Category: ROP term

Age 37

 call: (910) 328-0447
contact me

 

For Whole Life, Universal Life, Indexed UL, and Return of Premium Term carrier recommendations, please see In your 20’s or 30’s.

 

Sample Lowest Term Rates:

Female  –  Preferred Best  –  Age 37       ROP = Return of Premium Term

Face
Amount
10 year
Term
15 year
Term
20 year
Term
30 year
Term
ROP
20 yr.
ROP
30 yr.
$250,000 $9.87 $11.65 $13.78 $21.66 $53.87 $46.50
$500,000 $13.86 $17.72 $21.85 $37.84 $88.29 $77.95
$750,000 $17.69 $24.94 $29.84 $54.16 $127.94 $114.27
$1,000,000 $21.51 $29.65 $36.81 $68.25 $158.62 $141.73

 

Female  –  Standard Non-Tobacco  –  Age 37

Face
Amount
10 year
Term
15 year
Term
20 year
Term
30 year
Term
ROP
20 yr.
ROP
30 yr.
$250,000 $15.97 $21.00 $25.38 $37.41 $89.04 $77.88
$500,000 $26.69 $36.23 $45.15 $68.81 $157.12 $142.63
$750,000 $37.41 $51.54 $65.32 $101.72 $231.19 $213.92
$1,000,000 $44.63 $65.36 $83.13 $130.90 $293.29 $270.38

 

Male  – Preferred Best  – Age  37       ROP = Return of Premium Term

Face
Amount
10 year
Term
15 year
Term
20 year
Term
30 year
Term
ROP
20 yr.
ROP
30 yr.
$250,000 $10.61 $11.97 $15.53 $26.02 $62.77 $54.03
$500,000 $15.21 $18.19 $25.20 $44.40 $107.74 $93.89
$750,000 $19.71 $26.69 $35.13 $64.66 $157.12 $138.18
$1,000,000 $24.21 $30.04 $43.91 $81.81 $192.99 $171.85

 

Male  –  Standard Non-Tobacco  –  Age 37

Face
Amount
10 year
Term
15 year
Term
20 year
Term
30 year
Term
ROP
20 yr.
ROP
30 yr.
$250,000 $18.51 $22.75 $28.22 $47.47 $102.50 $99.09
$500,000 $31.04 $39.73 $50.66 $89.60 $182.56 $182.88
$750,000 $43.34 $56.79 $73.19 $131.60 $269.35 $274.31
$1,000,000 $53.71 $72.63 $95.73 $166.06 $338.19 $343.88

 

Other health rate classifications: preferred and standard plus non-tobacco, preferred and standard tobacco, substandard: tables 2 – 8.

Closer to being 38 years old?  If over 37 and a half, please see age 38 quotes, since most life insurance carriers set rates by nearest age.  Backdating a policy up to six months to save previous age is generally permitted.

 

Please contact me for a free and strictly confidential quote.  Many more options available.

sean's profile picLicensed Agent: Sean Drummey
Phone: (910) 328-0447
email:  spdrummey@gmail.com

 

published 4/2/2015  –  non tobacco rates, rates subject to change, quote accuracy or completeness not guaranteed

 

Age 36

 call: (910) 328-0447
contact me

 

For Whole Life, Universal Life, Indexed UL, and Return of Premium Term carrier recommendations, please see In your 20’s or 30’s.

 

Sample Lowest Term Rates:

Female  –  Preferred Best  –  Age 36       ROP = Return of Premium Term

Face
Amount
10 year
Term
15 year
Term
20 year
Term
30 year
Term
ROP
20
ROP
30
$250,000 $9.51 $11.25 $13.13 $20.56 $50.88 $43.75
$500,000 $13.75 $16.85 $21.00 $35.88 $82.30 $73.50
$750,000 $20.63 $25.28 $28.88 $51.19 $118.96 $107.62
$1,000,000 $21.21 $27.88 $34.83 $63.64 $146.65 $131.10

 

Female  –  Standard Non-Tobacco  –  Age 36

Face
Amount
10 year
Term
15 year
Term
20 year
Term
30 year
Term
ROP
20 yr.
ROP
30 yr.
$250,000 $15.31 $19.87 $24.28 $35.44 $84.55 $72.84
$500,000 $25.38 $34.19 $42.97 $64.95 $148.14 $133.00
$750,000 $35.44 $48.26 $62.04 $95.81 $217.73 $199.50
$1,000,000 $42.88 $61.06 $78.75 $122.98 $275.34 $251.13

 

Male  – Preferred Best  – Age  36       ROP = Return of Premium Term

Face
Amount
10 year
Term
15 year
Term
20 year
Term
30 year
Term
ROP
20 yr.
ROP
30 yr.
$250,000 $10.21 $11.53 $14.88 $24.52 $59.35 $50.93
$500,000 $14.76 $17.33 $23.98 $41.82 $113.95 $86.81
$750,000 $19.04 $25.29 $33.16 $60.93 $145.90 $127.56
$1,000,000 $23.31 $28.18 $40.95 $75.26 $179.57 $156.63

 

Male  –  Standard Non-Tobacco  –  Age 36

Face
Amount
10 year
Term
15 year
Term
20 year
Term
30 year
Term
ROP
20 yr.
ROP
30 yr.
$250,000 $17.68 $21.79 $26.91 $44.63 $95.77 $91.22
$500,000 $29.16 $37.54 $48.04 $83.42 $169.09 $167.56
$750,000 $40.64 $53.51 $69.26 $123.38 $249.15 $251.34
$1,000,000 $50.43 $68.60 $89.60 $155.66 $314.24 $314.13

 

Other health rate classifications: preferred and standard plus non-tobacco, preferred and standard tobacco, substandard: tables 2 – 8.

Closer to being 37 years old?  If over 36 and a half, please see age 37 quotes, since most life insurance carriers set rates by nearest age.  Backdating a policy up to six months to save previous age is generally permitted.

 

Please contact me for a free and strictly confidential quote.  Many more options available.

sean's profile picLicensed Agent: Sean Drummey
Phone: (910) 328-0447
email:  spdrummey@gmail.com

 

published 4/1/2015  –  non tobacco rates, rates subject to change, quote accuracy or completeness not guaranteed

 

Age 35

 call: (910) 328-0447
contact

For Whole Life, Universal Life, Indexed UL, and Return of Premium Term carrier recommendations, please see In your 20’s or 30’s.

Sample Lowest Rates:

Female  –  Preferred Best  –  Age 35       ROP =  Return of Premium Term

Face
Amount
10 year
Term
15 year
Term
20 year
Term
30 year
Term
ROP
20 yr.
ROP
30 yr.
$250,000 $9.18 $10.88 $12.69 $19.69 $47.88 $41.33
$500,000 $13.09 $16.04 $19.42 $33.11 $76.32 $68.69
$750,000 $19.64 $22.01 $27.26 $48.38 $109.99 $103.03
$1,000,000 $20.05 $26.23 $32.57 $58.48 $134.68 $123.38

 

Female  –  Standard Non-Tobacco  – Age 35

Face
Amount
10 year
Term
15 year
Term
20 year
Term
30 year
Term
ROP
20 yr.
ROP
30 yr.
$250,000 $14.50 $18.76 $23.01 $33.54 $80.06 $68.25
$500,000 $23.62 $31.82 $39.99 $61.06 $139.17 $124.25
$750,000 $33.47 $45.63 $58.70 $90.30 $204.26 $186.38
$1,000,000 $40.90 $56.76 $73.96 $114.38 $257.38 $233.63

 

Male  –  Preferred Best  –  Age 35       ROP = Return of Premium Term

Face
Amount
10 year
Term
15 year
Term
20 year
Term
30 year
Term
ROP
20 yr.
ROP
30 yr.
$250,000 $9.82 $11.10 $14.35 $22.97 $55.86 $47.83
$500,000 $14.35 $16.46 $22.36 $39.13 $92.78 $79.19
$750,000 $19.04 $22.41 $31.19 $57.41 $134.68 $118.25
$1,000,000 $22.35 $26.31 $37.99 $70.03 $164.70 $142.63

 

Male  –  Standard Non Tobacco  –  Age 35

Face
Amount
10 year
Term
15 year
Term
20 year
Term
30 year
Term
ROP
20 yr.
ROP
30 yr.
$250,000 $16.84 $20.69 $25.37 $41.50 $81.56 $84.00
$500,000 $27.41 $35.35 $44.72 $76.97 $155.63 $153.13
$750,000 $39.29 $50.23 $65.32 $114.17 $228.95 $229.69
$1,000,000 $47.16 $64.23 $83.42 $143.62 $290.30 $287.00

 

Other health rate classifications: preferred and standard plus non-tobacco, preferred and standard tobacco, substandard: tables 2 – 8.

Closer to being 36 years old?  If over 35 and a half, please see age 36 quotes, since most life insurance carriers set rates by nearest age.  Backdating a policy up to six months to save previous age is generally permitted.

 

Please contact me for a free and strictly confidential quote.  Many more options available.

sean's profile picLicensed Agent: Sean Drummey
Phone: (910) 328-0447
email:  spdrummey@gmail.com

 

Published: 4/1/2015  –  non tobacco rates, rates subject to change, quote accuracy or completeness not guaranteed

Cash value life insurance vs. term and invest the difference: is that the only choice?

 

Last week Seeking Alpha posted an article where a 38 year old man, presumably an investment broker, passed on his life agent’s advice for a permanent life insurance product with a $5,000 annual premium, and instead choose term coverage for $600 a year. He took cash value life insurance to task with the self-serving advice to buying term and investing the difference.

OK.  No real argument there. At age 38, or for that matter for any working age person, term offers more bang for the buck, and that’s the most affordable way to replace lost income and thus protect a spouse or dependents.  But did this gentleman get enough coverage?

Term: How much and how long
He’s to spend $600 a year in premium.  Let’s review the most competitive rates and see what $600 a year buys.  A male preferred non-tobacco with SBLI (Savings Bank Life Insurance of Massachusetts), $800,000 of 20 year term is $596 a year. 25 year term $525,000 face amount is $600.75 a year with SBLI.  The rule of thumb is had 7 to 10 time one’s annual salary in life insurance. If he has children, there’s a college fund to consider.  Whether this individual got sufficient coverage depends on how much he makes, but keep in mind the goal is to get an adequate amount, and if affordable extend coverage to retirement age or to a point the children would be expected to have finished their secondary or post secondary education: age 22 or age 26.

Term and Permanent:  Two Plans – Two Purposes
Term verses permanent life insurance is a fallacious argument, as if it’s either one or the other. You can set up two policies: one term to replace lost income during your working years and a permanent for estate planning and to build cash value.  For this 38 year old, instead of a $800k 20 year term, how about a $100,000 of permanent life insurance and $700,000 in term?  A $100,000 Indexed Universal Life “Lincoln LifeReserve Indexed UL Accumulator” with Lincoln National, increasing face amount, targeted to endow at age 100, is $1,511 annual for male, age 38, preferred. That quote assumes 5% interest on S & P 500 index, annual point-to-point. At 5% that projects $33,803 cash surrender value and a $133,803 death benefit after 20 years.  Add a $700,000 20 year term with SBLI for $529 annual, that comes to $2,040 annual total cost for the two plans, and the Indexed UL is a very flexible premium, up or down depending on index returns or personal finances. This way after 20 years this person, now in his late 50’s, doesn’t have to encounter much more expensive choices in establishing permanent coverage for estate planning and with the right plan a chronic care or LTC rider in case LTC is needed.

There is also return of premium (ROP) term.  $800,000 20 year ROP term is $3,072 annual with American General for a 38 year old male at preferred.  In 20 years that guarantees $61,440 cash back or $170,218 in paid up life insurance.  After 20 years that paid up life insurance might be an appealing choice.  You could do a mix of ROP term and regular level term to lower that cost.

 

Please contact me for a free and confidential quote.  Many more options available.

sean's profile picLicensed Agent:  Sean Drummey
phone:  (910) 328-0447
email:    spdrummey@gmail.com

 

Age 39

 call: (910) 328-0447
contact me

 

For Whole Life, Universal Life, Indexed UL, and Return of Premium Term carrier recommendations, please see In your 20’s or 30’s.

 

Sample Lowest Term Rates:

Female  –  Preferred Best  –  Age 39       ROP = Return of Premium Term

Face
Amount
10 year
Term
15 year
Term
20 year
Term
30 year
Term
ROP
20 yr.
ROP
30 yr.
$250,000 $10.65 $12.52 $15.26 $24.28 $60.60 $52.94
$500,000 $15.21 $19.61 $24.61 $42.36 $101.76 $87.69
$750,000 $19.71 $28.00 $34.56 $61.38 $148.14 $128.88
$1,000,000 $24.21 $33.51 $42.52 $76.63 $179.57 $161.22

 

Female  –  Standard Non-Tobacco  –  Age 39

Face
Amount
10 year
Term
15 year
Term
20 year
Term
30 year
Term
ROP
20 yr.
ROP
30 yr.
$250,000 $18.16 $23.65 $28.17 $42.57 $98.01 $87.69
$500,000 $30.76 $41.28 $50.31 $77.93 $175.08 $162.99
$750,000 $43.86 $60.07 $74.16 $116.90 $258.13 $241.82
$1,000,000 $49.00 $74.82 $93.65 $147.83 $326.22 $310.03

 

Male  – Preferred Best  – Age  39       ROP = Return of Premium Term

Face
Amount
10 year
Term
15 year
Term
20 year
Term
30 year
Term
ROP
20 yr.
ROP
30 yr.
$250,000 $11.16 $12.92 $17.28 $29.24 $71.35 $65.15
$500,000 $16.41 $20.07 $28.88 $50.84 $124.20 $107.18
$750,000 $21.88 $30.11 $40.38 $75.16 $202.03 $158.12
$1,000,000 $27.34 $34.09 $50.31 $96.32 $224.99 $198.42

 

Male  –  Standard Non-Tobacco  –  Age 39

Face
Amount
10 year
Term
15 year
Term
20 year
Term
30 year
Term
ROP
20 yr.
ROP
30 yr.
$250,000 $20.32 $25.59 $31.85 $54.91 $109.62 $114.71
$500,000 $34.96 $45.85 $57.66 $103.16 $208.00 $213.48
$750,000 $50.09 $65.98 $83.69 $154.16 $307.51 $317.56
$1,000,000 $60.79 $84.51 $108.85 $190.02 $389.06 $398.61

 

Other health rate classifications: preferred and standard plus non-tobacco, preferred and standard tobacco, substandard: tables 2 – 8.  Contact me for a quote.

Closer to being 40 years old?  If over 39 and a half, please see age 40 quotes, since most life insurance carriers set rates by nearest age.  Backdating a policy up to six months to save previous age is generally permitted.

 

Please contact me for a free and strictly confidential quote. Many more options available.

sean's profile picLicensed Agent: Sean Drummey
Phone: (910) 328-0447
email:  spdrummey@gmail.com

 

last revised 4/3/2015  –  non tobacco rates, rates subject to change, quote accuracy or completeness not guaranteed

 

 

Age 38

 call: (910) 328-0447
contact me

 

For Whole Life, Universal Life, Indexed UL, and Return of Premium Term carrier recommendations, please see In your 20’s or 30’s.

 

Sample Lowest Term Rates:

Female  –  Preferred Best  –  Age 38       ROP = Return of Premium Term

Face
Amount
10 year
Term
15 year
Term
20 year
Term
30 year
Term
ROP
20 yr.
ROP
30 yr.
$250,000 $10.25 $12.07 $14.44 $22.75 $57.61 $48.72
$500,000 $14.31 $18.63 $23.18 $39.94 $95.77 $83.27
$750,000 $18.36 $26.25 $31.86 $57.44 $139.17 $122.24
$1,000,000 $22.41 $31.51 $39.51 $71.70 $167.60 $150.59

 

Female  –  Standard Non-Tobacco  –  Age 38

Face
Amount
10 year
Term
15 year
Term
20 year
Term
30 year
Term
ROP
20 yr.
ROP
30 yr.
$250,000 $17.06 $22.31 $26.69 $40.03 $93.53 $83.27
$500,000 $28.80 $38.85 $47.73 $73.20 $166.10 $153.24
$750,000 $40.69 $55.48 $69.26 $109.59 $244.66 $227.21
$1,000,000 $46.38 $70.40 $88.38 $139.09 $308.26 $290.54

 

Male  – Preferred Best  – Age  38       ROP = Return of Premium Term

Face
Amount
10 year
Term
15 year
Term
20 year
Term
30 year
Term
ROP
20 yr.
ROP
30 yr.
$250,000 $11.03 $12.43 $16.41 $27.65 $68.08 $57.13
$500,000 $16.11 $19.10 $27.13 $47.26 $129.16 $100.10
$750,000 $21.06 $28.65 $37.73 $70.89 $193.73 $147.49
$1,000,000 $26.01 $32.00 $47.00 $88.86 $211.67 $184.25

 

Male  –  Standard Non-Tobacco  –  Age 38

Face
Amount
10 year
Term
15 year
Term
20 year
Term
30 year
Term
ROP
20 yr.
ROP
30 yr.
$250,000 $19.38 $24.06 $30.10 $50.97 $109.99 $107.41
$500,000 $32.93 $42.88 $54.16 $96.30 $194.53 $199.50
$750,000 $46.04 $61.38 $78.44 $142.41 $287.31 $299.25
$1,000,000 $57.13 $77.88 $101.85 $177.64 $365.12 $375.38

 

Other health rate classifications: preferred and standard plus non-tobacco, preferred and standard tobacco, substandard: tables 2 – 8.  Contact me for a quote.

Closer to being 39 years old?  If over 39 and a half, please see age 39 quotes, since most life insurance carriers set rates by nearest age.  Backdating a policy up to six months to save previous age is generally permitted.

 

Please contact me for a free and strictly confidential quote.  Many more options available.

sean's profile picLicensed Agent: Sean Drummey
Phone: (910) 328-0447
email:  spdrummey@gmail.com

 

last revised 4/3/2015  –  non tobacco rates, rates subject to change, quote accuracy or completeness not guaranteed

 

Return of Premium Term

call: (910) 328-0447
contact me

 

Return of Premium (ROP) Term: Builds cash value during the policy period and guarantees all your money back at the term’s end. Some carriers also have the option of retaining paid up permanent life insurance instead of premium being returned. It’s called reduced paid-up life insurance because the amount of permanent coverage is less than the original face amount, about twice as large as the premiums paid.

Compared to regular term, rates are favorable especially for those in 20’s, 30’s and early 40’s.

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In your 20’s or 30’s

Goals:

Income replacement to protect spouse, children, cover mortgage, cover debt with 10, 15, 20, 25 or 30 year term life insurance;

Build cash value accumulation: Whole Life, Universal Life (UL), Indexed Universal Life (IUL)

This is the best time in your adult life to start a Whole Life policy.  Return of Premium Term is a great deal at this age.  This is also a good time lock in a 30 year term.

 

Recommendations:

Term :

American National  “ANICO Signature Term” best for its living benefits: chronic illness and critical illness accelerated benefits

Protective for guarantees after level benefit period

 

Return of Premium Term:          Prudential  or  American General

Whole Life:                                  MassMutual

Indexed Universal Life (IUL):     Penn Mutual or North American

Universal Life (UL):                    Lincoln National

 

Contact me for a free confidential quote:

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