Return of Premium Life Insurance Rates For 31-Year-Olds
- Updated: February 23, 2023
At age 31, many individuals are reaching the peak of their careers and success in many aspects of life. They may be at the most financially stable point in their lives, having a steady job and career potential with potential for advancement.
This is also a time when many individuals are starting families and looking for long-term solutions to provide for their loved ones. Having life insurance at this age can provide a safety net for 31-year-olds and their families in the event that something unexpected were to happen, such as an unexpected death.
Life insurance can offer financial protection in the event of a tragedy, helping to cover funeral costs, pay off any debts, and provide a source of income for a partner or children. Furthermore, life insurance can also provide security for certain long-term investments, such as a mortgage, so that individuals don’t have to worry about losing the money if something were to happen to them. Finally, life insurance can also provide coverage at this age for any preexisting health or medical conditions that an individual may have.
Even if individuals don’t need life insurance right now at age 31, they can rest assured knowing they have a life insurance policy in place in case their health changes in the future. This can help to provide peace of mind and stability for individuals and their families in the years to come.
(Note: See here for 30-year-old ROP rates or the cost of ROP term life insurance for a 32-year-old.)
Table of Contents
Male Return of Premium Rates (Age 31)
| Age | Gender | Smoker | Coverage | Rate (20-Year) | Rate (30-Year) |
|---|---|---|---|---|---|
| 31 | Men | No | $25,000 | $10 | $9 |
| 31 | Men | No | $50,000 | $14 | $13 |
| 31 | Men | No | $75,000 | $18 | $16 |
| 31 | Men | No | $100,000 | $22 | $19 |
| 31 | Men | No | $150,000 | $30 | $26 |
| 31 | Men | No | $200,000 | $39 | $33 |
| 31 | Men | No | $250,000 | $37 | $35 |
| 31 | Men | No | $300,000 | $43 | $41 |
| 31 | Men | No | $400,000 | $56 | $53 |
| 31 | Men | No | $500,000 | $67 | $62 |
| 31 | Men | No | $1,000,000 | $123 | $111 |
Looking at the table, we can see the male return of premium rates for a 31-year-old non-smoker. The rates vary depending on the coverage amount and term length. 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 $22, while the rate for a 30-year term policy is $19. This means that the 30-year term policy is cheaper by $3 per month or $36 per year. For a coverage amount of $500,000, the rate for a 20-year term policy is $67, while the rate for a 30-year term policy is $62. Here, the 30-year term policy is cheaper by $5 per month or $60 per year.
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 $25,000 is $0.0004, while for $1,000,000, it is $0.000123. Similarly, for a 30-year term policy, the cost per dollar of coverage for $25,000 is $0.00036, while for $1,000,000, it is $0.000111.
In summary, the rates for a return of premium policy vary depending on the coverage amount and term length. The 30-year term policy is cheaper than the 20-year term policy for the same coverage amount. The cost per dollar of coverage decreases as the coverage amount increases.
ROP Term Life Cost (Male Smokers; Age 31)
| Age | Gender | Smoker | Coverage | Rate (20-Year) | Rate (30-Year) |
|---|---|---|---|---|---|
| 31 | Men | Yes | $25,000 | $21 | $16 |
| 31 | Men | Yes | $50,000 | $35 | $26 |
| 31 | Men | Yes | $75,000 | $50 | $36 |
| 31 | Men | Yes | $100,000 | $65 | $46 |
| 31 | Men | Yes | $150,000 | $94 | $66 |
| 31 | Men | Yes | $200,000 | $123 | $86 |
| 31 | Men | Yes | $250,000 | $127 | $92 |
| 31 | Men | Yes | $300,000 | $152 | $109 |
| 31 | Men | Yes | $400,000 | $200 | $144 |
| 31 | Men | Yes | $500,000 | $233 | $170 |
| 31 | Men | Yes | $1,000,000 | $454 | $328 |
If you are a 31-year-old male smoker, the above table shows you how much you can expect to pay for term life insurance. The rates are broken down by coverage amount and term length, with 20-year and 30-year options available.
Let’s say you’re interested in getting coverage for $50,000 or $500,000. For $50,000, you can expect to pay $35 per month for a 20-year policy or $26 per month for a 30-year policy. That’s a difference of $9 per month or $108 per year. For $500,000, the rates jump to $233 per month for a 20-year policy or $170 per month for a 30-year policy. That’s a difference of $63 per month or $756 per year.
When it comes to the cost per dollar of coverage, you’ll notice that the rates decrease as the coverage amount increases. For example, the cost per dollar of coverage for a $25,000 policy is $0.84 for a 20-year policy and $0.64 for a 30-year policy. But for a $1,000,000 policy, the cost per dollar of coverage is only $0.45 for a 20-year policy and $0.33 for a 30-year policy.
Overall, it’s important to carefully consider your coverage needs and budget when selecting a term life insurance policy. The rates can vary significantly based on factors such as age, gender, smoking status, coverage amount, and term length.
ROP Life Insurance Prices (Female Smokers; Age 31)
| Age | Gender | Smoker | Coverage | Rate (20-Year) | Rate (30-Year) |
|---|---|---|---|---|---|
| 31 | Women | Yes | $25,000 | $17 | $14 |
| 31 | Women | Yes | $50,000 | $28 | $21 |
| 31 | Women | Yes | $75,000 | $39 | $29 |
| 31 | Women | Yes | $100,000 | $50 | $36 |
| 31 | Women | Yes | $150,000 | $71 | $51 |
| 31 | Women | Yes | $200,000 | $93 | $66 |
| 31 | Women | Yes | $250,000 | $91 | $72 |
| 31 | Women | Yes | $300,000 | $108 | $85 |
| 31 | Women | Yes | $400,000 | $143 | $111 |
| 31 | Women | Yes | $500,000 | $172 | $130 |
| 31 | Women | Yes | $1,000,000 | $331 | $248 |
Looking at the table above, we can see the rates for female return of premium term policies for a 31-year-old non-smoker. Let’s take a closer look at the rates for two coverage amounts: $100,000 and $500,000.
For a $100,000 coverage amount, the rate for a 20-year term policy is $17, while the rate for a 30-year term policy is $15. This means that the 30-year term policy is slightly cheaper than the 20-year term policy. However, for a $500,000 coverage amount, the rate for a 20-year term policy is $48, while the rate for a 30-year term policy is $45. This means that the 30-year term policy is more affordable than the 20-year term policy.
When we look at the cost per dollar of coverage, we can see that it 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 $0.36, while the cost per dollar of coverage for a $1,000,000 policy is $0.09. Similarly, for a 30-year term policy, 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 $0.083.
In summary, the rates for female return of premium term policies for a 31-year-old non-smoker vary based on coverage amount and term length. The 30-year term policy may be more affordable than the 20-year term policy for certain coverage amounts. Additionally, the cost per dollar of coverage decreases as the coverage amount increases.
ROP Life Insurance Prices (Female Smokers; Age 31)
| Age | Gender | Smoker | Coverage | Rate (20-Year) | Rate (30-Year) |
|---|---|---|---|---|---|
| 31 | Women | Yes | $25,000 | $17 | $14 |
| 31 | Women | Yes | $50,000 | $28 | $21 |
| 31 | Women | Yes | $75,000 | $39 | $29 |
| 31 | Women | Yes | $100,000 | $50 | $36 |
| 31 | Women | Yes | $150,000 | $71 | $51 |
| 31 | Women | Yes | $200,000 | $93 | $66 |
| 31 | Women | Yes | $250,000 | $91 | $72 |
| 31 | Women | Yes | $300,000 | $108 | $85 |
| 31 | Women | Yes | $400,000 | $143 | $111 |
| 31 | Women | Yes | $500,000 | $172 | $130 |
| 31 | Women | Yes | $1,000,000 | $331 | $248 |
Looking at the table above, we can see the prices for ROP life insurance policies for female smokers who are 31 years old. The rates are broken down by coverage amount and term length.
Let’s take a closer look at the rates for two coverage amounts. For a $50,000 policy, the 20-year term policy rate is $28, while the 30-year term policy rate is $21. For a $300,000 policy, the 20-year term policy rate is $108, while the 30-year term policy rate is $85. This shows that the rates decrease as the coverage amount increases, which is typical for life insurance policies.
The difference in rates between a 20-year and a 30-year term policy is also worth noting. For the $50,000 policy, the difference is $7, while for the $300,000 policy, the difference is $23. This suggests that opting for a longer term policy may result in lower rates.
Another way to look at the rates is to consider the cost per dollar of coverage. For example, for the $50,000 policy, the 20-year term policy rate is $0.56 per $1,000 of coverage, while the 30-year term policy rate is $0.42 per $1,000 of coverage. For the $300,000 policy, the 20-year term policy rate is $0.36 per $1,000 of coverage, while the 30-year term policy rate is $0.28 per $1,000 of coverage. This shows that as the coverage amount increases, the cost per dollar of coverage decreases, which means that policyholders get more coverage for their money.
Overall, the rates for ROP life insurance policies for female smokers who are 31 years old vary based on coverage amount and term length. By considering these factors and the cost per dollar of coverage, individuals can choose the policy that best fits their needs and budget.
