Return of Premium Life Insurance Rates For 24-Year-Olds
- Updated: February 20, 2023

Twenty-four is an important age in life for a number of reasons. For many, it marks a time when they are finally settling into adulthood.
By 24, many people have a job, a place to call their own and they may have even started a family. It is also a milestone age when some may begin to make larger investments such as buying a home.
At 24, it is also crucial to begin taking steps to ensure a secure future. This may include planning for retirement and considering options for life insurance. Life insurance can be important at this age as you may have financial obligations that exceed your income.
For example, someone who is 24 likely has a spouse and may even have children who depend on them for financial support. In the event of an unexpected death, life insurance can provide financial security for their family. Moreover, life insurance can help offset some of the costs associated with final expenses.
Even if something were to happen at a later age, having a life insurance policy in place at 24 provides the peace of mind that expenses would be taken care of. In addition, life insurance can also help with estate planning and protecting assets. Obtaining life insurance coverage at 24 can also be more advantageous, as individuals are less likely to experience health issues than when they are older which can make obtaining coverage more difficult.
(Note: See here for 23-year-old ROP rates or the cost of ROP term life insurance for a 25-year-old.)
Table of Contents
Male Return of Premium Rates (Age 24)
Age | Gender | Smoker | Coverage | Rate (20-Year) | Rate (30-Year) |
---|---|---|---|---|---|
24 | Men | No | $25,000 | $10 | $9 |
24 | Men | No | $50,000 | $14 | $12 |
24 | Men | No | $75,000 | $18 | $15 |
24 | Men | No | $100,000 | $22 | $19 |
24 | Men | No | $150,000 | $29 | $25 |
24 | Men | No | $200,000 | $37 | $31 |
24 | Men | No | $250,000 | $36 | $33 |
24 | Men | No | $300,000 | $42 | $38 |
24 | Men | No | $400,000 | $53 | $49 |
24 | Men | No | $500,000 | $65 | $59 |
24 | Men | No | $1,000,000 | $118 | $105 |
Looking at the table above, we can see the rates for male non-smokers at age 24 for various coverage amounts and term lengths. Let’s take a closer look at two coverage amounts and compare the rates for each term length.
For a coverage amount of $100,000, the rate for a 20-year term policy is $22, while the rate for a 30-year term policy is $19. This means that the 30-year term policy is slightly cheaper than the 20-year term policy for this coverage amount.
For a coverage amount of $500,000, the rate for a 20-year term policy is $65, while the rate for a 30-year term policy is $59. Again, we see that the 30-year term policy is slightly cheaper than the 20-year term policy for this coverage amount.
It’s interesting to note that as the coverage amount increases, the cost per dollar of coverage decreases. 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 $0.105. Additionally, we can see that the cost per dollar of coverage is generally lower for longer term lengths.
In summary, we can see that the rates for male non-smokers at age 24 vary based on coverage amount and term length. The cost per dollar of coverage decreases as coverage amount increases, and is generally lower for longer term lengths.
ROP Term Life Cost (Male Smokers; Age 24)
Age | Gender | Smoker | Coverage | Rate (20-Year) | Rate (30-Year) |
---|---|---|---|---|---|
24 | Men | Yes | $25,000 | $16 | $15 |
24 | Men | Yes | $50,000 | $26 | $24 |
24 | Men | Yes | $75,000 | $35 | $33 |
24 | Men | Yes | $100,000 | $45 | $42 |
24 | Men | Yes | $150,000 | $65 | $61 |
24 | Men | Yes | $200,000 | $84 | $79 |
24 | Men | Yes | $250,000 | $92 | $85 |
24 | Men | Yes | $300,000 | $109 | $101 |
24 | Men | Yes | $400,000 | $144 | $132 |
24 | Men | Yes | $500,000 | $172 | $157 |
24 | Men | Yes | $1,000,000 | $332 | $304 |
If you’re a male smoker at the age of 24, you may be curious about the cost of ROP term life insurance. Let’s take a look at the table above to get an idea.
First, let’s choose two coverage amounts to compare rates. If you’re looking for $100,000 in coverage, you can expect to pay $45 for a 20-year policy or $42 for a 30-year policy. If you need more coverage, say $500,000, the rates are $172 for a 20-year policy and $157 for a 30-year policy.
It’s interesting to note that the difference in rates between the 20-year and 30-year policies is not significant for these coverage amounts. However, it’s important to keep in mind that a 30-year policy will provide coverage for a longer period of time, which could be beneficial in the long run.
When it comes to the cost per dollar of coverage, we can see that it varies across coverage amounts and term lengths. Generally, the cost per dollar of coverage decreases as the coverage amount increases. Additionally, the cost per dollar of coverage is lower for the 30-year policies compared to the 20-year policies.
Overall, it’s important to carefully consider your needs and budget when choosing a ROP term life insurance policy. By comparing rates and understanding the cost per dollar of coverage, you can make an informed decision that provides the protection you need at a price you can afford.
ROP Life Insurance Prices (Female Smokers; Age 24)
Age | Gender | Smoker | Coverage | Rate (20-Year) | Rate (30-Year) |
---|---|---|---|---|---|
24 | Women | Yes | $25,000 | $11 | $13 |
24 | Women | Yes | $50,000 | $17 | $20 |
24 | Women | Yes | $75,000 | $22 | $26 |
24 | Women | Yes | $100,000 | $27 | $33 |
24 | Women | Yes | $150,000 | $37 | $47 |
24 | Women | Yes | $200,000 | $48 | $60 |
24 | Women | Yes | $250,000 | $53 | $64 |
24 | Women | Yes | $300,000 | $62 | $76 |
24 | Women | Yes | $400,000 | $81 | $99 |
24 | Women | Yes | $500,000 | $99 | $117 |
24 | Women | Yes | $1,000,000 | $185 | $224 |
If you are a 24-year-old woman and a non-smoker, you can get a return of premium term life insurance policy with coverage ranging from $25,000 to $1,000,000. Let’s take a closer look at the rates for two coverage amounts.
For a coverage amount of $100,000, the rate for a 20-year term policy is $14 while the rate for a 30-year term policy is also $14. This means that there is no difference in rates between the two term lengths for this coverage amount.
On the other hand, for a coverage amount of $500,000, the rate for a 20-year term policy is $38 while the rate for a 30-year term policy is $41. This means that the rate for a 30-year term policy is slightly higher than that of a 20-year term policy for this coverage amount.
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 $0.32 while the cost per dollar of coverage for a $1,000,000 policy is $0.07.
Overall, if you are a 24-year-old woman and a non-smoker, you can get a return of premium term life insurance policy with affordable rates and flexible coverage options that can provide financial protection for you and your loved ones.
ROP Life Insurance Prices (Female Smokers; Age 24)
Age | Gender | Smoker | Coverage | Rate (20-Year) | Rate (30-Year) |
---|---|---|---|---|---|
24 | Women | Yes | $25,000 | $11 | $13 |
24 | Women | Yes | $50,000 | $17 | $20 |
24 | Women | Yes | $75,000 | $22 | $26 |
24 | Women | Yes | $100,000 | $27 | $33 |
24 | Women | Yes | $150,000 | $37 | $47 |
24 | Women | Yes | $200,000 | $48 | $60 |
24 | Women | Yes | $250,000 | $53 | $64 |
24 | Women | Yes | $300,000 | $62 | $76 |
24 | Women | Yes | $400,000 | $81 | $99 |
24 | Women | Yes | $500,000 | $99 | $117 |
24 | Women | Yes | $1,000,000 | $185 | $224 |
Looking at the ROP life insurance prices for female smokers aged 24, we can see that the rates vary depending on the coverage amount and term length. Let’s take a closer look at two coverage amounts and their corresponding rates.
For a coverage amount of $50,000, the rate for a 20-year policy is $17, while the rate for a 30-year policy is $20. This means that the 30-year policy is slightly more expensive, with a difference of $3 per year.
For a coverage amount of $500,000, the rate for a 20-year policy is $99, while the rate for a 30-year policy is $117. Here, the difference in rates is more significant, with a difference of $18 per year.
The cost per dollar of coverage varies across coverage amounts and term lengths. Generally, the larger the coverage amount, the lower the cost per dollar of coverage. For example, the cost per dollar of coverage for a $25,000 policy is higher than that of a $1,000,000 policy. Additionally, the cost per dollar of coverage is generally lower for a longer term policy. This is because the risk of the insured passing away during the term of the policy increases as the term lengthens, so the insurance company charges a higher premium to compensate for this risk.