Best Life Insurance Rates for 31 Year Olds

by | Life Insurance Ages

Finding the best life insurance rates for 31 year olds starts with understanding who are the top life insurance companies and no exam life insurance companies. Once that is understood, you’ll want to get in touch with an independent life insurance agent that will shop from all of the top life insurance companies.

JUST LOOKING FOR LIFE INSURANCE QUOTES?
Get Instant Medical and No Exam life insurance quotes.
Please call us at 888-411-1329 for a customized quote.

Keep reading you’re wanting to learn how to get the best life insurance rates for a 31 year old. You’ll learn what the life insurance companies look for and how to qualify.

Let’s get started.

BEST LIFE INSURANCE RATES FOR 31 YEAR OLDS

Life Insurance For 31 Year Olds

Now that you know where to start – let’s find out what you should learn specifically for your age. When you’re searching for the lowest priced life insurance for 31 year olds you’ll want to know which life insurance companies have the best rates for your age group. This will give you the best chance at securing the most affordable life insurance policies.

  • What do Eazy-E, John Dillinger, and Cory Monteith all have in common? They all passed away at the age of 31.

When you’re buying life insurance in your 30s there isn’t a huge spike in rates from year to year. However, you’ll want to secure coverage quickly, because rates start to go up in your 40s and 50s.

  Life insurance rates by age can often times vary by a wide margin depending on the life insurance carrier that you select even though you’re in your 30s.

What if you aren’t in perfect health and have a current or preexisting health condition? Health conditions can be a huge factor in what you will end up paying for your life insurance policy.

You need to understand that qualifying for life insurance isn’t the same from company to company. What does this mean? Every life insurance company has their own individual underwriting guidelines to approve your rate. This is great for life insurance shoppers.  Why? Because your agent can find the life insurance company that fits in your specific niche.

For example, if you’re in perfect health your agent will show you the best rates from all the companies. If you are a little overweight, your agent will provide only the companies that offer the best rates for your specific weight. Health issues? Tobacco use? Your agent needs to shop these niches specifically for your situation.

These niches give the smart shopper the chance at the best available rates – if you know how to find them!

Helpful Links:

*Life Insurance Types

Affordable Life Insurance for 31 Year Olds

When you’re 31 and shopping for life insurance, you’re going to have many options available to you. Buying life insurance in your 30s should be very affordable. If you’re like the majority of 31 year olds, you are probably pretty healthy. Most life insurance companies will offer your great rates for 20 and 30 year term life insurance.

All of the life insurance companies are going to be after your business. This competition drives down the cost of life insurance rates. Life insurance companies look at the 30 year old age bracket as very low risk. This is because people are living longer and leading healthier lives. This low risk equates to low rates. These life insurance companies want your business so they are lowering rates as much as possible.

All of this competition means you have options. You can opt for a life insurance policy with a medical exam or a no exam life insurance policy. No exam policies are becoming much more competitive as well. No medical exam life insurance is a great option if you’re looking to secure coverage quickly and without the inconvenience of a medical exam.

Qualifying for Life Insurance at Age 31

You shouldn’t have any difficulty qualifying for life insurance at age 31. Usually you’re in excellent health in your 30s. What if you are not in perfect health or have a preexisting condition? The good news is that there are still options available to you depending on your specific situation. You need to know that the life insurance policies available to you will likely be more expensive than for those in perfect health.

For example, if you have the following health issues:

  • High Blood Pressure
  • Elevated Cholesterol
  • Diabetes

These are just a few common health conditions that will cause your rate to be increased because your situation is riskier to the life insurance company. It is even more important to secure life insurance now if you have health conditions. Life insurance rates increase as you age, but they also increase by health class rating. Your coverage will get more expensive if your health gets worse. You could even be declined in the future depending on your health.

Take advantage now of your young age and health status while you can. You’re not getting any younger!

Life Insurance Rates for 31 Year Olds

Let’s look into some sample rates for a male and female shopping for a 20 year term and $400,000 death benefit. These example rates are based on a Non Tobacco user at a Preferred Plus health class rating.

A 31 year old man with excellent health looking for a $400,000 20 year fixed term life insurance policy. He can expect to pay just over $16 a month with Lincoln Financial Group and a little more than $18 from AIG. What if he wanted to apply for a $400,000 No Medical 20 year fixed term? He would pay just over $35 a month. Another option he could choose would be to select a Guaranteed Universal Life policy to a specific age. For example, he could apply for a $400,000 GUL to Age 90 for a little over $154 per month.
For women, it is even less for all of these life insurance examples. A 31 year old woman with excellent health looking for a $400,000 20 year fixed term life insurance policy. She can expect to pay just over $13 a month with Lincoln Financial Group and a little more than $16 from Banner Life. For a $400,000 Non Medical life insurance policy at a 20 year fixed term, she would pay just over $17 a month. For the Guaranteed Universal Life policy to age 90 – she could apply for a $400,000 GUL for a little over $130 per month.

All of these options are much more affordable in your 30s. Peace of mind for your family’s future is attainable and affordable while you’re still young.

What are some of the best term life companies for a 31 year old?

Finding and applying to the life insurance company that is the best fit for you will depend on your present health, your health history including family history, as well as weight and height. It also depends on your desired amount of coverage and the length of your term. We can help you figure out which life insurance company would be best for you based on these variables.

Although the market changes every year – the life insurance companies below generally have the cheapest rates and best term life insurance coverage for 31 year olds.

SBLI
Banner Life
Prudential
Lincoln
AIG


Compare Life Insurance Rates Today and Get a Quote

Always shop around when buying life insurance. No matter your situation, always work with an independent life insurance agent.

Life insurance rates can vary up to 74% depending on the company!

Work with LifeInsuranceBlog, because we can shop your case from over 60 of the top life insurance companies on the market. You can get covered today by simply comparing multiple life insurance quotes on our site. You can also pick up the phone and give us a call now at 888-411-1329 for a quote customized specifically for you.

Thanks for reading our post, Best Life Insurance Rates for 31 Year Olds. Please leave a comment or question down below.

Summary
Review Date
Reviewed Item
Term Life Insurance
Author Rating
51star1star1star1star1star

Michael Quinn

Michael Quinn is the founder of LifeInsuranceBlog. If you have specific questions or face challenges getting coverage. Please email or call me a call at 888-411-1329 - Either way, I'm happy to help you.

Latest posts by Michael Quinn (see all)

Related Post