Return of Premium Life Insurance Rates For 19-Year-Olds
- Updated: February 20, 2023
19 is an important age for many individuals for several reasons. It marks the transition from adolescence to young adulthood and is a time of self-discovery and exploration.
At 19, many individuals begin to develop an independent sense of identity and enjoy the newfound freedoms that come with reaching this age. For many young people, 19 is also a time when they are transitioning to form actual lives of their own.
They may be in the process of pursuing educational, professional, or personal goals—all of which may soon carry financial responsibilities that require protection. Life insurance is an important consideration for many 19-year-olds who are looking to plan for the future. It can provide necessary resources to help their families in the event of their passing, as well as peace of mind that their loved ones will be secure if something unexpected were to happen.
Additionally, obtaining life insurance at a younger age can also ensure that premiums are more affordable and that coverage is more secure for the future. Ultimately, 19 is a significant age in life for many, and having a life insurance policy can be an important part of planning for the future and securing a sound financial outlook.
(Note: See here for 18-year-old ROP rates or the cost of ROP term life insurance for a 20-year-old.)
Table of Contents
Male Return of Premium Rates (Age 19)
| Age | Gender | Smoker | Coverage | Rate (20-Year) | Rate (30-Year) |
|---|---|---|---|---|---|
| 19 | Men | No | $25,000 | $10 | $9 |
| 19 | Men | No | $50,000 | $14 | $12 |
| 19 | Men | No | $75,000 | $18 | $15 |
| 19 | Men | No | $100,000 | $22 | $19 |
| 19 | Men | No | $150,000 | $29 | $25 |
| 19 | Men | No | $200,000 | $37 | $31 |
| 19 | Men | No | $250,000 | $36 | $33 |
| 19 | Men | No | $300,000 | $42 | $38 |
| 19 | Men | No | $400,000 | $53 | $49 |
| 19 | Men | No | $500,000 | $65 | $59 |
| 19 | Men | No | $1,000,000 | $118 | $105 |
If you are wondering about the cost of coverage for different amounts, you can see the rates listed in the table. For instance, if you are looking for coverage of $50,000 or $500,000, the rates are $14 and $65, respectively.
Moving on to the differences between 20-year and 30-year term policies for the selected coverage amounts, we can observe that the 30-year term policy rates are generally lower than the 20-year term policy rates. For instance, for $50,000 coverage, the 20-year term rate is $14 while the 30-year term rate is $12 – this represents a saving of $2 over the long run.
Finally, let’s talk about how the cost per dollar of coverage varies across different coverage amounts and term lengths. Generally speaking, the cost per dollar of coverage decreases as the coverage amount increases. In other words, you get more value per dollar spent when the coverage amount is higher. Furthermore, the longer the term length, the higher the cost per dollar of coverage. For instance, if you were to choose coverage of $100,000, the 20-year term rate is $22 which translates to a cost per dollar of coverage of 0.22. Meanwhile, if you opt for the 30-year term policy, the rate is $19 which represents a cost per dollar of coverage of 0.19.
ROP Term Life Cost (Male Smokers; Age 19)
| Age | Gender | Smoker | Coverage | Rate (20-Year) | Rate (30-Year) |
|---|---|---|---|---|---|
| 19 | Men | Yes | $25,000 | $16 | $15 |
| 19 | Men | Yes | $50,000 | $26 | $24 |
| 19 | Men | Yes | $75,000 | $35 | $33 |
| 19 | Men | Yes | $100,000 | $45 | $42 |
| 19 | Men | Yes | $150,000 | $65 | $61 |
| 19 | Men | Yes | $200,000 | $84 | $79 |
| 19 | Men | Yes | $250,000 | $92 | $85 |
| 19 | Men | Yes | $300,000 | $109 | $101 |
| 19 | Men | Yes | $400,000 | $144 | $132 |
| 19 | Men | Yes | $500,000 | $172 | $157 |
| 19 | Men | Yes | $1,000,000 | $332 | $304 |
Firstly, let’s take a look at the coverage amounts and rates. Males smokers who are 19 years old can choose from a range of coverage amounts starting from $25,000 and going up to $1,000,000. For example, choosing the coverage amounts of $50,000 and $300,000 would result in rates of $26 and $109 respectively for a 20-year term policy. For a 30-year term policy, the rates would be $24 and $101, respectively.
The next point to discuss is the difference in rates between a 20-year and a 30-year term policy. It is worth noting that the rates for a 30-year term policy are generally slightly lower than a 20-year term policy for the same coverage amount. For example, in the case of $50,000 coverage, the difference in rates between a 20-year and a 30-year term policy is $2. Similarly, for $300,000 coverage, the difference in rates is $8.
Finally, let’s talk about how the cost per dollar of coverage varies across coverage amounts and term lengths. As expected, the cost per dollar of coverage decreases as the coverage amount increases. For instance, the cost per dollar of coverage for a $25,000 policy is $1.60, whereas for a $1,000,000 policy, it is $0.31. Furthermore, the cost per dollar of coverage is generally lower for a 30-year term policy compared to a 20-year term policy for the same coverage amount. This could be due to the longer duration of the policy resulting in a lower perceived risk for the insurer.
ROP Life Insurance Prices (Female Smokers; Age 19)
| Age | Gender | Smoker | Coverage | Rate (20-Year) | Rate (30-Year) |
|---|---|---|---|---|---|
| 19 | Women | Yes | $25,000 | $11 | $13 |
| 19 | Women | Yes | $50,000 | $17 | $20 |
| 19 | Women | Yes | $75,000 | $22 | $26 |
| 19 | Women | Yes | $100,000 | $27 | $33 |
| 19 | Women | Yes | $150,000 | $37 | $47 |
| 19 | Women | Yes | $200,000 | $48 | $60 |
| 19 | Women | Yes | $250,000 | $53 | $64 |
| 19 | Women | Yes | $300,000 | $62 | $76 |
| 19 | Women | Yes | $400,000 | $81 | $99 |
| 19 | Women | Yes | $500,000 | $99 | $117 |
| 19 | Women | Yes | $1,000,000 | $185 | $224 |
If you’re a 19-year-old woman who doesn’t smoke and you’re looking to purchase a return of premium term life insurance policy, the above table will be useful to you.
The premiums for policies with a 20-year term and a 30-year term are mentioned in the table for various coverage amounts. The rates are the same for both 20- and 30-year term policies for each coverage amount. For instance, a $25,000 policy for a 19-year-old woman who does not smoke has a rate of $8. This remains steady regardless of whether it is a 20- or 30-year policy. A $50,000 return of premium term policy has a rate of $10, $75,000 has a rate of $12, and $100,000 has a rate of $14 that are the same for both terms.
The difference in rates between a 20-year and a 30-year term policy for each chosen coverage amount is zero. So, if you choose a $50,000 policy, the rate for 20-year and 30-year policies will both be $10.
There is a difference, therefore, in the cost per dollar of coverage across coverage amounts and term lengths. For example, a 20-year policy for $25,000 has a rate of $0.00032 per dollar of coverage. In comparison, a 20-year policy for $1,000,000 has a rate of $0.000068 per dollar of coverage, which is a substantial reduction in cost.
ROP Life Insurance Prices (Female Smokers; Age 19)
| Age | Gender | Smoker | Coverage | Rate (20-Year) | Rate (30-Year) |
|---|---|---|---|---|---|
| 19 | Women | Yes | $25,000 | $11 | $13 |
| 19 | Women | Yes | $50,000 | $17 | $20 |
| 19 | Women | Yes | $75,000 | $22 | $26 |
| 19 | Women | Yes | $100,000 | $27 | $33 |
| 19 | Women | Yes | $150,000 | $37 | $47 |
| 19 | Women | Yes | $200,000 | $48 | $60 |
| 19 | Women | Yes | $250,000 | $53 | $64 |
| 19 | Women | Yes | $300,000 | $62 | $76 |
| 19 | Women | Yes | $400,000 | $81 | $99 |
| 19 | Women | Yes | $500,000 | $99 | $117 |
| 19 | Women | Yes | $1,000,000 | $185 | $224 |
The table above displays the coverage, rates for 20-year and 30-year term policies, and other relevant information.
For those looking for coverage of $50,000, the rate for a 20-year policy is $17, while the rate for a 30-year policy is $20. For those looking for coverage of $250,000, the rate for a 20-year policy is $53, while the rate for a 30-year policy is $64. The difference in rates between a 20-year and 30-year term policy for these coverage amounts varies from $3 to $11.
When it comes to the cost per dollar of coverage, the rate decreases as coverage amounts increase. For example, at the $25,000 coverage level, the rate for a 20-year policy is $11, while the rate for a 30-year policy is $13. However, at the $1,000,000 coverage level, the rate for a 20-year policy is $185, while the rate for a 30-year policy is $224.
