Return of Premium Life Insurance Rates For 56-Year-Olds
- Updated: February 27, 2023
Fifty-six is an important age in life for many people as it is often a time when they are established in their career, have accumulated a certain degree of wealth, and may be taking on more serious responsibilities, such as caring for an elderly parent or grandparent. At this age, individuals may be at peak earning potential, making it an ideal time to consider how to best protect your financial future.
This is especially important when it comes to life insurance, as it can provide a financial safety net for loved ones in the event of an unexpected death. Having life insurance at the age of fifty-six can also be important when it comes to planning for retirement.
Since life insurance proceeds do not typically go through probate and are exempt from income taxes, they can provide a greater and more immediate return than other investments and can help ensure that an individual’s retirement savings are not diminished in the event of an untimely death. Finally, individuals at the age of fifty-six may start to experience various health issues, which could make it more challenging to obtain life insurance coverage. For this reason, purchasing life insurance now may be key to making sure that those at a high risk of developing a medical condition are secure and have the coverage they need.
(Note: See here for 55-year-old ROP rates or the cost of ROP term life insurance for a 57-year-old.)
Table of Contents
Male Return of Premium Rates (Age 56)
| Age | Gender | Smoker | Coverage | Rate (20-Year) | Rate (30-Year) |
|---|---|---|---|---|---|
| 56 | Men | No | $25,000 | $46 | NA |
| 56 | Men | No | $50,000 | $86 | NA |
| 56 | Men | No | $75,000 | $125 | NA |
| 56 | Men | No | $100,000 | $165 | NA |
| 56 | Men | No | $150,000 | $244 | NA |
| 56 | Men | No | $200,000 | $324 | NA |
| 56 | Men | No | $250,000 | $331 | NA |
| 56 | Men | No | $300,000 | $396 | NA |
| 56 | Men | No | $400,000 | $525 | NA |
| 56 | Men | No | $500,000 | $582 | NA |
| 56 | Men | No | $1,000,000 | $1,145 | NA |
If you’re a 56-year-old non-smoking man looking for a return of premium life insurance policy, you might be interested in the rates provided in the table above. The rates are based on different coverage amounts and term lengths.
Let’s say you’re interested in a $100,000 or $500,000 coverage amount. For the $100,000 coverage amount, the 20-year term policy rate is $165, while the 30-year term policy rate is not available. For the $500,000 coverage amount, the 20-year term policy rate is $582, while the 30-year term policy rate is not available.
The difference in rates between the 20-year and 30-year term policies is not available for the coverage amounts we’ve selected. However, it’s important to note that typically, the longer the term length, the higher the rate.
In terms of cost per dollar of coverage, the rates vary across coverage amounts and term lengths. For example, for the $100,000 coverage amount, the cost per dollar of coverage for the 20-year term policy is $1.65, while for the $500,000 coverage amount, the cost per dollar of coverage for the 20-year term policy is $1.16. This means that the cost per dollar of coverage decreases as the coverage amount increases.
Overall, if you’re a 56-year-old non-smoking man looking for a return of premium life insurance policy, it’s important to consider the coverage amount and term length that best fits your needs and budget. The rates provided in the table above can serve as a starting point for your research.
At age 56, non-smoking women can purchase return of premium term life insurance policies. The coverage amount ranges from $25,000 to $1,000,000.
Let’s take a look at the rates for two coverage amounts: $100,000 and $500,000. For a 20-year term policy, the rate for $100,000 coverage is $136, while the rate for $500,000 coverage is $445. For a 30-year term policy, only the rate for $100,000 coverage is provided, which is $NA. The difference in rates between a 20-year and a 30-year term policy for the same coverage amount is not available.
Interestingly, 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 $1.56, while it is only $0.84 for a $1,000,000 policy. However, the cost per dollar of coverage is higher for a 20-year term policy compared to a 30-year term policy.
Overall, non-smoking women at age 56 have the option to purchase return of premium term life insurance policies with varying coverage amounts and term lengths. The rates and cost per dollar of coverage vary depending on the coverage amount and term length selected.
