How to Get Crazy Low Life Insurance Rates For a 34 Year Old
In my imagination, finding life insurance for a 34 year old was similarly catalogued with going to the DMV. Just a thing that needs to get done. Takes forever. A huge Inconvenience. Capital “I” included.
But like many things, the internet makes everything easier. I don’t have to go to an office inconveniently opened only during my work hours. No rambling off all my personal information over the phone. Everything is pretty easy, unlike the DMV.
- Saving Money – Step 1
- Saving Money – Step 2
- Term rates
- Permanent life insurance
- No exam life insurance
- Return of premium
- How Abrams Insurance Services can help
So the only challenge left is finding the lowest rates. And finding those rates out of the roughly 850 life insurance companies operating in the United States is surprisingly easy with quick cost comparisons. So what type of policy is right for you and your family? How much should you get?

If you already know the answers to the aforementioned questions, there is an Instant Quote tool to the left (top if you’re on mobile.) You can use this to see actual rates from the best rated companies. You can also call 858-703-6178 with any questions. There is absolutely no obligation to buy.
Step 1 to Saving Money on Life Insurance for a 34 Year Old
The best way to save money is to purchase term insurance. Term means there is a set time limit on your policy. For example people in their 30s often consider 30 year terms to cover their mortgages. So a 30 year term at age 34 means the coverage would stay in place until you are 64. Or 30 years from the date you choose to start your coverage. The trade-off on term insurance is there is a reasonable chance you will not use your policy.

That’s why term life insurance is so much more affordable than permanent life insurance. Permanent, like it’s name, stays with you until death. So as long as you keep paying your premiums you are guaranteed a payout at the end of your life. Whenever that may be. The bad new is since it is guaranteed, life insurance companies have to charge more. Otherwise they would go out of business.
Step 2 to Saving Money on Life Insurance for a 34 Year Old
The second best way to save money is to know exactly how much life insurance you need. If you read a lot of articles about buying life insurance, you will see widely varying recommendations. Some people suggest 3 to 5 times your annual income. Others will argue your family needs as much as 20 times your annual income. The normal expected range to hear is 3x to 5x or 5x to 7x your annual income, depending on who you ask. That will cover funeral costs, pay off any debts, and hopefully leave some cash for your family.
You can also use the Life Insurance Needs Calculator to take into account specific things like remaining mortgage amount or other outstanding debt. Since everyone is in a different situation, this approach often works better than a one size fits all X times your income.
Term Life Quotes for 34 Year Olds
To recap, term life insurance is a policy that covers you for a specified number of years. For example, if you want to make sure your child’s college tuition is covered, you might buy 20 year term life insurance.
There are varying types of term policies as well. A level term policy is the most common. That means your coverage and your premium stay the same throughout the length of the policy. An increasing term policy means your coverage amount and your premiums both increase over time. A decreasing term is the opposite.
If we go back to our example of covering a 30 year mortgage, a good option might be a decreasing term life insurance policy. That way as you pay off the amount you owe the bank, your life insurance gets cheaper and cheaper because the payout also decreases.
Rates for Term Life Insurance for a 34 Year Old Man
These rates assume that you are in great health. Most people in their 30s can still qualify for preferred plus rates. They also assume that you do not smoke. Below are rates for paying on a monthly basis. Most companies have an auto pay system to make this more convenient than writing a check every month.
$100,000 | $250,000 | $500,000 | $1,000,000 | |
10 Year Term | $7 | $10 | $14 | $22 |
20 Year Term | $9 | $14 | $22 | $37 |
30 Year Term | $14 | $23 | $39 | $72 |
Rates for Term Life Insurance for a 34 Year Old Woman
$100,000 | $250,000 | $500,000 | $1,000,000 | |
10 Year Term | $7 | $9 | $13 | $20 |
20 Year Term | $9 | $12 | $19 | $31 |
30 Year Term | $12 | $20 | $33 | $59 |
Click over to our age 35 article to see what happens to these rates if you wait a year.
Permanent Life Insurance for a 34 Year Old
Permanent life insurance is the counterpart to term life insurance. Meaning so long as you keep paying your premiums, the policy stays in place. There is no time limit or expiration date.
There is another part of permanent life insurance that distinguishes it from term insurance. Some types of permanent life insurance have a savings component. This is part of the policy that builds a cash value which allows the person who owns the policy to borrow against it or sometimes withdraw entirely.
Pros and Cons of Permanent Life Insurance
There are several advantages that permanent life insurance has over term life insurance. It also has several disadvantages.
The primary advantage is that a permanent life insurance policy always stays with you. It doesn’t matter if you live to 75 or to 105, your family will get a payout from the insurance company. The investment portion is helpful to many people as well. If you are not diligent about investing to save up for a bigger house, college tuition, or unforeseen events, the forced investment part can pay off big time later in life.
The main drawback is that a permanent life insurance policy is more expensive than a term life policy. If you are a diligent investor or not in a position to invest at all, permanent can do more harm than good for your financial situation. It all comes down to what is most important to you and your family.
Do you want basic coverage at the lowest rates? Would you rather have a more comprehensive policy that is more expensive now, but guaranteed to pay out later?
Get Term Life Insurance Without a Medical Exam

Hate needles? Does the sight of blood make you feel woozy? Skip the exam.
One of our favorite companies offers policies without a medical exam. The catch is you must be under 60 applying for a policy of half a million or less. So life insurance for a 34 year old will probably fall within that criteria.
The best part?
The company that offers this charges only an extra few bucks a month for the same term length and benefit amount. So you will pay a little more than the companies with the lowest prices. Yet if avoiding that medical exam is worth it to you; you have the option.
No Exam Life Insurance Rates for a 34 Year Old Man
$100,000 | $250,000 | $500,000 | |
10 Year Term | $9 | $14 | $18 |
20 Year Term | $10 | $16 | $26 |
30 Year Term | $15 | $24 | $40 |
No Exam Life Insurance Rates for a 34 Year Old Woman
$100,000 | $250,000 | $500,000 | |
10 Year Term | $8 | $11 | $14 |
20 Year Term | $10 | $14 | $22 |
30 Year Term | $14 | $23 | $33 |
As a side note, companies change their underwriting criteria frequently. We presume this will still be available for a long time after we write this article. However, to avoid any confusion or disappointment later on, we aren’t naming them here. If this interests you, please call and we will be happy to tell you who they are. (800) 905-0333.
How can a Return of Premium rider help?
One of the features available on term life contacts is Return of Premium. This means that at the end of your policy’s term, you get your premium refunded. This is normally the entire premium, but the details do vary from company to company.
Now, before you jump in an say, “This is a great deal! Give me a 30 year term with return of premium!” you should know it is significantly more expensive than term life insurance policies without this rider. The insurance company still needs money to pay its employees and reinvest into the company so because it is going to pay you either way, it needs a higher principal to invest to generate profit. That higher principal comes from the higher premium you pay for the policy.
Return of Premiums Rates for Term Life Insurance for a 34 Year Old Man
Like the rates above, these are for someone who is healthy and does not smoke. These are the prices if you choose to pay monthly.
$100,000 | $250,000 | $500,000 | $1,000,000 | |
20 Year Term | $22 | $47 | $87.00 | $168 |
30 Year Term | $40 | $44 | $82.00 | $158 |
Return of Premium Rates for Term Life Insurance for a 34 Year Old Woman
$100,000 | $250,000 | $500,000 | $1,000,000 | |
20 Year Term | $19 | $38 | $69 | $132 |
30 Year Term | $29 | $35 | $65 | $124 |
If you are a savvy investor, we recommend taking the money you would have used for your return of premium and invest it. That way instead of loaning your money to the insurance company at 0% interest (occasionally a company will pay interest), you can get the X% returns on your investment in addition to being covered by your life insurance. However, if you are not the type of person to regularly invest money, getting all those premiums back at the end of your policy term can be a great bonus.
How Abrams Insurance Can Help
We are an independent agency. Which means that you get our expertise free of charge covering a range of companies because we aren’t beholden to any single company. If we suspect one company is going to ask for higher rates than we think is fair, we can help you switch companies. It means that with one call or email, you can get rates from over 70 of the top rated life insurance companies in the country.
You can also use the Instant Quote tool on the left (top if you’re on mobile) to see rates from 15 to 20 different well rated companies.
People in their 30s are at the start of where most people have something to protect with life insurance. Whether it is an estate, a spouse, children, or something else, the majority of people have something that would benefit from the layer of protection that life insurance provides. That may not be you, but if it is you won’t find lower rates than at Abrams Insurance. Companies regulate their prices through state and federal insurance boards. So if you were to ask for prices from the same insurance company and the same policy at 47 different agencies, they will be exactly the same price. Everywhere.
The Bottom Line
With an independent agency, we can help you choose the best insurance company to protect your family at any age. Secure a policy in a manner convenient for you, whether it is done online, over the phone, or without an exam. We just want to make sure you have access so friendly, helpful advice, with no sales obligation to make the best choices for you and yours.
So call today with any questions at 858-703-6178. We have friendly agents standing by to help guide your family through the life insurance process. There is no obligation to buy. We just want to make sure you have answers to make an informed decision.