Return of Premium Life Insurance Rates For 29-Year-Olds
- Updated: February 23, 2023
At age 29, many individuals reach important milestones in their personal and professional lives. Professionally, they may have earned advanced degrees and established their career paths, while personally, they may have married, started a family, and achieved financial stability.
However, this is also an age when individuals begin to realize the importance of planning for their future. As people take on more responsibilities, life insurance can provide a financial safety net for their loved ones.
For example, should an individual unexpectedly pass away, life insurance can help their family members with expenses such as college tuition or funeral costs, making it a crucial part of estate planning. Additionally, life insurance can be helpful in the event that an individual runs into health issues, making it difficult to obtain coverage at a later age. By purchasing life insurance at age 29, they can ensure they are covered in the event of an illness or injury.
All in all, 29 is an important age to have life insurance, as it can offer financial protection for an individual’s family, as well as provide peace of mind in the event of an unforeseen illness or injury.
(Note: See here for 28-year-old ROP rates or the cost of ROP term life insurance for a 30-year-old.)
Table of Contents
Male Return of Premium Rates (Age 29)
| Age | Gender | Smoker | Coverage | Rate (20-Year) | Rate (30-Year) |
|---|---|---|---|---|---|
| 29 | Men | No | $25,000 | $10 | $9 |
| 29 | Men | No | $50,000 | $14 | $12 |
| 29 | Men | No | $75,000 | $18 | $15 |
| 29 | Men | No | $100,000 | $22 | $19 |
| 29 | Men | No | $150,000 | $29 | $25 |
| 29 | Men | No | $200,000 | $37 | $31 |
| 29 | Men | No | $250,000 | $36 | $33 |
| 29 | Men | No | $300,000 | $42 | $38 |
| 29 | Men | No | $400,000 | $53 | $49 |
| 29 | Men | No | $500,000 | $65 | $59 |
| 29 | Men | No | $1,000,000 | $118 | $105 |
Looking at the table, we can see the male return of premium rates for a 29-year-old non-smoker. The rates are divided into 20-year and 30-year term policies and vary based on the coverage amount.
Let’s take a closer look at the rates for two coverage amounts. For a $100,000 coverage amount, the rate for a 20-year term policy is $22, while the rate for a 30-year term policy is $19. For a $500,000 coverage amount, the rate for a 20-year term policy is $65, while the rate for a 30-year term policy is $59.
The difference in rates between a 20-year and a 30-year term policy is generally lower for higher coverage amounts. For example, for a $100,000 coverage amount, the difference is $3, while for a $500,000 coverage amount, the difference is $6. This indicates that it may be more cost-effective to opt for a longer-term policy for higher coverage amounts.
When it comes to the cost per dollar of coverage, we can see that it generally decreases as the coverage amount increases. For example, for a 20-year term policy, the cost per dollar of coverage for a $25,000 coverage amount is $0.40, while for a $1,000,000 coverage amount, it is $0.12. Similarly, for a 30-year term policy, the cost per dollar of coverage for a $25,000 coverage amount is $0.36, while for a $1,000,000 coverage amount, it is $0.11. This suggests that it may be more cost-effective to opt for a higher coverage amount if possible.
ROP Term Life Cost (Male Smokers; Age 29)
| Age | Gender | Smoker | Coverage | Rate (20-Year) | Rate (30-Year) |
|---|---|---|---|---|---|
| 29 | Men | Yes | $25,000 | $19 | $15 |
| 29 | Men | Yes | $50,000 | $31 | $25 |
| 29 | Men | Yes | $75,000 | $44 | $34 |
| 29 | Men | Yes | $100,000 | $57 | $43 |
| 29 | Men | Yes | $150,000 | $82 | $62 |
| 29 | Men | Yes | $200,000 | $108 | $80 |
| 29 | Men | Yes | $250,000 | $113 | $86 |
| 29 | Men | Yes | $300,000 | $134 | $102 |
| 29 | Men | Yes | $400,000 | $177 | $135 |
| 29 | Men | Yes | $500,000 | $206 | $159 |
| 29 | Men | Yes | $1,000,000 | $406 | $307 |
For male smokers at age 29, the table above shows the cost of ROP term life insurance for various coverage amounts and term lengths. Let’s take a look at the rates for two coverage amounts – $100,000 and $500,000. For $100,000 coverage, the rate for a 20-year term is $57, while for a 30-year term, it is $43. On the other hand, for $500,000 coverage, the rate for a 20-year term is $206, while for a 30-year term, it is $159. Therefore, we can see that the rates decrease as the coverage amount increases, and the rates for a 30-year term are lower than those for a 20-year term.
Moreover, we can also analyze the cost per dollar of coverage. For instance, for $25,000 coverage, the rate for a 20-year term is $19, which means the cost per dollar of coverage is $0.00076. Similarly, for $500,000 coverage, the rate for a 20-year term is $206, which means the cost per dollar of coverage is $0.000412. Therefore, we can see that the cost per dollar of coverage decreases as the coverage amount increases.
In conclusion, the rates for ROP term life insurance vary based on coverage amount and term length. The rates decrease as the coverage amount increases, and the rates for a 30-year term are lower than those for a 20-year term. Additionally, the cost per dollar of coverage decreases as the coverage amount increases.
ROP Life Insurance Prices (Female Smokers; Age 29)
| Age | Gender | Smoker | Coverage | Rate (20-Year) | Rate (30-Year) |
|---|---|---|---|---|---|
| 29 | Women | Yes | $25,000 | $15 | $13 |
| 29 | Women | Yes | $50,000 | $24 | $20 |
| 29 | Women | Yes | $75,000 | $32 | $26 |
| 29 | Women | Yes | $100,000 | $41 | $33 |
| 29 | Women | Yes | $150,000 | $58 | $47 |
| 29 | Women | Yes | $200,000 | $76 | $60 |
| 29 | Women | Yes | $250,000 | $76 | $64 |
| 29 | Women | Yes | $300,000 | $90 | $76 |
| 29 | Women | Yes | $400,000 | $118 | $99 |
| 29 | Women | Yes | $500,000 | $144 | $117 |
| 29 | Women | Yes | $1,000,000 | $279 | $224 |
For a 29-year-old non-smoking woman, the table above shows the rates for a return of premium term life insurance policy. The rates vary based on the coverage amount and term length. Let’s take a closer look at some of the details.
Firstly, let’s choose two coverage amounts for comparison. For a $100,000 policy, the rate for a 20-year term is $15 and the rate for a 30-year term is $14. For a $500,000 policy, the rate for a 20-year term is $42 and the rate for a 30-year term is $41. As we can see, the rate for a 30-year term is generally lower than that of a 20-year term. For a $100,000 policy, the difference is only $1, but for a $500,000 policy, the difference is $1.
Next, let’s consider the cost per dollar of coverage. For a 20-year term policy, the cost per dollar of coverage decreases as the coverage amount increases. For example, the cost per dollar of coverage for a $25,000 policy is $0.32, but for a $1,000,000 policy, it is only $0.08. However, for a 30-year term policy, the cost per dollar of coverage remains relatively constant across coverage amounts. For example, the cost per dollar of coverage for a $25,000 policy is $0.32, and for a $1,000,000 policy, it is $0.077.
In conclusion, the rates for a return of premium term life insurance policy vary based on coverage amount and term length. The cost per dollar of coverage decreases as coverage amount increases for a 20-year term policy, but remains relatively constant for a 30-year term policy.
ROP Life Insurance Prices (Female Smokers; Age 29)
| Age | Gender | Smoker | Coverage | Rate (20-Year) | Rate (30-Year) |
|---|---|---|---|---|---|
| 29 | Women | Yes | $25,000 | $15 | $13 |
| 29 | Women | Yes | $50,000 | $24 | $20 |
| 29 | Women | Yes | $75,000 | $32 | $26 |
| 29 | Women | Yes | $100,000 | $41 | $33 |
| 29 | Women | Yes | $150,000 | $58 | $47 |
| 29 | Women | Yes | $200,000 | $76 | $60 |
| 29 | Women | Yes | $250,000 | $76 | $64 |
| 29 | Women | Yes | $300,000 | $90 | $76 |
| 29 | Women | Yes | $400,000 | $118 | $99 |
| 29 | Women | Yes | $500,000 | $144 | $117 |
| 29 | Women | Yes | $1,000,000 | $279 | $224 |
Looking at the table above, we can see the ROP life insurance prices for female smokers who are 29 years old. The rates are provided for coverage amounts ranging from $25,000 to $1,000,000 and for both 20-year and 30-year term policies.
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 $41, while the rate for a 30-year term policy is $33. This means that the rate for a 30-year term policy is lower than that of a 20-year term policy by $8. For a coverage amount of $500,000, the rate for a 20-year term policy is $144, while the rate for a 30-year term policy is $117. The difference in rates between the two term lengths is $27.
When we compare the cost per dollar of coverage across different coverage amounts and term lengths, we can see that the cost per dollar of coverage decreases as the coverage amount increases. For example, for a 20-year term policy, the cost per dollar of coverage for a $25,000 policy is $0.60, while for a $1,000,000 policy, it is $0.28. Similarly, for a 30-year term policy, the cost per dollar of coverage for a $25,000 policy is $0.52, while for a $1,000,000 policy, it is $0.22.
In conclusion, the rates for ROP life insurance for female smokers who are 29 years old vary based on coverage amount and term length. The cost per dollar of coverage decreases as the coverage amount increases, and the rates for a 30-year term policy are generally lower than those of a 20-year term policy.
