Top 5 Best Return Of Premium Life Insurance Companies (2023)
Posted in Term Life Insurance last updated on April 16, 2023
Seniors Mutual is an independent agency specializing in return of premium life insurance. We work with all the top insurance companies to find the best rates for you.
This article will show you our top picks and sample rates, or you can fill out our quoter for free to compare the top companies, just be sure to select the “return of premium” option.
Table Of Contents
- What Is ROP Life Insurance?
- ROP Life Insurance Pros And Cons
- Is ROP Life Insurance Worth It?
- Top 5 ROP Life Insurance Companies
- Companies To Stay Away From
- ROP Life Insurance For Seniors
- ROP life Insurance Calculator
- ROP Life Insurance Rates
- How To Get ROP Life Insurance
What Is Return Of Premium Life Insurance?
Return of Premium life insurance is a type of term life insurance that will pay back all of your premiums at the end of the term.
This essentially means the cost of your life insurance is zero, ignoring the opportunity cost of what that money could have done over the years.
However, since the life insurance company has to pay back all of your premiums, return of premium life insurance is more expensive than normal term life insurance.
Return Of Premium Life Insurance Pros And Cons
| Pros | Cons |
|---|---|
| ✅ Pays Back Premiums | ❌ Higher Premiums |
| ✅ Zeros Out Cost Of Life Insurance | ❌ Seniors Do Not Qualify (Age 60+) |
| ✅ Can Pay Off Mortgage/Debt Early | ❌ Seniors Can Only Get Normal Term Life |
Is Return Of Premium Life Insurance Worth It?
There are many ways return of premium life insurance can be worth it.
✔️ Pay off mortgage early at the end of the term
✔️ Pay other debts off at the end of the term
✔️ Get your life insurance money back if you live
Return of premium life insurance can be a great option for most people, but seniors do not qualify. 60 is the last age before return of premium life insurance is no longer available.
Top 5 Best Return Of Premium Life Insurance Companies
1) Mutual Of Omaha
Age Range: 18 – 50
Term Length: 30 Year Only
Return Of Premium: 100%
Coverage Range: $25,000 – $300,000
Brochure: Link
Mutual of Omaha is a leader in life insurance, and that is especially true for their return of premium life insurance product. The one downside to Mutual of Omaha’s return of premium is that they only insure up to age 50, and only have one term option of 30 years.
Fill out our quoter or contact us today to fill out an application.
2) Americo
Age Range: 20 – 60
Term Length: 15, 20, 25, 30 Year
Return of Premium: 50% or 100% (Two different products)
Coverage Range: $25,000 – $450,000
Brochure: Link
Americo’s return of premium life insurance product is one of the most flexible out there. they are one of the very few that allows the return of premium on terms as low as 15 years, and insures people up to age 60. Americo has great reviews and is a great company for that who qualify.
Fill out our quoter or contact us to fill out an application.
3) American Amicable
Age Range: 18 – 60
Term Length: 20, 25, 30 Year
Return Of Premium: 75%
Coverage Range: $25,000 – $300,000
Brochure: Link
The only reason American Amicable is not #1 on this list is that their return of premium is only 75% on all products. They have some of the lowest rates we’ve seen and easy underwriting. American Amicable is a fantastic company with great reviews, you cannot go wrong with a policy with them.
Fill out our quoter or contact us to fill out an application.
4) Kansas City Life
Age Range: 20 – 55
Term Length: 20, 25, 30 Year
Return Of Premium: 100%
Coverage Range: $50,000 – $300,000
Brochure: Link
Kansas City Life has great rates for their 20-year return of premium policies. Furthermore, they give the full 100% return of premium on them. If you are looking for 20-year term they may be the best option for you.
Fill out our quoter or contact us to fill out an application.
5) John Hancock
Age Range: 20 – 50
Term Length: 25, 30 Year
Return Of Premium: 75%
Coverage Range: $25,000 – $500,000
Brochure: Link
John Hancock has very high coverage amounts up to $500,000 for their return of premium life insurance, the highest we have seen. However, their return of premium is only 75%, so keep that in mind.
Fill out our quoter or contact us to fill out an application.
Return Of Premium Life Insurance To Stay Away From
There are many other life insurance companies out there that offer life insurance with return of premium such as…
- State Farm
- Assurity
- AAA
Just to name a few. But in our independent experience, they are overpriced and can be pretty picky in their underwriting, denying many people.
We have found that the companies on our list have had the best rates and highest customer reviews.
Return Of Premium Life Insurance For Seniors
If you are over 60, unfortunately, no life insurance company will offer you return of premium life insurance. However, you still have options.
- Traditional Term Life Insurance – Traditional term life insurance will still protect your family, you just won’t get your money back.
- Final Expense Whole Life – Final expense whole life insurance will build cash value that you can take out once a significant portion of it has built up over the years. Many seniors get final expense to cover their final expenses and any other additional expenses at end of life, like selling their house.
Return Of Premium Life Insurance Calculator
If you are looking for prices, our handy quoter will show you all of the top companies that sell return of premium life insurance. Just make sure to check “return of premium” on the calculator.
As you can see if you toggle between the options, return of premium is double the cost of term life insurance without the return of all of your premiums.
Getting return of premium life insurance is not required, and our calculator will show you your options for life insurance with and without it so you can make the most informed decision possible.
Return Of Premium Life Insurance Rates
These are sample rates for return of premium life insurance. Exact rates will depend on a few factors like health conditions and age.
Note: Rates are for a non-smoking female for a 20-year term.
| Age | $100,000 | $200,000 | $300,000 | $400,000 |
|---|---|---|---|---|
| 20 | $38-$55 | $71-$99 | $104-$148 | $199-$359 |
| 30 | $44-$69 | $84-$120 | $123-$180 | $217-$379 |
| 40 | $68-$111 | $131-$208 | $194-$312 | $319-$531 |
| 50 | $120-$205 | $235-$401 | $350-$598 | $583-$912 |
| 60 | $220 | $435 | $650 | – |
If rates are out of your price range, we recommend just getting normal term life insurance instead, without the return of premium.
How To Get Return Of Premium Life Insurance
You will need to go through an independent agency like us at Seniors Mutual if you want return of premium life insurance.
Don’t worry, our services are free to you.
We can go over all of your options and see exactly what you’re looking for to build a customized recommendation.
Furthermore, once you’re ready to apply, it only takes a few minutes and you will usually get an instant decision in regards to your application.
No medical exam is necessary!
If you are interested in exact pricing or want more information, fill out our quoter or contact us today.
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