Over 30s life insurance

Entering your 30s can bring about some major adult milestones, such as:

  • Buying a house
  • Getting married
  • Starting a family

Therefore, as your priorities change, you may begin to think about the financial implications of your passing. Especially if you have dependents who rely on your income.

It’s for this reason that many people over 30 look to buy life insurance.

Taking out a policy during this stage of your life can offer peace of mind and a financial safety net for your loved ones should the worst happen to you.

You’ll also be able to lock in your lowest possible monthly premium, as prices are often cheaper the younger you are.

Compare over 30s life insurance through Reassured over the phone or by using our online comparison service. It takes just minutes to get your free quotes.

What is life insurance for over 30s?

Life insurance is a type of policy that provides your family with financial protection should the unexpected happen to you.

It usually lasts for a specified term and pays out a lump sum if you pass away (or are diagnosed with a terminal illness) during the term.

The lump sum could help your loved ones manage financially, helping towards:

  • Mortgage (or rent) payments - The average monthly mortgage payment on a house in the UK is £1,293 and the average mortgage loan is £180,463[1]. The average rent is £1,223 per month[2]
  • Childcare fees - A full-time nursery place costs around £120 per week on average (for a child entitled to 30 hours free childcare)[3]. The total cost of raising a child to the age of 18 is £166,000[4]
  • Family living costs - UK families spend on average £2,721 per month on housing costs, utility bills, transport and other everyday living essentials[5]
  • Funeral expenses - The average cost of a basic funeral in the UK is £4,141[6]
  • Outstanding debts - Credit card debt per adult in the UK is £1,308, and the total unsecured debt per adult is £4,232[7]

You can choose a policy term and cover amount to suit your needs and budget, ensuring that your family are adequately protected in the event of your death.

We outline the different types of life insurance for over 30s below.

Over 40? Why not visit our dedicated life insurance for over 40s guide »

Should I get life insurance in my 30s?

Whether you should get life insurance in your 30s will depend on your personal circumstances.

People over 30 are more likely to own a home with a mortgage and have a young family, which increases the need for life insurance during this stage of life.

The average age of a first-time home buyer in the UK is 33 years[8], and the average age of first-time parents is now over 30[9].

Therefore, life insurance is often suitable if you have:

  • Dependents such as young children and/or a partner who rely on your income to cover everyday living costs, bills, mortgage repayments or rent
  • An outstanding mortgage or other large debts in your name that your family wouldn’t be able to afford to pay off themselves
  • No savings or not enough savings to provide a financial safety net if you were to pass away (46% of UK adults have £1,000 or less in savings, and 25% have £200 or less[10])

You may also wish to take out a policy to help cover your funeral costs and/or provide a cash gift for your family in the future.

Life insurance premiums are cheaper while you’re young and in good health, so if you need to arrange a policy, it’s sensible to do this sooner rather than later.

This will allow you to lock in your best possible premium for the duration of your policy.

How much over 30s life insurance do I need?

Almost half of UK adults don’t have life insurance[11], and of those who do, many don’t have enough life insurance to cover all their financial commitments[12]. Use our handy calculator to better understand your ideal cover amount. Simply fill in your financial commitments and other costs you’d like your policy to cover.

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£127,140 is the estimated mortgage debt per household in the UK.

The purchase of a home is likely to be the largest financial commitment any of us will make in our lifetime. Your life insurance should cover your remaining mortgage balance to allow your loved ones to stay in the family home should anything happen to you.

Source: Finder.com

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The average monthly household budget in the UK is £2,700 (that’s £33,000 per year), which is spent on transport, food & drink, utilities (gas, electricity, water etc), clothing, council tax and leisure activities.

With energy prices hitting a record high and the cost of living rising sharply in the UK, you may wish to factor in utility bills and family living expenses into your cover.

Source: Nimblefins.co.uk

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The total unsecured debt per UK adult is £4,170. Credit cards, personal loans and overdrafts being are common forms of debt. The average credit card debt per household now stands at £2,476.

Factoring in any debts into your life insurance cover means that, if they need to be paid back from your estate after your passing, your loved ones won’t miss out financially.

Source: Themoneychariy.org.uk

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According to SunLife, the average cost of a funeral in the UK is £4,141 (with the overall cost of dying at £9,658).

Funeral costs have increased by 116% since 2004 and are a significant cost which should be factored into the amount of life insurance you secure.

Source: SunLife.co.uk

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When factoring in cover for your children, you may wish to calculate the amount based on how long it is until they reach financial independence.

This could include childcare (£8,000 per year for part-time care), school expenses (£1755.97 per school year for uniforms, lunches, stationary etc), as well as an additional sum for further education (this can be £9,250 per year for students studying a course leading to a degree).

Sources: Daynurseries.co.uk, Actionforchildren.org.uk, Aru.ac.uk

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65% of young adults (under 41 years) say they are relying on an inheritance to fund their retirement.

Factoring in an inheritance to your sum assured could allow loved ones to live a more financially comfortable life. Alternatively, you could leave a cash gift to a charity of your choosing.

Source: Standardlife.co.uk

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If you’re lucky enough to have your own savings or are part of the 35% of UK residents who already have a life insurance policy in place, this can provide financial protection for loved ones.

By entering your current cover, savings or death in service amount you can reduce the sum assured you require.

Source: Forbes.com

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How much is life insurance for a 30-something year old?

Life insurance premiums for those in their 30s start from just £5 a month through Reassured.

£5 a month is based on a healthy 30-year-old non-smoker taking out £124,000 of term life insurance over 20 years. Or, for just £10 a month, a healthy 30-year-old non-smoker could take out £300,000 of cover over 20 years.

In the tables below, we’ve provided some pricing examples for over 30s life insurance policies.


Table 1: Example monthly premiums are based on a non-smoker, in good health, taking out £200,000 of cover over 20 years:

AgeLevel term life insurance
(over 20 years)
Decreasing term life insurance
(over 20 years)
30£6.85£5.56
31£7.42£5.68
32£8.15£5.84
33£8.68£6.04
34£9.26£6.31
35£9.92£6.65
36£10.69£7.08
37£11.49£7.58
38£12.25£8.15
39£13.00£8.71

Table 2: Example monthly premiums are based on a non-smoker, in good health, taking out £100,000 of cover over 30 years:

AgeLevel term life insurance
(over 30 years)
Decreasing term life insurance
(over 30 years)
30£5.56£4.55
31£5.88£4.68
32£6.22£4.80
33£6.58£5.01
34£6.97£5.20
35£7.43£5.38
36£7.98£5.64
37£8.57£5.93
38£9.21£6.28
39£9.90£6.62

Table 3: Shows a comparison of example monthly premiums from leading insurers. Premiums are based on a non-smoker, in good health, taking out £250,000 of level term cover over 20 years:

Age Aviva AIG logo LV=
30£8.70£8.88£10.42
31£9.31£9.37£10.72
32£9.92£9.94£11.51
33£10.53£10.58£12.10
34£11.15£11.30£12.73
35£12.01£12.10£13.66
36£12.96£13.01£14.72
37£13.90£14.00£15.89
38£14.85£15.10£17.15
39£15.79£16.29£18.54

In any circumstance, the exact cost of your life insurance will depend on the information you provide during the application process (and the likelihood of you making a claim on your policy).

It will also depend on the insurer, as each insurer uses their own criteria to assess your level of risk.

At Reassured, we provide free and personalised over 30s life insurance quotes from a panel of top UK insurers to help you find our best deals.

Simply click through to our online form and make the most of our award-winning service.

What factors affect the cost of life insurance in your 30s?

The cost of life insurance will be impacted by your age at the point of application, as well as your:

  • Health & wellbeing - During the application process, insurers will ask if you have any pre-existing medical conditions such as cancer, diabetes, epilepsy, or depression, to better understand the level of risk you pose
  • Family medical history - This applies to your immediate family and helps to determine your risk of hereditary conditions such as cancer, stroke and high blood pressure
  • Lifestyle - Insurers will ask how much alcohol you drink a week and whether you take recreational drugs. Applicants dependent on alcohol or drugs will be considered high-risk
  • Smoking status - If you’re a smoker of cigarettes or e-cigarettes then insurers will increase your monthly premium to account for the increased risk. Smokers can pay 25% - 40% more than non-smokers
  • Weight - Your Body Mass Index (BMI) helps to indicate if you could be vulnerable to certain health conditions such as heart disease, diabetes and asthma. Those who are classed as obese or morbidly obese may have their premiums increased or be declined depending on their health and other factors
  • Occupation - Some jobs are considered high-risk which could lead to higher monthly premiums. For example, commercial fishing, farming, and truck driving
  • Hobbies - If you regularly partake in dangerous hobbies or extreme sports like scuba diving, rock climbing or skydiving, then this could affect the cost of your cover
  • Policy type - This is the type of life insurance you choose, e.g. level term, decreasing term, family income benefit, whole of life, joint life insurance
  • Policy term - This is how long you choose to be covered for (for example, 25 years)
  • Sum assured - This is how much cover you choose to take out (for example, £250,000 cover)

Which is the best life insurance for over 30?

Term life insurance tends to be the best and most popular type of life insurance for young adults.

This is because it’s designed to help protect your family and home if you were to pass away unexpectedly during a set term. You can choose between level term and decreasing term life insurance policy options:

  • Pays out if you pass away during a set term (2 - 40 years)
  • Cover amount remains fixed through the term
  • Could help to protect a repayment or interest-only mortgage, family livings costs and funeral expenses
  • Affordable monthly premiums
  • Available through Reassured
  • Pays out if you pass away during a set term (2 - 40 years)
  • Cover amount reduces each month throughout the term (for example, in line with a repayment mortgage)
  • Affordable monthly premiums
  • Available through Reassured

Term life insurance arranged through Reassured comes with free terminal illness cover.

This means you can make an early claim on your policy if you’re diagnosed with a terminal illness during the policy term.

Compare term life insurance quotes from multiple leading insurers using our award-winning broker service. Quotes start from just £5 a month.

Other types of life insurance for over 30s

This policy offers lifelong protection and guarantees to pay out when you pass away, no matter when that happens.

Premiums tend to be more expensive than for term-based cover, due to the guaranteed pay out.

There’s also a risk that you could pay more into the policy than what pays out depending on how long you live.

This policy is similar to term life insurance, except that it pays out in monthly payments (instead of a lump sum) if you pass away during the set term.

The payments continue until the end of the term, helping your loved ones to cover essential everyday costs.

This type of policy is designed to help to replace your income in the event you’re unable to work due to an illness or injury.

It pays out in monthly payments until you’re able to return to work.

You can choose from short-term and long-term cover options to suit your circumstances.

This policy provides a lump sum pay out if you pass away or are diagnosed with a critical illness during a set term.

It typically covers up to 30 illnesses, including cancer, stroke and heart attack.

You could use the pay out to help replace your income and cover medical costs while you’re unwell.

Compare quotes with Reassured and find your ideal policy at the right price.

What about joint over 30s life insurance?

If you’re in a couple, then you may consider taking out life insurance on a joint basis with your partner.

Here’s how joint life insurance works:

  • Provides cover for you and your partner during the policy term
  • Pays out to the surviving partner if one partner passes away during the term
  • Will only pay out once, then the policy will expire
  • Premiums are calculated based on the information provided by both policyholders
  • It’s usually cheaper to take out one joint policy than two single policies

In the table below, we’ve compared the cost of taking out joint life insurance vs taking out two single life insurance policies for applicants in their 30s.

The example monthly premiums are based on two non-smokers in good health, taking out £150,000 of level term cover over 20 years:

AgeJoint policy monthly premiumTwo single policies monthly premium
30£10.72£11.44
31£11.41£12.22
32£12.09£12.84
33£12.81£14.16
34£13.46£15.10
35£14.43£16.14
36£15.58£17.28
37£16.75£18.54
38£17.94£19.90
39£19.15£21.22

Find out if joint life insurance is the right option for you by comparing quotes using our award-winning service.

How long should over 30s life insurance last?

The length of your life insurance policy term will depend on your reasons for taking out cover.

Reason for taking out a policyHow long your cover should last
To help protect a mortgageYour policy term should last until your mortgage debt is paid off. The average length of a policy is 20 to 30 years, as the average mortgage length is 25 years.
To help protect dependentsYour policy term could last until your children are likely to be financially independent. For example, your policy could end when they turn 18, or when they turn 21 and finish university.
To help cover funeral costs and/or cover inheritance taxYou may need to take out a whole of life policy to guarantee that your family receive a pay out when you pass away.

How long your life insurance lasts will also depend on your budget, as the longer you’re covered for, the higher your monthly premium will be.

What if my circumstances change in later life?

With life insurance often lasting for 20, 25 and 30 years, it’s possible that your circumstances will change during this period.

The good news is that most policies can also evolve if needed, allowing you to make sure that adequate protection is always in place.

For example, if your policy includes the special events option (also known as the guaranteed insurability option) you can increase your cover amount at certain life events without providing any new medical information.

These life events include:

  • Having another child
  • Getting a larger mortgage
  • Getting married or divorced

Increasing your cover isn’t the only change you can make to your life insurance policy. Depending on the policy you take out, it’s often possible to:

  • Extend your policy term, for example, to align with a new mortgage
  • Switch from a joint policy to a single policy, for example, following a divorce
  • Reduce your policy term or cover amount to save money

Please note, not all these options are available with every insurer. It’s important to understand the terms of your policy before buying.

Amending your life insurance will affect the cost of your monthly premium.

Life insurance for over 30s with pre-existing conditions

At Reassured, we offer a specialist impaired risk service to support applicants over 30 with pre-existing health conditions, high-risk occupations or dangerous lifestyles.

Our impaired life insurance team have an excellent track record of finding some form of cover for those who may have found it difficult to secure cover in the past.

We can offer personalised quotes from mainstream insurers as well as smaller specialists, allowing us to help identify options that could be available to you.

See our life insurance with pre-existing conditions article for more information »

Secure our best life insurance for over 30s

Reassured can compare over 30s life insurance quotes from a panel of leading UK insurers, to help you find our best available deals.

As mentioned, it’s possible to either:

  • Compare multiple quotes and apply for your ideal policy online
  • Compare multiple quotes and apply over the phone with support from an expert

We’re an award-winning, FCA-regulated broker with more than 14 years industry experience. Our service is committed to helping you secure affordable cover to protect your loved ones.

Fill in our short and simple online form to start your life insurance journey today.

Sources:

[1] https://www.finder.com/uk/mortgages/mortgage-statistics

[2] https://www.zoopla.co.uk/discover/property-news/average-rent-uk/

[3]https://www.daynurseries.co.uk/advice/childcare-costs-how-much-do-you-pay-in-the-uk

[4] https://cpag.org.uk/policy-and-research/findings-our-projects/cost-child-reports

[5] https://www.nimblefins.co.uk/average-uk-household-budget

[6] https://www.sunlife.co.uk/funeral-costs/

[7] https://themoneycharity.org.uk/money-statistics/

[8]] https://www.money.co.uk/mortgages/first-time-buyer-mortgages

[9] https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/livebirths/bulletins/birthcharacteristicsinenglandandwales/2021

[10] https://www.money.co.uk/savings-accounts/savings-statistics

[11] https://www.ftadviser.com/life-insurance/2023/08/02/nearly-half-of-uk-adults-do-not-have-life-insurance/

[12] https://www.which.co.uk/news/article/two-thirds-of-adults-in-their-30s-dont-have-enough-life-insurance-aveY96v8Fkof

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