When you turn 30, buying life insurance doesn’t always seem like the most pressing investment. But the truth is, your 30s is the best time to do it! If you’re in good health, you’re likely to get a low rate on a term life insurance policy, and you’re probably at a point in your life where those who depend on you financially would need a way to replace your income if you were gone.

Here are a few reasons to invest in life insurance in your 30s—something you’ll thank yourself for in ten years:

#1.  Family

In your 30s, life moves pretty quickly, and you’re making a lot of big steps. From starting a family (or growing your family), to buying a house, to getting married, there’s a lot to protect and care for financially. If you were to pass away, your loved ones, without your income, may not be able to pay the bills.

But you can financially protect your family in the event of your death if you’ve been paying into a life insurance policy. These policies can help cover various expenses, including mortgage/rent, child care, groceries, utilities, transportation, medical bills, and more. You can think of the policy as a lifeline for your loved ones that will help keep them from struggling financially.

#2.  Income

Your regular income is likely higher now than it was ten, five, even two years ago, and that would be difficult to replace or adjust for if something happened to you.

But having a life insurance policy can help. The right coverage can have a death benefit equal to five to ten times your annual salary. That means that if you make $50,000 a year, your life insurance policy can become $250,000 to $500,000 in the event of your passing.

#3.  Debt

By your 30s, you’ve probably accumulated some debt. Student loan debt, mortgage debt, consumer debt, you name it. When you die, that debt doesn’t necessarily die with you, depending on the type and whether or not there is a cosigner on the loan.

Good news: Federal student loans discharge when you pass away. Maybe not-so-good news: Private student loans will depend on the lender’s policy, and if you have a cosigner on a private loan, they will have to continue to make payments. Best news: The right life insurance policy can help cover those loans your cosigner is left paying on after you die.

#4.  Saving

The financial protection for your loved ones by your life insurance policy makes it worth the cost. But that cost may not be as high as you think if you buy a policy in your 30s.

Your rates are determined by several factors, including your age. With that in mind, it probably doesn’t come as a surprise that you can lock in a low premium by getting coverage when you’re young and in good health. The policy for you may never be more affordable than it is today.

#5.  Medical

Your health also influences the rate you pay for life insurance. Healthier people pay lower rates because insurers see them as a lower risk. The longer you wait to apply for life insurance, the more likely it is that you will develop health issues that increase your premium or make it harder for you to get coverage at all.

If you have a need for life insurance, get your affordable rate while you’re in your 30s and healthy.

#6.  Funeral

Losing your loved one already takes a huge toll on a person. A bad situation can be made worse if your loved ones are on the hook for hefty funeral costs.

Funerals, cremations, or burials with a memorial marker cost upwards of $8,000 easily and can be more. The death benefit from your life insurance policy could save your family from having to worry about the expenses while they’re grieving.

---

So what life insurance does a 30-year-old buy?

There are two types of life insurance: term and permanent. Term is life insurance that protects your family for a period of time—usually ten, fifteen, twenty, or thirty years. If you die in that time, the insurer will pay a death benefit to your beneficiaries.

Permanent life insurance varies—whole and universal life is the most common. Permanent policies provide protection for a lifetime and include a cash component that can fluctuate over time.

Which kind of life insurance you choose will depend on your needs and your budget, though for most, term life insurance is an affordable way to begin an insurance investment.

When deciding how much coverage to buy, the biggest factor is your income. Experts recommend buying a plan that replaces your income for five to ten years. So, when figuring out the amount of coverage, you should consider the following:

• Lost income
• Living expenses, like rent or bills
• Debts
• Childcare
• Funeral, burial, and other final expenses
• College expenses
• Unpaid medical bills and/or taxes

When deciding how long you want your policy to last, you need to consider when your family will need it most. Is it after your mortgage is paid off or until your kids have graduated from college?

Shorter policies generally cost less, but a few dollars each month saved on premium costs won’t make much of a difference if you die shortly after your coverage term is up.

So, take a minute, apply for a policy, and get the coverage you need to protect your family, your needs, and your peace of mind.