Return of Premium Life Insurance Rates For 23-Year-Olds
- Updated: February 20, 2023

At 23, an individual is at a unique point in their life. Many are beginning to establish a career and build financial stability, and for some, starting a family may be on the horizon.
At this age, a person can start to make important decisions that will impact the course of their future. When it comes to life insurance, 23 is an important age to consider.
Although it may not seem necessary yet, life insurance is especially beneficial to those in the early stages of their career and those who have no dependents. This way, they have the coverage they need in the event of an unexpected death before they have the chance to build their estate and provide for their families. Life insurance can also be helpful for those who decide to start a family at 23.
Young families often face financial pressures such as paying for college tuition, buying a home, and other large expenses. Having adequate life insurance coverage can provide them with the necessary funds to meet their financial goals if a tragedy were to occur. Finally, due to the typically low insurance premiums of life insurance policies at 23, it is a great opportunity for individuals to purchase a life insurance policy at a financially affordable rate.
This way, individuals can ensure that their families will be financially secure in the event of their untimely death. .
(Note: See here for 22-year-old ROP rates or the cost of ROP term life insurance for a 24-year-old.)
Table of Contents
Male Return of Premium Rates (Age 23)
Age | Gender | Smoker | Coverage | Rate (20-Year) | Rate (30-Year) |
---|---|---|---|---|---|
23 | Men | No | $25,000 | $10 | $9 |
23 | Men | No | $50,000 | $14 | $12 |
23 | Men | No | $75,000 | $18 | $15 |
23 | Men | No | $100,000 | $22 | $19 |
23 | Men | No | $150,000 | $29 | $25 |
23 | Men | No | $200,000 | $37 | $31 |
23 | Men | No | $250,000 | $36 | $33 |
23 | Men | No | $300,000 | $42 | $38 |
23 | Men | No | $400,000 | $53 | $49 |
23 | Men | No | $500,000 | $65 | $59 |
23 | Men | No | $1,000,000 | $118 | $105 |
Looking at the table, we can see the return of premium rates for males who are 23 years old. Let’s take a closer look at the rates for two coverage amounts. For a $100,000 policy, the rate for a 20-year term is $22, while the rate for a 30-year term is $19. For a $500,000 policy, the rate for a 20-year term is $65, while the rate for a 30-year term is $59.
The difference in rates between the 20-year and 30-year term policies for these coverage amounts is $3 for the $100,000 policy and $6 for the $500,000 policy. This means that the 30-year term policy is slightly cheaper in the long run.
When it comes to the cost per dollar of coverage, we can see that it decreases as the coverage amount increases. For example, the cost per dollar of coverage for a $25,000 policy is $0.40, while the cost per dollar of coverage for a $1,000,000 policy is $0.11. Additionally, the cost per dollar of coverage is slightly higher for the 20-year term policies compared to the 30-year term policies.
Overall, it’s important to consider the coverage amount and term length when selecting a return of premium policy. While the 30-year term policy may be slightly more expensive upfront, it may end up being a better value in the long run. Additionally, as the coverage amount increases, the cost per dollar of coverage decreases.
ROP Term Life Cost (Male Smokers; Age 23)
Age | Gender | Smoker | Coverage | Rate (20-Year) | Rate (30-Year) |
---|---|---|---|---|---|
23 | Men | Yes | $25,000 | $16 | $15 |
23 | Men | Yes | $50,000 | $26 | $24 |
23 | Men | Yes | $75,000 | $35 | $33 |
23 | Men | Yes | $100,000 | $45 | $42 |
23 | Men | Yes | $150,000 | $65 | $61 |
23 | Men | Yes | $200,000 | $84 | $79 |
23 | Men | Yes | $250,000 | $92 | $85 |
23 | Men | Yes | $300,000 | $109 | $101 |
23 | Men | Yes | $400,000 | $144 | $132 |
23 | Men | Yes | $500,000 | $172 | $157 |
23 | Men | Yes | $1,000,000 | $332 | $304 |
If you’re a male smoker who is 23 years old, you might be interested in purchasing a term life insurance policy from ROP. The table above shows the rates for policies with different coverage amounts and term lengths.
Let’s say you’re interested in getting coverage for $50,000 or $250,000. For a 20-year term policy, the rate for $50,000 of coverage is $26, while the rate for $250,000 of coverage is $92. If you opt for a 30-year term policy instead, the rate for $50,000 of coverage drops to $24, while the rate for $250,000 of coverage drops to $85.
The cost per dollar of coverage varies across coverage amounts and term lengths. For example, if you compare the rates for $50,000 of coverage for 20-year and 30-year term policies, you’ll notice that the cost per dollar of coverage is lower for the 30-year policy. However, if you compare the rates for $250,000 of coverage for the same term lengths, you’ll notice that the cost per dollar of coverage is lower for the 20-year policy.
Overall, it’s important to consider your individual needs and budget when choosing a coverage amount and term length for your life insurance policy.
ROP Life Insurance Prices (Female Smokers; Age 23)
Age | Gender | Smoker | Coverage | Rate (20-Year) | Rate (30-Year) |
---|---|---|---|---|---|
23 | Women | Yes | $25,000 | $11 | $13 |
23 | Women | Yes | $50,000 | $17 | $20 |
23 | Women | Yes | $75,000 | $22 | $26 |
23 | Women | Yes | $100,000 | $27 | $33 |
23 | Women | Yes | $150,000 | $37 | $47 |
23 | Women | Yes | $200,000 | $48 | $60 |
23 | Women | Yes | $250,000 | $53 | $64 |
23 | Women | Yes | $300,000 | $62 | $76 |
23 | Women | Yes | $400,000 | $81 | $99 |
23 | Women | Yes | $500,000 | $99 | $117 |
23 | Women | Yes | $1,000,000 | $185 | $224 |
For female non-smokers at age 23, return of premium term policies are available for coverage amounts ranging from $25,000 to $1,000,000. The rates for a 20-year term policy and a 30-year term policy are the same for each coverage amount.
For example, the rate for a $50,000 coverage amount is $10 for both the 20-year and 30-year term policies. The rate for a $500,000 coverage amount is $38 for the 20-year term policy and $41 for the 30-year term policy.
Overall, the cost per dollar of coverage decreases as the coverage amount increases. For example, the cost per dollar of coverage for a $25,000 coverage amount is $0.32 for both the 20-year and 30-year term policies. However, the cost per dollar of coverage for a $1,000,000 coverage amount is $0.068 for the 20-year term policy and $0.077 for the 30-year term policy.
In summary, for female non-smokers at age 23, return of premium term policies offer affordable coverage options for a variety of coverage amounts and term lengths. The cost per dollar of coverage decreases as the coverage amount increases, and the rates for the 20-year and 30-year term policies are the same for each coverage amount.
ROP Life Insurance Prices (Female Smokers; Age 23)
Age | Gender | Smoker | Coverage | Rate (20-Year) | Rate (30-Year) |
---|---|---|---|---|---|
23 | Women | Yes | $25,000 | $11 | $13 |
23 | Women | Yes | $50,000 | $17 | $20 |
23 | Women | Yes | $75,000 | $22 | $26 |
23 | Women | Yes | $100,000 | $27 | $33 |
23 | Women | Yes | $150,000 | $37 | $47 |
23 | Women | Yes | $200,000 | $48 | $60 |
23 | Women | Yes | $250,000 | $53 | $64 |
23 | Women | Yes | $300,000 | $62 | $76 |
23 | Women | Yes | $400,000 | $81 | $99 |
23 | Women | Yes | $500,000 | $99 | $117 |
23 | Women | Yes | $1,000,000 | $185 | $224 |
If you are a 23-year-old female smoker looking for life insurance, the table above provides a breakdown of ROP life insurance prices for different coverage amounts and term lengths. Let’s take a closer look at the data.
Firstly, let’s choose two coverage amounts, say $100,000 and $500,000. For a 20-year term policy, the rate for $100,000 coverage is $27, while for $500,000 coverage, it is $99. On the other hand, for a 30-year term policy, the rate for $100,000 coverage is $33, while for $500,000 coverage, it is $117. Therefore, we can see that the rate increases with the coverage amount and term length.
Next, let’s look at the cost per dollar of coverage. For a 20-year term policy, the cost per dollar of coverage ranges from $0.11 to $0.185, depending on the coverage amount. For a 30-year term policy, the cost per dollar of coverage ranges from $0.13 to $0.224. We can see that the cost per dollar of coverage decreases as the coverage amount increases, but increases as the term length increases.
In conclusion, if you are a 23-year-old female smoker looking for life insurance, the table above provides a useful guide to the rates for different coverage amounts and term lengths. The rates increase with the coverage amount and term length, while the cost per dollar of coverage decreases with the coverage amount, but increases with the term length.