feature. This amount increases as you hold on to the policy, acting like a no questions asked loan.
You can borrow against your insurance policy. The company holds your death benefit as collateral. Many families use this to fund anything from down payments on a house to family vacations to unexpected medical expenses.
Permanent life insurance works best for people with higher income levels. But speak with your insurance agent and financial planner to see what type of insurance is right for your family.
No Exam Life Insurance Options
There are a ton of products on the market where you can get life insurance without the medical exam. They are somewhat more expensive than life insurance policies that require the medical exam.
While the exam can be inconvenient, it will save you money in the long run. With that out of the way, sometimes it just isn’t practical to take an hour out of your day to get it done. Maybe you don’t do well with needles. That’s okay too.
There are plenty of no exam life insurance options on the market. Compare between these and exam options to see what fits best with your family.
Life Insurance for a 31 Year Old With Pre-existing Medical Conditions
Living with a medical condition can be hard enough already. Finding life insurance on top of that can be a colossal pain that you don’t need. But, by taking the right steps, you can alleviate much of that extra headache.
Make sure you do your research on life insurance with a pre-existing medical condition. Each company considers each medical condition differently than others. So you’ll need an agent who can work with a variety of companies to find the best ones for you. Then, to be sure they’re treating you fairly, your agent should do a prescreen to make sure that you’ll get the best health class for the lowest possible rates.
How Abrams Insurance Solutions Can Help
We are a group of independent agents who work with over 70 of the top rated companies to find a life insurance policy tailored to each family that won’t pinch their wallet. Because we can access dozens of companies, we can pit them against each other to make sure you’re getting the best deal.
The Bottom Line
Make sure to keep your reasons for needing insurance in mind as you shop around. It’ll keep you from getting over-sold.
We’re here to save you both time and money because we work for our clients, not the insurance companies. Give us a call today at 858-703-6178 to see how we can ensure you save money.
