Return of Premium Life Insurance Rates For 60-Year-Olds
- Updated: March 1, 2023
Sixty is an important age in life for several reasons. For many individuals, it is a time when they have achieved significant personal and professional accomplishments, such as retiring from their career and establishing a stable home.
By this age, people may have encountered milestones such as grandparenthood, and may be in a position to give back and contribute to the lives of others. At sixty, many people begin to consider their mortality and think about how best to ensure their loved ones are taken care of in the event of their death.
By this age, individuals may also have a greater need for life insurance due to financial responsibilities such as children in college, or a mortgage that needs to be paid off. Life insurance can provide peace of mind at this age, as it can help make sure that family members are taken care of if the unexpected occurs. In addition, life insurance can provide financial security to those people who are otherwise without it, helping to cover medical expenses and providing income to cover bills or other debts.
Additionally, life insurance can be an important part of estate planning at this age, as it can help transfer wealth to the next generation and ensure financial stability for those that the insured leaves behind. Investing in life insurance at sixty can provide financial security and peace of mind for all involved, making it an important age for considering life insurance.
(Note: See here for 59-year-old ROP rates.)
Table of Contents
Male Return of Premium Rates (Age 60)
| Age | Gender | Smoker | Coverage | Rate (20-Year) | Rate (30-Year) |
|---|---|---|---|---|---|
| 60 | Men | No | $25,000 | $63 | NA |
| 60 | Men | No | $50,000 | $120 | NA |
| 60 | Men | No | $75,000 | $177 | NA |
| 60 | Men | No | $100,000 | $234 | NA |
| 60 | Men | No | $150,000 | $348 | NA |
| 60 | Men | No | $200,000 | $462 | NA |
| 60 | Men | No | $250,000 | $458 | NA |
| 60 | Men | No | $300,000 | $549 | NA |
| 60 | Men | No | $400,000 | $730 | NA |
| 60 | Men | No | $500,000 | $850 | NA |
| 60 | Men | No | $1,000,000 | $1,621 | NA |
Looking at the table above, we can see the return of premium rates for men at the age of 60. The rates are provided for both 20-year and 30-year term policies, and for coverage amounts ranging from $25,000 to $1,000,000.
To answer the first question, let’s choose two coverage amounts – $100,000 and $500,000. For a 20-year term policy with a coverage amount of $100,000, the rate is $234. For a 30-year term policy with the same coverage amount, the rate is not provided (NA). For a 20-year term policy with a coverage amount of $500,000, the rate is $850. For a 30-year term policy with the same coverage amount, the rate is also not provided (NA).
So, we can see that the rates for the 30-year term policies are not provided for the chosen coverage amounts. However, for the 20-year term policies, we can see that the rate for a coverage amount of $500,000 is higher than the rate for a coverage amount of $100,000.
To answer the second question, we can see that the cost per dollar of coverage varies across coverage amounts and term lengths. For example, for a 20-year term policy, the cost per dollar of coverage for a $25,000 coverage amount is $0.00252, while for a $1,000,000 coverage amount, it is $0.00162. Similarly, for a 30-year term policy, the cost per dollar of coverage for a $25,000 coverage amount is $NA, while for a $1,000,000 coverage amount, it is $NA.
In conclusion, we can see that the return of premium rates for men at the age of 60 vary based on coverage amount and term length. The rates for the 30-year term policies are not provided for the chosen coverage amounts, but for the 20-year term policies, the rate for a higher coverage amount is higher. Additionally, the cost per dollar of coverage varies across coverage amounts and term lengths.
If you are a non-smoking female who is 60 years old, you may be interested in purchasing a return of premium term life insurance policy. The table above provides the rates for different coverage amounts and term lengths.
Let’s say you are interested in a $100,000 coverage amount. The rate for a 20-year term policy is $183 per year, while the rate for a 30-year term policy is not available. However, if you are interested in a $500,000 coverage amount, the rate for a 20-year term policy is $642 per year, while the rate for a 30-year term policy is not available.
The cost per dollar of coverage varies across coverage amounts and term lengths. For example, the cost per dollar of coverage for a $25,000 coverage amount is $0.002 per year, while the cost per dollar of coverage for a $1,000,000 coverage amount is $0.001 per year. Additionally, the cost per dollar of coverage for a 20-year term policy is generally lower than the cost per dollar of coverage for a 30-year term policy.
In summary, if you are a non-smoking female who is 60 years old, you have the option to purchase a return of premium term life insurance policy with different coverage amounts and term lengths. The rates vary based on these factors, and the cost per dollar of coverage also varies across coverage amounts and term lengths.
