With all the new assets – and possibly people – in your life, you need to think about life insurance when you reach your mid-30s. Because you're still young and healthy, it's probably the best time to buy and lock in cheap premiums that will quickly disappear if you delay.
If you're in your 30s, there are a few different types of life insurance tailored to your needs. They are:
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Probably not. If you want enough to cover everything that you currently pay for and ensure that your family continues to enjoy the same lifestyle, then life insurance through super is likely to fall short. In most cases, it will only provide your beneficiaries with between $100,000 and $200,000, which is usually nowhere near enough. Considering that you've likely got a mortgage, school fees, car loans, healthcare and day-to-day expenses to pay, it's generally not enough for the average Australian.
Standalone life insurance, on the other hand, can cover you for more than $1,000,000, which is far closer to the amount your dependants would actually need when you die.
| Response | 75+ yrs | 65-74 yrs | 55-64 yrs | 45-54 yrs | 35-44 yrs | 25-34 yrs | 18-24 yrs |
|---|---|---|---|---|---|---|---|
| Getting older (but not retiring) | 3.45% | 4.57% | 5.81% | 7.25% | 4.06% | 2.29% | |
| Buying a home | 1.72% | 0.57% | 5.23% | 3.63% | 10.15% | 5.05% | 2.06% |
| Getting married | 1.72% | 2.29% | 5.23% | 1.55% | 5.58% | 4.59% | 1.03% |
| None of the above | 1.72% | 4.57% | 7.56% | 9.33% | 7.11% | 5.96% | 4.12% |
| Starting my own business | 1.72% | 0.57% | 0.58% | 0.51% | 0.92% | 3.09% | |
| Retirement | 2.29% | 2.91% | 1.04% | 2.03% | 1.83% | 2.06% | |
| Having a baby | 1.14% | 3.49% | 5.18% | 11.68% | 6.88% | 4.12% | |
| Buying a car | 0.57% | 0.52% | 1.02% | 0.46% | 2.06% | ||
| Starting a new job | 0.57% | 2.91% | 3.11% | 2.54% | 6.88% | 5.15% | |
| Your children moving out of home | 0.57% | 1.74% | 0.46% | ||||
| Moving home | 1.02% | 1.38% | 2.06% | ||||
| Starting university education | 0.46% |
Life insurance is usually very affordable for 35-year-olds, largely because you're still young and likely have little to no health issues. Factors such as your age, health, job and the amount you're applying for will be your insurer's main considerations when determining your premiums.
But let's talk averages. The longer you put it off, the more expensive taking out cover gets. See the full breakdown of weekly costs of life insurance for different ages and genders below.
| Age | $200,000 policy | $500,000 policy | $1,000,000 policy |
|---|---|---|---|
| 30 | $3.06 | $6.70 | $12.46 |
| 40 | $4.65 | $9.58 | $17.94 |
| 50 | $9.92 | $22.38 | $41.24 |
| 60 | $28.64 | $65.09 | $126.80 |
| Age | $200,000 policy | $500,000 policy | $1,000,000 policy |
|---|---|---|---|
| 30 | $4.37 | $9.59 | $17.87 |
| 40 | $5.55 | $12.17 | $22.85 |
| 50 | $12.72 | $28.76 | $53.20 |
| 60 | $44.18 | $100.58 | $193.13 |
We compiled life insurance quotes from 12 Finder partners. These are the average costs for a non-smoker with no medical conditions and earning a gross annual income of $80,000. Quotes researched as of March 2022.
This depends entirely on your personal circumstances, but there are a few simple ways to work it out. Our life insurance calculator can give you an idea of how much you'll need but on average, around $1 to $1.5 million is generally what most people in their 30s need. This is because this is often a new stage in your life when your responsibilities and financial obligations increase.
As a gauge of how much you'll need, it's generally said that your life insurance cover is around 10 times the amount of your annual income. So if you earn $150,000 a year, you'll want to have around a $1.5 million payout.
You can also buy life insurance through an adviser. This will cost you a little more, but that's because they'll do all these bits for you and make sure that you've got cover for the right amount. If that's the way you want to go, you can find a broker here.
Life Insurance is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 20 products and gave each one a score between 1 and 10.
But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.
Read full Finder Score methodology
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When comparing some of the best life insurance and working out how much you need, make sure you consider everything on the following list:
Still on the fence about whether life insurance at 35 is worth it? Check out the pros and cons:
Pros
Cons
If you've never had a life insurance policy before, then it's worth pointing out some common life insurance exclusions. They're not startling, but they're worth knowing:
Your 30s are usually when you start making big decisions: starting a family, buying a home, getting married. With all these new financial responsibilities, you need to be prepared for the worst. Luckily, buying life insurance when you're in your 30s is one of the most affordable times to do it. It's something you'll need eventually and the longer you put it off, the more expensive it becomes.
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